Is Cancer Insurance Worth The Money?
Attorney
(866) 735-1102 Ext 367
Tags:
None
The American Cancer Society estimates that nearly 1.5 million new cases of cancer will be diagnosed this year. Let's face it, cancer is a fact of life these days. And as medical expenses continue to soar, naturally so does the cost of cancer treatments. And treatment for cancer not only involves health expenses, but travel expenses, attendant care, nutritional supplements and other incidental expenses. Not surprisingly, cancer insurance policies are becoming more popular. But are they worth it?
Insurance carriers tout cancer insurance as a security blanket that allwos you to focus on your health rather than your expenses. Most cancer insurance policies quote that they will pay "actual charges" up to a certain dollar amount for radiation and chemotherapy, medications, surgeries, transplants, transfusions and other medical expenses. But how does the policy define "actual charges?"
Unfortunately, many cancer policy holders are finding out, after the fact, that the insurance company does not use Webster's Dictionary to define "actual charges" and instead will only pay a discounted amount. Some folks are finding that if Medicare reduced the hospital bill intially to 70%, then the cancer policy will only cover that 70% as an "actual charge." The patient is then left to foot the bill for the remainder.
Currently there is a class action pending against Central United Life Insurance Company for this very issue. However, the class action may not be the best remedy for all policies holders and the time for opting out of the class action is fast approaching - June 3, 2008.
If you or a loved one purchased a cancer insurance policy and found out the hard way that it did not pay as you thought it would, you need to consult an attorney to see if you have any legal remedies available. If you purchased a policy through Central United Life Insurance Company, you need to act quickly to ensure that your rights are protected.
Attorneys associated with InjuryBoard are here to help.