According to the American Society of Clinical Oncology, 60% of all cancer patients are aged 65 and over. Cancer plans can give your clients additional resources that can positively affect their outcomes by reducing financial stress.
When you are talking to a client, you can ask if they have a specific plan in the event that they are diagnosed with cancer.
What is a Cancer Plan?
Cancer coverage is a supplemental health policy that will either pay a lump sum benefit or a per treatment benefit. These benefits are paid directly to the client to use as they wish. Cancer coverage can go along with any type of insurance including Medicare Supplements and Medicare Advantage Plans.
Medicare Supplements and Cancer Costs
- Many Medicare supplements will cover medical cancer costs, but the unplanned non-medical costs can cost many thousands of dollars.
- It’s important to remember that if Medicare does not cover the cost in question, the Medicare supplement won’t either.
- You can offer your clients a cancer coverage plan along with a Medicare supplement to provide protection for unplanned costs that Medicare will not cover.
Medicare Advantage Plans and Cancer Costs
- Many Medicare Advantage plans will cover chemotherapy at 80/20. That means Medicare will pay 80% and then the beneficiary is responsible for the other 20%. This can get expensive!
- Remember that the max-out-of-pocket resets in January if your client is still in treatment and they will need to pay again.
- Schedule a follow-up appointment to review cancer coverage because a cancer plan cannot be sold at the same time as Medicare Advantage as it is not on the Scope of Appointment form.
Cancer Plan Awareness
Let your clients know that you offer cancer benefits, either with marketing materials from your carrier, or even with a simple hand-written note on a policy you deliver.
Most people have seen how the effects of cancer treatments can impact a patient’s lifestyle. If a client does not qualify for the cancer plan they may know of others who will benefit from cancer coverage.
If you are a Medicare agent and have questions about Cancer Plans or Medicare, call Arnie Fulmer at 702-820-3133. Arnie Fulmer is a Senior Market Advisor and the principal owner of Fulmer Insurance Group, a Medicare Brokerage Agency located in Las Vegas and licensed in multiple states.
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