Anyone Use Cancer Plans in the Senior Market?

[somarco]

Cancer meds are covered by part B of Medicare.

Some are, some aren't.

Some injectibles and infusion therapy is covered by Part B. Check formulary for Avastin, Folotyn and Erbitux.

Then there are drugs for Parkinson's such as Requip that are not included in most formularies.

 

[Millwood]

Check out Thalomide 8 or 9 thousand a month. Covered under part D. Dad took it for ten years.

 

[rousemark]

Well it might make more sense for someone still working and on major medical. For retired seniors on Medicare and a med Supp I don't see the need for a cancer plan.

I am 67 years old, have Medicare and a Plan F. When I became eligible for medicare, I redid my insurance and dropped the cancer plan I was carrying in Sept. The folloiwing April, I was diagnosed with throat cancer. I had 9 weeks of Chemo and 38 radiation treatments. The medical bills were taken care of but we incurred quite a bit of "extra" expenses.. Daily 120 mile round trips for treatment.. Loss of work for both me and my wife. Here's one people never think of..I lost 60 pounds in just a few weeks .. Had to buy all new clothes.. Now that I have put 30 of it back on, I have had to buy more clothes as the old ones are still too large and the new ones are now too small.. The $21,000.00 the cancer plan would have paid directly to me sure would have helped. You are much more likely to collect off your cancer plan than your auto or homeowners, yet nobody would be without those coverages.

 

[billyg]

I recieved an e-mail with a link for Cancer insurance and it looks interesting.

Is anyone currently selling cancer insurance in the senior market and if so, has it been worth while?

I've found that it's frequently attractive for people on MA or MAPD. Most of my Medicare business is Med Supp, but when MA is selected (either because the doctor only takes the MA network, or because of budget issues), the premiums on a modest cancer policy are small and the benefit will cover more than the OOP max for the MA plan. I would say about a third of my MA customers find interest in a cancer policy when it is presented.

As mentioned above, be careful which policy you offer. They're not all created equally. Make sure it is simple with few exclusions.

 

[SportsNut]

As mentioned above, be careful which policy you offer. They're not all created equally. Make sure it is simple with few exclusions.

As asked previously to another poster, who is your go-to company or companies for CA or CI for Sr benefits...?

 

[senior-advisor-indiana]

I am 67 years old, have Medicare and a Plan F. When I became eligible for medicare, I redid my insurance and dropped the cancer plan I was carrying in Sept. The folloiwing April, I was diagnosed with throat cancer. I had 9 weeks of Chemo and 38 radiation treatments. The medical bills were taken care of but we incurred quite a bit of "extra" expenses.. Daily 120 mile round trips for treatment.. Loss of work for both me and my wife. Here's one people never think of..I lost 60 pounds in just a few weeks .. Had to buy all new clothes.. Now that I have put 30 of it back on, I have had to buy more clothes as the old ones are still too large and the new ones are now too small.. The $21,000.00 the cancer plan would have paid directly to me sure would have helped. You are much more likely to collect off your cancer plan than your auto or homeowners, yet nobody would be without those coverages.

Well your story does make cancer plans more attractive. It isn't guaranteed that you will get cancer though. It is guaranteed that you will die. I feel the money is better spent on life insurance, although all of you have opened my mind a bit to offering a cancer plan.

 

[Newby]

Newby:

Who is your go-to company for CI or CA plans for your Sr clients...? (65-??)

I actually haven't marketed them to seniors. I like Assurity for under 65. I'm not sure who has them for seniors other than Continental Life, Humana and I believe Great American has a new one.

 

[senior-advisor-indiana]

Some are, some aren't.

Some injectibles and infusion therapy is covered by Part B. Check formulary for Avastin, Folotyn and Erbitux.

Then there are drugs for Parkinson's such as Requip that are not included in most formularies.

They do cover some oral meds too. I guess I need to research this more.
Medicare.gov - Medicare Coverage Search Results

 

[bigeats]

Well your story does make cancer plans more attractive. It isn't guaranteed that you will get cancer though. It is guaranteed that you will die. I feel the money is better spent on life insurance, although all of you have opened my mind a bit to offering a cancer plan.

While it is guaranteed you will die - it is far cheaper to bury someone than to treat them for cancer. There are many who have enough liquid assets to handle their burial - yet do not have the assets to deplete for cancer.

Another thing to consider is WHERE you may seek treatment - and how much THAT might cost after you factor transportation, lodging and meals.

 

[senior-advisor-indiana]

While it is guaranteed you will die - it is far cheaper to bury someone than to treat them for cancer. There are many who have enough liquid assets to handle their burial - yet do not have the assets to deplete for cancer.

Another thing to consider is WHERE you may seek treatment - and how much THAT might cost after you factor transportation, lodging and meals.

I would say the average age of my clients are 73. What would a 30,000 lump sum cancer policy cost a female of that age? Is it affordable?
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I would say the average age of my clients are 73. What would a 30,000 lump sum cancer policy cost a female of that age? Is it affordable?

Actually, how much cancer insurance does a someone need? Is 30k enough? is 10k enough? How do you know how expensive the cancer they get is going to be?
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Anyone have rates?.................