Cancer Insurance Before Age 65

Cancer Insurance Before Age 65

Is it Necessary?

Health insurance is one of those topics that’s pretty much always on everyone’s mind. The plans, the service and even accessibility. Most of us think in terms of health insurance for general, preventive health care. But, what do you do when a serious health crisis arises, like a cancer diagnosis? No one wants to think about the “C-word.” It’s daunting… but unfortunately, a reality.

Consider this.

Obtaining cancer insurance before age 65 and a diagnosis could bring unforeseen peace of mind. A cancer diagnosis can have enormous ramifications … The mental stress, the family concerns and the unpredictable financial burden; along with thinking about what’s next for you and your health. It’s a lot to shoulder, but with the right cancer insurance policy all you’ll have to worry about is you and getting healthy again.

Why now? Why before age 65?

According to several studies there’s a rise of certain cancers in Generation X (birth year 1965 to 1979) and Millennials (1980 to 2002), specifically colorectal cancers. The American Cancer Society (ACS) says, people born in 1990 have twice the risk of colon cancer and four times the risk of rectal cancer than those born around 1950.1 These findings have prompted the ACS to recommend that individuals at average risk of colorectal cancer have their first screening at age 45. Meanwhile, breast cancer remains the most common cancer in women. Each year in the United States, about 245,000 cases of breast cancer are diagnosed in women and about 2,200 in men.2 According to the CDC, most breast cancers are diagnosed after age 50.3

Maybe you’re thinking cancer isn’t really something you have to worry about because it doesn’t run in your family. That’s a myth. The ACS says most cancer diseases are not inherited. Reality: Most people diagnosed with cancer don’t have a family history of the disease. Only about 5% to 10% of all cases of cancer are inherited.4

At the beginning of 2019 there was an estimated 16.9 million individuals living with a history of cancer – not family history – but meaning those living with the disease or in remission after treatment. Of those survivors, 1 in 10 were younger than 50 years of age.5 The good news is, due to early detection, treatments and therapies, people are surviving the disease. However, it comes at a premium cost.

Cancer treatments make up about 10% of all health care expenses in America; no other disease comes close.6 And, that’s just health care expenses. Think about the other necessary expenses that make your life run smoothly, like childcare, transportation and household overhead? It doesn’t include these. Most major medical insurance only assists with medical expenses. However, with survivors living longer – 67% were diagnosed five or more years ago and 18% were diagnosed 20 or more years ago7 – and cancer care a necessity, life’s everyday expenses add up.

Cancer care.

Cancer care consists of support groups, counseling, education and in some cases, even financial assistance. Those living with a history of cancer understand all it involves and the amount of energy it zaps. As you ask yourself if a cancer insurance plan is right for you, here’s a deeper look at what cancer care can include:

  • Some cancers are treated as a chronic disease because they’re not curable, often due to advance stages. This means a steady regimen of medicine, treatments and doctor’s visits.
  • The therapies used to treat cancer and the monitoring of these treatments overtime.
  • Managing the symptoms, impairments and side effects related to, or because of cancer treatments.
  • And, cancer rehabilitation – which is inclusive of improving and controlling pain, function and overall quality of life.

Cancer care along with daily expenses can negatively impact survivors’ financial security, often forcing medical financial hardship to occur. And, medical financial hardship among cancer survivors is increasing.

  • 35% of cancer survivors ages 18-49 years and 27% ages 50-64 years reported difficulty in paying medical bills;8
  • Two-thirds of people who file for bankruptcy cite medical issues as a key contributor to their financial downfall.9

This is where insurance for cancer patients can help.

The American Cancer Society’s Cancer Treatment & Survivorship Facts & Figures 2019 – 2021 breaks down hardships into three categories:

  • Material – medical bills, medical debt, bankruptcy;
  • Psychological – stress or worry about paying medical bills and other expenses; and
  • Behavioral – delaying or forgoing necessary medical care because of cost.

All three of the categories are intertwined and affect your emotional well-being, which can have an impact on the body’s overall healing process. Studies find that younger cancer survivors are more vulnerable and more likely to report multiple aspects of financial hardship and greater hardship intensity than older cancer survivors.10

Is cancer insurance worth it?

Think about this … You’re still young, in relatively good health with no major medical issues. Having a cancer insurance policy in no way implies that you’ll be diagnosed with cancer. A cancer insurance plan is protection from a possibility and you’re only eligible prior to a diagnosis. The whole point of health insurance and supplemental health insurance is to prepare for the unexpected concerns a medical crisis can bring.

The biggest benefits* to having cancer insurance.

  • It can cover certain medical expenses that your health insurance may not cover or costs that your benefits stop paying out for whatever specific policy reasons.
  • It may cover childcare, travel and household expenses.
  • It helps provide peace of mind.
    *Benefits vary by insurance company.

The ultimate goal is to find a cure for cancer. But today, prolonging survival and providing the highest possible quality of life during and after treatment is a realization that comes at a cost. However, it doesn’t have to bankrupt you.

Bankers Fidelity Life Insurance Company’s® Vantage Care (Lump-Sum Cancer Insurance Policy) can provide benefits to you and your family that can be used for various expenses, including:

  • Hospital stays
  • Physician's office visits
  • Diagnostic tests
  • Travel and lodging
  • Childcare
  • Day-to-day family expenses

Need more information? Do you have questions you’d like to ask? Contact us at 866-458-7504 for more about our insurance and cancer insurance products.

Other links:
Things to Know About the Cost of Your Cancer Treatment (American Cancer Society)

5, 7, 8, 10

This is a solicitation of insurance and an independent agent may call on you. Lump Sum Cancer Insurance Policy form B 21904 underwritten by Bankers Fidelity Life Insurance Company®. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Benefits are not payable for any Cancer or other condition diagnosed within the first 30 days after the effective date of the policy. Refer to Outline of Coverage B 21904 OC for additional product details. Application to determine eligibility required. Product availability and benefits can vary by state. THE POLICY PROVIDES SUPPLEMENTAL LIMITED COVERAGE FOR SPECIFIED DISEASES ONLY AND IS NOT A SUBSTITUTE FOR COMPREHENSIVE HEALTH OR MAJOR MEDICAL INSURANCE, NOR IS IT INTENDED TO COVER ALL MEDICAL EXPENSES.


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