Cancer Insurance for Retirees
Each year, more than 1.7 million Americans receive a cancer diagnosis. For retirees, the emotional and physical challenges of treatment are compounded by financial concerns — even when you have Medicare or a supplemental plan.
Cancer insurance is designed to provide additional support beyond what Medicare or a supplemental plan may cover. These policies often pay directly to the insured, allowing you to use the funds for expenses that are not strictly medical, such as:
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Travel for treatment or specialist visits
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Lodging near treatment centers
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Non-covered medications and medical supplies
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Everyday living expenses during recovery
Some cancer insurance plans also include rewards for staying proactive, offering cash, gift cards, or other incentives for completing recommended cancer screenings.
The Financial Impact of Cancer
Cancer treatment can create significant financial strain, even for retirees with existing insurance. Costs can quickly add up due to:
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Out-of-pocket medical expenses
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Travel and lodging
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Medications not covered by Medicare
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Home care or support services
Studies show that within a year of a cancer diagnosis, the risk of bankruptcy is 2.5 times higher than for those without cancer. The average age at diagnosis is 53, and many retirees face fixed or limited incomes, making financial planning essential.
How Cancer Insurance Helps
Cancer insurance provides peace of mind and financial flexibility, allowing you to focus on your health rather than worry about covering additional expenses. It supplements existing Medicare or Medicare Advantage coverage by:
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Paying benefits regardless of what Medicare or supplemental plans pay
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Providing direct payments to you for non-medical costs
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Supporting preventative care through rewards for screenings
Professional Benefit Solutions helps retirees explore cancer insurance policies that provide meaningful coverage and financial security, so you and your family can face a cancer diagnosis with confidence and support.
Key Takeaways for Retirees
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Medicare & Medicare Advantage: Excellent for hospital, doctor, and prescription coverage, but limited in non-medical support for cancer.
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Supplemental Plans: Fill gaps like copays and deductibles, but usually do not cover everyday expenses during treatment.
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Cancer Insurance: Provides direct financial support for costs beyond medical bills, giving retirees freedom and security during treatment.