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It’s an unfortunate reality that many of us will eventually be diagnosed with cancer. Knowing how Medicare covers cancer and how to fill in the gaps is extremely important for all seniors to consider.
Depending on what Medicare coverage you have, you will have different levels of coverage for cancer and chemotherapy.
Chemotherapy is covered under Part B of Medicare. So Medicare will cover 80% of approved charges (after the deductible) and you will be responsible for the remaining 20% of charges. This only applies to Part B expenses. Any Part D cancer medications will be covered at a co-pay depending on which plan you are on.
Because Original Medicare covers chemotherapy under Part B, any supplement that covers the Part B coinsurance of 20% would also cover the remainder of your chemotherapy payments.
Typically, Medicare Advantage plans require a coinsurance of 20% for chemotherapy.
To protect against the risk of having an expensive cancer treatment, many of our clients enroll into a “Lump Sum Cancer Policy”. It is very easy to understand how these work:
You will have to answer health questions in order to get approved for these plans. Typically there are very affordable prices.
Typically you can get a Cancer plan for $20-40 per month that will send you a lump sum check of $10,000 if you are diagnosed.
Medicare Part B covers chemotherapy, while Medicare Part D would cover oral cancer medications.
Since over half of the costs associated with cancer are non-medical, it makes sense to get a Cancer insurance plan if you can qualify.
Adding a stand-alone insurance plan that will pay you directly if you’re diagnosed with cancer can be a very smart decision to eliminate one of the biggest health related financial risks.
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