4,956 Reasons to Offer Cancer Coverage

Notes from Episode 67

$4,956 is the mean out-of-pocket from a study published by the Journal of American Medical Association Oncology. Keep in mind this is from 2014/2015 and cancer and healthcare in general has not gotten any cheaper!

The numbers, based on coverage, of over 1,400 Medicare beneficiaries going through cancer treatment and the mean out-of-pocket:

Medicaid ($2116)
Original Medicare ($8115)
Veterans Benefits ($2367)
Medicare Supplement ($5670)
Medicare HMO/Medicare Advantage ($5976)
Group/Employer Coverage ($5492)

You can check out the study here:

https://jamanetwork.com/journals/jamaoncology/fullarticle/2587048

There is a high probability that your clients or someone your clients know have been affected by cancer. It’s expensive to treat. It can be havoc on the body. It causes a lot of people to have financial hardships. Your clients and prospects deserve to know there are options to give them additional coverage! That responsibility falls on you, their agent!!!

Why cancer coverage is important:

Medicare Advantage:

Every Medicare Advantage plan I have seen is 80/20 split for chemotherapy/radiation. That 20% can add up quickly, especially if they roll over into the new year under treatment and their max-out-of-pocket resets. That $3,000 MOOP can easily turn into $6,000!

Medicare Supplements:

Even with mighty plan F, your clients may have out-of-pocket costs. If Medicare does not pay, neither will their Medicare supplement. Travel, experimental procedures, certain drugs, and a whole host of other potential costs to treat cancer.

Would your clients rather pay for this out of their savings or have a check from an insurance company hand them a check to help offset some or all these costs?