Few diseases affect as many people worldwide as cancer does. Cancer comes in a multitude of forms, each with their own treatments and costs associated with them. The data on cancer is concerning, especially for Medicare-aged individuals.
Cancer is much more likely to affect people over the age of 65, accounting for 60% of all cancer diagnoses, and 70% of deaths. As such, it’s important to get started with diagnosis, treatment, and prevention as early as possible. It can save your wallet and your life!
Covering Cancer Treatments
Original Medicare, including Parts A, B, and D will cover some aspects of cancer treatment.
Medicare Part A covers inpatient expenses such as hospital stays, sometimes referred to as hospital insurance. Some aspects of inpatient cancer care covered by Original Medicare Part A include:
- Cancer treatments such as chemotherapy
- Clinical research studies
- Surgical implants after a mastectomy
Medicare Part B covers outpatient expenses, and is frequently referred to as medical insurance. Outpatient cancer care covered under Original Medicare Part B includes:
- Doctor’s visits
- Intravenous (inserted into a patient’s vein) chemotherapy drugs
- SOME oral chemotherapy treatments
- Durable Medical Equipment (DME)
- Outpatient surgeries
- Nutritional counseling
Medicare Part D covers prescription drug costs. Some examples of cancer drugs that would be covered under part D include:
- Chemotherapy drugs taken orally
- Anti-nausea drugs
- Pain medications used in cancer treatment
Medicare Advantage, sometimes referred to as Medicare Part C, are bundled insurance plans that may include coverage of Part A, Part B, and Part D. These plans are distributed by private insurance companies. Medicare Advantage plans can even be specialized towards cancer treatment, offering lower costs on treatment and even offering benefits well beyond what Original Medicare offers.
With Medicare only covering 80% of treatment for a cancer diagnosis, you would be left paying 20% of the remaining costs out-of-pocket. This is also not including expenses that may come along with this unfortunate disease such as:
- Lodging
- Meals
- Deductibles
- Childcare
- Transportation
To assist with that, SBS offers additional Cancer policies that can be combined with your existing Medicare plan. Some of these plans may pay out cash in a lump sum, while others cover specific treatments to help with those expenses. Cancer Plans are designed to provide additional support when you need it most – and we’d love to review your options!
Do you feel prepared for the worst-case scenarios? We are happy to discuss your coverage with you so that you can live out your retirement stress-free!
A non-government entity. Not affiliated with or endorsed by any government agency. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.