July is UV Safety Month, which represents an important opportunity to educate clients about protecting themselves and their loved ones against skin cancer. According to the Skin Cancer Foundation, 1 in 5 Americans will develop skin cancer by the age of 70, so early detection and prevention is relevant to all your clients. 

While prevention and early detection are critical, most people don’t think about the unexpected financial challenges that a melanoma diagnosis can create. In fact, out-of-pocket costs are estimated to increase by more than $592 per month for the six months following a cancer diagnosis. From treatment and procedures to missed work time–a cancer diagnosis of any magnitude is something for which very few people are financially prepared.

According to the Commonwealth Fund, 23% of working-age adults with health insurance are underinsured, and expenses like deductibles, coinsurance, travel for treatment, lost wages, and everyday household bills can quickly add up, even when medical insurance is in place. A supplemental cancer policy can help fill the gaps in their medical coverage and provide much needed monetary support. 

If you’re an independent insurance agent and you haven’t already talked to your clients about cancer coverage, UV Safety Month could be a good conversation starter for this conversation. Here are three things to share with your clients regarding these policies:

1. What’s covered? Cancer policies will typically cover out-of-pocket medical expenses like copays and coinsurance, preventive screenings (including full-body scans by a dermatologist), prescription medications, surgical procedures (inpatient and outpatient), and rehabilitative services. These plans also cover expenses like travel and lodging and other everyday expenses that can add up during long-term treatment and recovery.
2. What carriers are available? Primary carriers that offer cancer coverage include ManhattanLife (Cancer Care Plus and other supplemental cancer benefit options); Cigna HealthSpring; GTL (PrecisionCare, CHAS (Cancer, Heart Attack, Stroke), and Critical Cash); Wellabe (hospital indemnity policy with an optional lump-sum cancer benefit rider in certain states); and UHOne (optional cancer rider through its AdvantageGuard product). 
3. How does payment work? Depending on the carrier, the client will need to submit expenses to the carrier for reimbursement. Some carriers may also have the ability to pay providers directly for treatments that a client receives. 

Coverage and availability vary by state for this product, so make sure you understand the options that are available in your area. If you work with an insurance marketing organization (IMO), they can help you understand the options. 

As agents, you have your clients’ best interests at heart, and that includes wanting to ensure that they’re prepared for anything the future might hold–including a cancer diagnosis. If you need help understanding cancer policies and how to support your clients with this option, contact our team at IFC National Marketing.