The C word is a scary word. Specifically, no one wants to hear they have Cancer.
20 years ago, Cancer diagnosis was a death sentence. Today, with modern technology and medicine, people are living longer and walking away Cancer FREE! Praise God.
In 2007, my father was diagnosed with Throat Cancer. Unfortunately, he lost his battle in 2017. Moreover, in 2020, my mother was diagnosed with Breast Cancer. Currently, she is Cancer free and doing well. Then in 2022 my husband was diagnosed with Prostate Cancer. The tumor was in one area of his prostate. They removed his prostate and were able to remove any cancerous cells from his body.
Most people feel this not going to happen to them. Consequently, people do not prepare for when life happens. For example, they do not have Cancer insurance to help them with the expenses that come with having Cancer.
I have seen what Cancer can do to you mentally, financially, and emotionally. If you are financially ready for Cancer, it will help you deal with everything else. When I learned my husband had Cancer, I was not concerned about many things. Specifically, I had the following things in place:
- Medical and Financial Power of Attorney
- A Will
- Hospital Insurance
- Life Insurance
- Cancer Insurance
Having our life together helped me to be there for my husband emotionally and physically.
In this article, we will go over the top three things you need to have when life happens or when you or a loved one have Cancer. Knowing this information will give you a peace of mind and security since you will not lose your home, car, job, or not be able to feed your family.
First Insurance to get is Cancer Insurance:
Most people believe they do not need this insurance because there is no history of Cancer
in their family. Look at these numbers:
- 16.9 million Americans alive today have a history of cancer
- 62% face medical debt after treatment
- 55% Withdraw from savings or investment accounts to take care of cancer bills
- 37% modify work plans or delay retirement due to having cancer
Cancer Insurance can help pay for:
- Food
- Gas
- Mortgage/rent
- College tuition
- Medical expenses
- And much more
I suggest you find money coverage outside your job. Specifically, many people rely on their jobs for everything. If you get fired or laid off, you may not have enough to afford the premium since you are no longer under the group rate or you lose it when you are no longer working. I know you are wondering how much coverage you can get; Here is some helpful information:
- Lump sum benefits range from $10,000 – $100,000
- Some plans have inflation protection
The 2nd Insurance you need is Hospital Insurance
Hospital Insurance was designed to financially help people in the event they were hospitalized for one day or 31 days. This insurance will provide you a daily income from $100 -$600 a day. Some of the policies allow you to use the coverage up to six times a year. It is nice to get a check for $1,000 for being in the hospital for five days. However, your monthly premium can range from $4.00 to $300.00. It is important to find a monthly cost that can fit your budget.
What Should You Know About Hospital Insurance
Hospital insurance is not major medical coverage: It is extra coverage. Therefore, how do you know if you should purchase this supplemental coverage?
Here are a few reasons why you need it:
- You have a chronic condition, like heart disease or diabetes, that could lead to
hospitalization. - Have a history of cancer in your family or you had cancer more than ten years ago.
- Planning on becoming pregnant
- You want extra coverage in case of accidents.
- High-deductible health insurance plan.
- Give you a peace of mind when life happens.
The 3rd Insurance you need is life insurance:
No matter how much we want to deny it, we are all going to die. We have no idea how or when. Therefore, you should be prepared for life.
This insurance is not for you, but your loved ones. Many insurance companies today offer critical, chronic, or terminal accelerated death benefits. Specifically, if you have a heart attack, stroke, or get cancer, they will allow you to access the funds while you are alive. All the companies I work with offer this benefit.
At the end of the day, one must apply for the insurance. All companies will ask medical questions; sometimes, there is a waiting period before the insurance is active.
If you would like to know if you qualify or learn more information about all the insurances I mentioned, please schedule a time with me by clicking here: https://calendly.com/bridgett-thefinanciallady
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