Cancer Insurance and the Return Premium Rider Option

Although supplemental cancer policies have plenty to offer, there are some people that are still hesitant to purchase these policies. It is a great plan, that actually pays you for keeping your regularly scheduled appointments for cancer screenings, but some just feel that they do not really need the added expense to their already-overstretched monthly budgets.

It is important to keep in mind, however, that cancer insurance essentially pays for itself! Not only do you get paid for keeping your regular cancer screenings, but currently in some states, you can purchase the Return of Premium option which states: if you do not use the benefits in a certain amount of years, we'll give you your money back – less claims. That may make purchasing this type of insurance more affordable to you, but if not, you might be thinking: "This sounds great but, A. I still have to pay for it; and B. If the plan offers excellent wellness tests and I 'm getting my money back, did not you say the return premium rider gives you your money back less claims? " This is correct, if your getting practically all your money back with wellness benefits then this rider does not look so appealing any more and this is why … some plans, like the Allstate California plan, will give you a total of 3 annual wellness tests for women and 1 for men – plus they'll pay the cost of the test ($ max 200)! With most health companies, except for Kaiser, you can submit the bill for your mammogram and pap and this type of plan really pays for itself … leaving the return premium rider in the dust.

The thing with cancer insurance is that if you are already paying for it, you might as well use the benefits that it gives you. By keeping your regular cancer screenings, you can detect early any cancer that sneaks up on you. Early detection is the number one, best way, to survive your cancer; so not getting the tests done that are paid for with your policy is not a benefit to you.

Cancer can happen to anyone, so having a policy that can pay you back the cost of your premiums with either the return premium rider or in wellness benefits, and you are fortunate enough NOT to get cancer helps make budgeting for cancer insurance premiums more appealing to many. However, when you see what is covered by cancer insurance, it is easy to see why everyone should have a policy, just in case. These types of policies, in addition to paying most of your costs for cancer screenings, can also be helpful to you in the event that you are diagnosed with cancer.

Most plans cover bills from the date of your initial diagnosis of cancer but not all have options like intensive care unit coverage for any accident and / or illness – check with your agent to see if this low cost option is available. Additionally, most plans cover things like hospital stays as well as private nursing and ground and air transportation costs, if needed, are also covered. Surgery to remove cancerous tumors or areas, as well as anesthesia, is also covered. Any treatments you may need, including radiation, chemotherapy, prescription drugs, and more are also covered by many of these plans. They cover many of the costs that can be incurred during treatment of cancer, helping to increase your chances of survival, as well as sparing your bank account from the thousands of "out of pocket expenses" that will occur, like co-pays, medications , deductibles, time off of work, etc.

Here's a breakdown to help make your decision easier on the return premium rider option:

Pros:

1. More appealing to have this option.

2. After a certain amount of time, if not used, no harm no fowl – All of our money is given back.

3. If you have a plan like Kaiser that do not give the cost of their wellness tests, then with certain plans you can not maximize the wellness benefits – therefore you might feel better about having this option.

4. Also, if your plan only pays for one wellness test, then having this rider makes sense.

Cons:

1. This rider cost money – it's not free.

2. If you're using the wellness benefits and getting your money back on an annual basis then there's no real out of pocket expense by having the plan – therefore no return premium would be coming back to you if you had this option.

3. There's a time period before you'll get your premium back. Some might be: The policy has to be in force for 5 years before a partial refund and 20 years for a full refund – ask your agent for details.

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