With more than a dozen states questioning the constitutionality of requiring health insurance, the future of ObamaCare or the Patient Protection and Affordable Care Act has American consumers flummoxed about proceeding with health plans. “I’m seeing a trend of residents requesting cancer insurance versus a high deductible low premium Illinois medical insurance policy,” discloses the president of IllinoisLifeandHealth.com, Michael Novelli.
The problem is that consumers misconstrue cancer insurance as an alternative for carrying a regular Illinois medical insurance policy. On the contrary, these cancer insurance plans are similar to health-savings accounts (HSAs).
So, what is the difference between cancer insurance and an Illinois medical insurance policy?
Cancer insurance policies do not pay for chemotherapy, radiation and other treatment related expenses. Whereas, an Illinois medical insurance policy covers a percentage of these medical expenditures, cancer insurance
How does a cancer insurance policy work?
Just as policyholders remit a monthly premium for Illinois medical insurance, cancer health plans have premiums too. However, if the accountholder receives a cancer diagnosis, the insurance agency remits a payout, which can be applied however the subscriber deems necessary, in example:
- Mortgage
- Groceries
- Prescribed medication
- Other financial responsibilities (utility bills, credit cards)
If I cannot afford an Illinois medical insurance policy right now, will a cancer insurance policy provide the same benefits and medical safeguards?
No, cancer insurance plans do not offer comprehensive medical coverage. Rather the policies works as a financial safety net.
If I already have an Illinois medical insurance policy, is a cancer health plan a good supplemental policy?
In terms of ensuring comprehensive medical care, it’s better to allocate additional premiums to an Illinois medical insurance policy that actually has more inclusions. And if you want to set aside an emergency medical fund, find a health savings account to stockpile your funds.
If you have additional questions about cancer insurance versus buying an individual Illinois medical policy, contact IllinoisLifeandHealth at 866.522.5953.