Earlier this month, CMS announced that some Medicare plans will cover genetic cancer testing. As long as the tests are FDA-approved, Medicare plans can provide coverage. By adding cancer plans to your book of business, you can help clients with a high possibility of developing cancer prepare for their potential financial hardships in advance. Cancer plans will allow you to follow our mission to serve the underserved. You’ll help people get the care and coverage they deserve while cashing in some extra commission!
It’s nearly impossible to predict how much a cancer diagnosis and treatment plan will cost. That’s why cancer plans can provide coverage for as little as $5,000 or as much as $100,000. They function best as a health insurance backup plan. Your client’s Medicare plan will cover most of the cancer-related costs up front, but an additional cancer policy can help pay for everything from loss of income to extra hospital stays. Payment generally comes in the form of a reimbursement check, which is great because beneficiaries can then use that money in any way they want.
Unfortunately, some cancer policy carriers will not insure those with preexisting cancerous conditions (or other serious ailments). If you have a client who is interested in cancer coverage but is not eligible for a good cancer policy, you may want to consider introducing them to Medigap (or Medicare Advantage) for additional coverage. While neither will provide extra financials, both can help lower the costs of deductibles, copayments, and coinsurance.
Alflac, Metlife, Mutual of Omaha, and United Healthcare are just a few examples of carriers that offer cancer policies. We suggest adding any number of cancer policy carriers to your book of business now. During this time of year, when your Medicare Advantage sales are lower, selling cancer plans and other ancillary insurance can help keep your business afloat.
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