Every 21 seconds one American man or woman will be diagnosed with cancer. Planning essential.
“This is important protection especially for Millennials and GenXers,,”Jesse Slome, director of the American Association of Critical Illness Insurance
Cancer diagnosis 2020 data shared by Association
This year 1.8 million Americans are expected to be diagnosed with cancer. One person every 21 seconds. Almost 5,000 each and every day.
“No one ever wants to hear the dreaded words, you have cancer,” shares Jesse Slome, director of the American Association for Critical Illness Insurance (AACII). “But three things that must be shared. Firstly the vast majority of people will survive and be alive one, two and even many years later. Secondly, cancer is one of the key reasons that people face financial stress and even bankruptcy. And, thirdly, there is a little known option that is worth considering.
The little known option is cancer insurance. These policies pay a lump-sum cash payment when the policyholder is diagnosed with cancer. “This is important protection especially for Millennials and GenXers,” Slome advocates. “Their health insurance likely has some big gaps like high deductibles and coinsurance. And they may not cover all cancer treatments or medications.”
The critical illness insurance expert also pointed out that the ‘Gig economy’ has changed the planning needs of these generations. “You are going to take time off for cancer treatments and recovery,” Slome explains. “How will you pay your bills when there is no income? A cancer insurance policy that pays $10,000 or $20,000 can enable you to focus on your treatment and recovery without stressing about bills.”.
Cost of cancer care, $150 billion spent annually by Americans
Slome recommends that individuals consider coverage equal to between six and 18 months of rent or mortgage payments. “People are continually surprised how little a modest plan like this costs,” Slome acknowledges. “Look for a critical illness insurance plan that includes a separate cancer insurance only plan option. That will give you the greatest options with one company. Today some insurers will offer price quotes and even online applications.”
If you are considering employer critical illness insurance read our checklist of questions. And, for additional information consult the Association’s website or call 818-597-3205 to learn more.
Source. American Cancer Society
Links to additional resources recommended by AACII
The American Association for Critical Illness Insurance has launched a Facebook page. We post the latest information and data. Also available are summaries of the latest cancer research findings. Click here to access and subscribe.
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