Colorectal Cancer: Post Treatment 6 Months Plus: Insurance
INFORMATION ABOUT EACH OF THE FOLLOWING SUBJECTS IS CONTAINED IN THE DOCUMENTS IN “To Learn More”
Insurance spreads the risk of a large loss which can be difficult or impossible to bear among a large group of people.
If it wasn’t clear to you before why you need at least health insurance, it was brought home by your diagnosis. There are other insurance products that can be just as important to your financial health (and ability to live your current lifestyle) if the risk they insure against happens. Just about the last thing that is needed is an uninsured large loss.
If you do not have health insurance:
- Do whatever you can to get it. Despite your recent health history, there are a variety of ways to get health insurance. The easiest is through a group plan offered by an employer or membership organization. The larger the employer, the more likely it will have a health plan for employees.
- Our document about Uninsured, provides tips about getting the care you need at a reasonable price, and possibly for free.
- Keep in mind that all medical bills are negotiable
- Once you get health insurance,
- Learn how to maximize use of it.
- Pay all premiums on time. Late payment is a good excuse for an insurer to cancel your policy.
If you have health insurance:
- Do whatever you need to do to keep health insurance. Pay premiums on time. Health insurance is likely one of your most valuable assets if not your most valuable asset
- Learn how to maximize use of your policy. Everything insurance does not pay for, you will have to pay for.
- It helps to understand the concept behind the policy coverage to get an understanding of what is and is not covered. Underlying concepts are not difficult to understand. They give you an idea of what you can argue for the medical care you want is not covered. The documents in “To Learn More” provide information to help you figure out what general type of policy you have, the concepts, and how to maximize benefits.
- If there are medical expenses that your insurance company refuses to pay for that you think should be covered – keep pressing the company. Appeal. Be persistent. Also appeal If something you need is not covered by your policy but it can be done the way you desire for less expense than a way covered by the policy. For instance, appeal if hospitalization is covered but home care isn’t, and being taken care of at home is much less expensive while being just as medically effective. Experience shows that appeals are worth the time and effort.
- If you have a tax advantage health savings account, our document in “To Learn More” explains how to maximize the benefit.
- If you and/or your spouse leave a job through which you have group health insurance, you are likely to be eligible to continue the coverage under the provisions of the federal and state laws known as COBRA. You will have to pay the premiums yourself, but at least you will have the alternative.
NOTE: Survivorship A to Z provides information about maximizing use of a health insurance plan according to the type of policy. If you do not know what type you have, see Types of Health Insurance Policies and How To Know Which Type You Have
If you have an opportunity to get life insurance or increase the death benefit of any life insurance you already have, take it. In addition to the traditional reasons to have life insurance, you can get money from a life insurance policy while still alive if your have a shortened life expectancy. This is known as a viatical settlement or a life settlement (and is generally referred to as a “Living Benefit").
Whether you have life insurance or not, you can still buy life insurance either individually or through an employer or an association or other group.
OTHER INSURANCE EVERYONE SHOULD HAVE – ESPECIALLY AFTER A DIAGNOSIS
It is important for everyone to have basic insurance which includes more than health insurance.
Disability Income and Long Term Care Insurance: You are not likely to be able on your own to purchase Disability Income Insurance which provides an income if you become unable to work or Long Term Care Insurance to cover in case you need long term care. You may be able to obtain such coverage from an employer such as the government. (You may also be able to qualify in time.) The longer the period after your episode of cancer, the more likely you will also be able to get Disability Income Insurance and/or Long Term Care Insurance.
Likewise, if you have disability insurance: check to see if the income will be enough for your needs if you become disabled. If not, start thinking about an opportunity to increase the benefit.
Do your best to at least have basic insurance such as Homeowners Insurance (either the variety for an owner or for a renter). If you own a vehicle, have Automobile Insurance with limits at least in the amount required by your state.
To Learn More
More InformationLife Insurance: How To Buy Despite A Health History Tax Advantaged Health Savings Plans Sale Of A Life Insurance Policy (Viatical, Life And Senior Settlements) Life Insurance 101 Property And Casualty Insurance Long Term Care Insurance Disability Income Insurance 101 Automobile Insurance Homeowners Insurance COBRA Health Insurance: Claims: Appeals How To Negotiate For A Lower Health Care Bill Health Insurance: How To Obtain
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