A cancer diagnosis is more than a health crisis; it’s a financial one, too. In the U.S., the cost of cancer care has risen dramatically over the last decade, leaving patients and their families to navigate both emotional distress and mounting medical bills.
As an employer, offering access to the right insurance benefits can make a meaningful difference. Whether it’s through group health coverage or supplemental cancer insurance, you have the power to help your employees face a diagnosis with the protection and peace of mind they deserve.
Cancer Treatment Costs Are Climbing
According to AARP Magazine, patients can spend as much as $20,000 a year on treatment, depending on the type and stage of cancer. And that doesn’t include hidden or indirect costs like:
- Transportation to and from appointments
- Lost income from missed work
- Out-of-network treatment expenses
- Childcare or home support during recovery
Even with a good health plan, patients are often left with substantial out-of-pocket expenses, especially for newer targeted therapies or out-of-network specialists.
In fact, a 2023 study published in JAMA Oncology found that nearly 40% of cancer patients experienced financial hardship, and many reported delaying or skipping treatment because of cost.
What Standard Health Insurance Covers
A typical group health insurance plan will help with the core costs of cancer care:
- Doctor visits and oncology consultations
- Chemotherapy, radiation, and surgeries
- Prescription medications
- Diagnostic imaging and lab tests
- Hospital stays and ER visits
But even with robust coverage, there are limitations. Deductibles, copays, and coinsurance can quickly add up. If your employee seeks treatment out-of-network or needs travel support to access a specialty cancer center, they may face significant uncovered expenses.
That’s where supplemental insurance can help.
What Is Cancer Insurance?
Cancer insurance is a type of supplemental coverage that helps fill the financial gaps left by traditional health insurance. These plans typically offer lump-sum benefits or reimbursement for cancer-related costs not fully covered by a group health plan.
Depending on the policy, cancer insurance can help pay for some or all of the following:
- Travel and lodging for treatment away from home
- Experimental treatments or second opinions
- Lost income while undergoing treatment
- Childcare or home care support
- Out-of-network specialist visits
- High deductibles or coinsurance
This kind of support can offer not only financial relief, but also emotional reassurance during one of the most difficult times in an employee’s life.
Why Employers Should Consider Offering Cancer Insurance
As healthcare costs rise and treatment options evolve, more employers are turning to voluntary benefits to help employees protect themselves. Cancer insurance is one of the most valuable add-ons you can offer, and it’s typically low-cost for both employer and employee.
Key benefits:
- Affordable premiums: Employees can choose whether to opt in, often at group rates.
- No added risk: Many plans are 100% employee-paid.
- Increased employee satisfaction: Workers appreciate when employers offer benefits that address real-world needs.
- Simple administration: Most cancer insurance plans are easy to implement alongside your existing group benefits.
In Arizona and beyond, voluntary benefits like cancer insurance are quickly becoming a competitive edge for employers looking to recruit and retain talent.
What to Look for in a Cancer Insurance Plan
Not all policies are created equal. When reviewing cancer insurance options for your team, consider the following:
- Is the payout lump sum or reimbursement-based?
- Does the plan cover inpatient and outpatient care?
- Are recurrence benefits included?
- What is the waiting period before coverage begins?
- Can coverage extend to family members?
Working with a knowledgeable insurance advisor helps ensure you choose a plan that aligns with your group’s needs and budget.
Final Thoughts
Cancer affects more than just physical health; it affects everything from finances to emotional well-being. As an employer, you can be part of the solution by offering thoughtfully designed benefits that go beyond basic coverage.
At J.C. Lewis Insurance Services, we help businesses across Arizona understand and implement smart insurance solutions, including cancer-specific supplemental coverage. Whether you’re looking to enhance your benefits package or educate your employees about their options, we’re here to support you.
Want to explore cancer insurance options for your team? Reach out today at 707-978-2359 or visit https://jclis.com to schedule a no-obligation consultation.
