About 1,688,780 new cancer cases were expected to be diagnosed in 2017 alone – This equates to over 4,600 new
diagnoses per day. And if that isn’t enough to get your attention, 60% of all newly diagnosed cancer cases are in persons over age 65 and 70% of all cancer deaths are age over 65.
HIP 3 Options Client Worksheet (for adding Cancer riders to HIP plans)
Cancer Costs for Clients to Consider
Medicare and most other coverage will not pay for:
- Travel for treatment or for family to visit
- Lodging if travel is required
- Extra help in the home
- Time off work for the client or family / friends assisting
- Alternative treatments
Plus your clients may have additional expenses for:
- Additional prescription drug
- Follow-up medical visits
Excerpt from Medicare.gov:
Offering Cancer Plans
Uncovering the Need
While fact finding with your client, you can probe for cancer concerns and interest by asking:
Other than your current health plan, should you be diagnosed with cancer, what other funds do you have in place to help offset treatment costs?
Cancer Plans & Medicare Supplements
While many Medicare supplement plans will cover medical cancer costs, the non-medical, unplanned costs can easily go into the thousands and beyond (as mentioned previously). Remember, if Medicare does not cover the cost, neither will Medicare supplement.
Cancer Plans & Medicare Advantage
Beyond the non-medical costs, many Medicare Advantage plans cover chemotherapy at 80/20 (80% Medicare, 20 beneficiary) which can easily create high out of pocket costs for the client.
While your clients have a max-out-of-pocket stop loss, this resets in January. This means if your clients max out their out-of-pocket costs in November and they are still under treatment in January, they will start paying all over again.
A lot of my clients and their family have had very expensive out-of-pocket costs when it comes to treating cancer.
Medicare will only cover certain treatments, and does not pay for alternative treatments, additional home care, transportation, and other expenses if you need to travel for the best treatment.
I don’t want your treatment costs to add additional stress or limitations.
History of Cancer
Most people know someone who has battled cancer, and have seen the effects of cancer treatments, which can greatly alter the patients lifestyle for some time. Giving your clients additional fiscal resources can greatly improve their outcomes by reducing fiscal strains and stress. You can still review the cancer plans to clients who may not qualify as they may know others who can benefit from a plan.
Offer a Package Solution
Think of the fast food industry. No longer does anyone need to order a hamburger, fries, and a drink. They order a #1.
The same can be applied to offering cancer with a Medicare Supplement. Offer your clients a cancer benefit with their Medicare Supplement to provide them protection from the limitation of Medicare and unplanned costs.
Stand Along cancer plans cannot be sold at the same time as Medicare Advantage because they are not listed on the Scope of Appointment form. (Note the loop hole, check out our Hospital Indemnity Sales Tools for a way to offer a cancer rider during an MA appointment). This creates a great opportunity for a follow-up appointment to help give your clients added protection from not only co-payments in their plan, but also the unplanned, uncovered, non-medical costs.
Are you letting clients know you offer cancer benefits? Numerous carriers have cancer marketing materials, as well as the personalizable pieces offered through SMS’s Agent Marketing Portfolio (AMP).
Want to go the basic route? Simply hand write a post-it not and put it on the front of every policy you are delivering.