[재정설계] 100 years old, must-have cancer insurance

No one doubts that human life expectancy has increased and that we are now in the age of 100 years. But how many people will die healthy by the age of 100?

According to a study published in 2020 by the American Cancer Society (Cancer Facts & Figures 2020), one in three Americans is expected to develop cancer in their lifetime. Additionally, one in three Americans receive a cardiovascular disease diagnosis, and every 40 seconds someone announces they have a stroke or coronary artery disease.

Additionally, a survey conducted by the Kaiser Family Foundation and The New York Times found that more than a quarter of American adults, or 26%, struggled to pay their medical bills, and about 1 million people declare bankruptcy each year due to unaffordable medical bills. .

As of 2021, it was investigated that about 8% of the total population in the United States was uninsured, and about 7% in California was counted as uninsured. Among those who have insurance, the American Public Health Association announces that tens of thousands or thousands of dollars can be blown away in an instant if you suffer from a rare or serious disease.

There was a time when a cancer diagnosis was tantamount to a death sentence. However, it has become an era where cancer diagnosis alone does not die anymore. As medical technology advances, the survival rate has increased, and as health checkups have become more common, the probability of early detection of cancer has increased. In addition, cancer has been considered as a geriatric disease that mainly occurs only in the elderly. However, due to changes in lifestyle, environment, and eating habits of modern people, the time of cancer occurrence is gradually accelerating. Therefore, the risk of cancer is currently increasing regardless of age.

The problem is the cost of treatment rather than the cancer itself. The cost of overcoming cancer, such as surgery, hospitalization, chemotherapy, pharmaceuticals, and nursing care due to cancer, is not insignificant, so the number of people who are preparing for treatment with cancer insurance is increasing. In particular, since cancer requires a long time to be cured, long-term medical expenses are incurred, and the cost is likely to be high. Therefore, many patients feel the burden of cancer treatment costs more than death due to cancer.

Cancer insurance is a product that can cover various medical expenses that may occur after a diagnosis of cancer. Among them, cancer, which has been the number one cause of death in Koreans for several years, has been on the rise every year, so cancer insurance is recommended for the purpose of preparing for related expenses.

Then, let’s find out together what are the important features of cancer insurance.

1. Return of Premium

Maturity refund means that if you do not receive benefits as much as the insurance premiums paid during your lifetime, the remaining insurance premiums are refunded in full at the time of death. If you want to receive a guarantee and get a refund of the premiums you have paid so far, it may be advantageous to choose the maturity refund type.

2. Coverage for 11 severe diseases such as heart disease and cerebrovascular disease

In addition to cancer, the following 11 serious diseases such as heart disease and cerebrovascular disease are covered. These include heart attack, coronary artery bypass grafting, angioplasty, stroke, non-invasive cancer, renal failure, major organ transplant, progressive Alzheimer’s, paralysis, and coma.

3. Benefits that can be guaranteed multiple times with just one subscription

As long as you pay the premium, you can claim for each disease and use it multiple times. Claims can be made for each of the 11 diseases listed above, and after a separate period of 6 months for each disease. For example, even if you claim insurance for a heart attack, you can claim for a stroke six months later. In addition, by purchasing a recurrence benefit rider separately, you can receive benefits again if you are rediscovered with the same disease name in addition to the benefits you received once.

4. Health Insurance Supplemental Benefits

It reduces the burden of health insurance deductibles in case of major illness. Deductible is the amount that the insured must pay for hospital expenses at their own expense before receiving insurance coverage. For example, if you are insured with a deductible of $5,000 and hospital bills are $8,000, the policyholder must pay $5,000 first. And the insurance company pays the remaining $3,000. However, if you have cancer insurance, you can claim it the moment a cancer diagnosis comes out, so it can play an auxiliary role in reducing the burden of the deductible that you have to pay.

For more detailed information, please consult an experienced Certified Financial Counselor.

▶Contact: (213)284-2616

Claudia Song / Ameritz Financial Field Manager