Learning about the many options for insurance can seem like a daunting task, especially during times of stress. However, a step-by-step plan can help you learn about your insurance options and decide what is best for you.
The first step is to become familiar with the three types of insurance that are most important for people with breast cancer: health insurance, disability insurance and long-term care insurance.
- Health insurance pays either some or all of the costs related to medical treatment. It can be bought by an individual or an employer. It can also be provided by the state or federal government, such as Medicare (for people over age 65) and Medicaid (for people with low-income).
- Disability insurance provides part of a person's income if she or he cannot continue working due to illness or injury. It is offered as short-term or long-term, depending on the length of time a person is unable to work. Short-term disability is usually less than six months.
- Long-term care insurance covers the cost of residential care (in a nursing home or at home) for people who are unable to care for themselves. Private health insurance plans will often cover some of these costs. Medicare covers some costs, though there are limits and specific guidelines. Medicaid also covers this care, but each state has its own benefits. For more coverage, you can buy a separate long-term care policy.
Once you understand the basic types of insurance, the next step is to review your current policies to see what coverage you have for each type. If you work, you should start by reviewing the coverage that is given by your employer. It is a good idea to meet with someone from the human resources department to go over any questions you have. If you do not work, you may want to talk about your insurance options with a hospital social worker or another person recommended by your health care provider or treatment facility. The hospital may have a financial information office that can offer guidance. You can also talk to a staff member of your state or local health department.
When reviewing your current insurance policies, be sure to read the policies themselves and not just the marketing brochures that describe them. An insurance policy is a legal contract that describes your rights and responsibilities, as well as those of the insurer. It deserves the same level of scrutiny as any other legal document.
The final step in making insurance decisions is to find out whether there are any gaps in your coverage. If there are gaps, you may want to consider buying supplemental insurance or getting help in obtaining needed coverage.
When buying insurance, keep the following in mind:
- Work with an insurance agent or agency that is licensed by the state insurance department.
- Never cancel an old policy until the new one is in effect.
- Make sure you know the limits of your new policy in terms of pre-existing conditions and waiting periods.
- Check the application to make sure the information is correct. False or incorrect information may cause denial of some benefits, or even cancellation of an entire policy.
When dealing with any insurance company or agent, follow these guidelines:
- Make a folder for each insurance policy.
- Understand the policies and procedures and follow them (e.g., make sure premiums are paid on time).
- Ask questions about any policies and procedures that are unclear.
- Keep copies of the policies themselves, as well as all claim forms, invoices and letters.
- Keep a log of phone calls, including the date and time of the call, a brief summary of the subject, the name of the person spoken with and any actions that were to result from the call.
Updated 02/02/09
