What cancer insurance pays for, and what it doesn't

Important: Cancer insurance is a limited-benefit, specified-disease supplemental policy. It is not major medical insurance and does not replace health insurance or Medicare. Benefits, waiting periods, limitations, exclusions and availability vary by carrier and state.

Commonly covered

• Lump-sum benefit on a first diagnosis of covered internal cancer.
• Treatment benefits on some plans: chemotherapy, radiation, surgery, hospital stays.
• Related benefits on some plans: transportation and lodging for treatment, second opinions.

Often reduced or limited

• Carcinoma in situ, often paid at a reduced percentage of the lump sum.
• Skin cancers, often a small fixed benefit or excluded.
• Recurrence, covered only with certain plans or riders.

Usually not covered

• Cancer diagnosed during the waiting period, which commonly applies after the policy starts
• Cancer diagnosed or treated before the policy started, as defined in the policy
• Other illnesses (cancer insurance covers only cancer; see critical illness for others)

Definitions vary. Read the policy's definitions and exclusions, and Matt will walk you through them.

What it is not

Not major medical insurance, not a substitute for health insurance or Medicare, and it does not satisfy minimum essential coverage.

Not connected with or endorsed by the U.S. government or the federal Medicare program.

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