Thirty years ago, cancer was a death sentence. Today, cancer remains a formidable foe, but survivors have battled back and are pushing the statistical trend toward the other direction. In fact, the five-year survival rate for all cancers diagnosed between 1996 and 2002 is 66 percent — that’s up 51 percent from 1977.¹ Thanks to improvements in technology and advances in medical science, leading a productive and healthy life after cancer has become probable for many Americans.

Even with cancer survival rates increasing, winning the physical battle is only the first step. Many times a financial fight sits waiting in the wings for individuals and their families. This is also true for employers who, through lost productivity and other indirect costs of cancer, suffer financially. The National Institutes of Health estimated that the total cost of cancer care in the United States in 2005 was $209.9 billion. Of that total, $17.5 billion was attributed to indirect morbidity costs (i.e., lost productivity), and indirect mortality costs (i.e., lost productivity due to premature death) accounted for $118.4 billion.²

Adding cancer insurance as part of an overall benefits package — whether employer-funded or employee-paid — can be a tremendous asset to employers who are doing all they can to retain talent in their organizations. Adding cancer coverage that incorporates a wealth of physical and emotional wellness features, as well as providing financial benefits, gives policyholders benefits that help reduce the overall impact of a diagnosis. It also helps employers demonstrate care and concern for their workforce — their most valuable asset.

Cancer insurance defined

When most people think of insurance, they think of it as a benefit to families of a loved one who has died. However, cancer insurance is a living benefit, a supplement to traditional medical insurance paid direct to the policyholder upon diagnosis to help them pay for the cost associated with their disease and hopeful recovery.

Nearly one-third of American families deplete all or most of their savings because of a serious illness. Specifically, studies show nearly 65 percent of cancer treatment costs are not covered by traditional medical insurance plans.³ These indirect costs typically include out-of-pocket expenses, deductibles, coinsurance, loss of wages and salary, travel expenses to and from treatment centers, lodging and meals, and child care.

Providing affordable cancer insurance for employees can help them handle the extra expenses accompanying cancer treatment. Providing them with a plan that also offers educational and emotional resources and support can help keep them healthy in the first place and, in the unfortunate event of a diagnosis, help them take control of their treatment.

Knowledge is power

In providing access to educational resources, employers not only help employees live a healthy lifestyle today, they also help employees reduce their risk of illness in the future. There are several ways of doing this, but the two main vehicles are maintenance of physical health and early detection.

After quitting smoking, the best way to cut cancer risk is to achieve and maintain a healthy weight, to be physically active on a regular basis and to make healthy food choices. Approximately 550,000 Americans die of cancer each year; one-third of these deaths are linked to poor diet, physical inactivity and carrying excess weight.⁴

While the equation “healthy lifestyle = less chance of cancer” might seem common knowledge, it’s not necessarily a top priority in today’s workforce. What’s more, employers don’t always have the internal resources to make this information easily accessible, let alone engage their employees in a discussion of overall wellness as part of cancer prevention.

In terms of early detection, the equation is even simpler: “early detection = improved chance of survival.” Recognizing symptoms, scheduling annual screenings and performing self exams play a crucial role in diminishing the chances of receiving a cancer diagnosis, particularly for those who fall into certain risk categories. Many of today’s cancer insurance policies include allowances for general health screenings and specific early detection screening.

Again, by introducing cancer insurance protection as part of an employee benefit package, the employer provides valuable information and screenings, aids in the recruitment and retention of high-quality staff members and positions the company as an employer of choice. The key is to have the information and support come from a credible source and the policy from a trusted carrier with a successful track record.

Support is out there

Speaking of credible sources and successful track records, six-time Tour de France champion Lance Armstrong knows what it takes to win. He also knows what it takes to beat cancer and wants to help others win the battle as well. To that end, he founded the LIVESTRONG(TM) Lance Armstrong Foundation (LAF). This effort seeks to empower those combating cancer and to help them focus on living. Other organizations such as the American Cancer Society and National Cancer Institute offer valuable information as well for people seeking support and direction regarding cancer and its effects.

LAF, in particular, connects people with a broad array of resources designed to help them stay healthy and, should a cancer diagnosis arise, take control of their treatment. Numerous benefits are available to assist people in treating their illness including simple steps such as making positive choices that contribute to a healthier future. For those embarking on cancer treatment, LAF can provide qualified referrals and connection to counseling services that provide emotional support, individual counseling, help addressing financial concerns, assistance with legal and insurance questions and matching to clinical trials.

Winning the battle is part of winning the war

Make no mistake; beating cancer is a major accomplishment. Unfortunately, most survivors enter remission with another battle looming. They find themselves saddled with financial burdens lasting much longer than the disease itself. In addition, fighting this disease exhausts a person and his or her family emotionally and physically. Owning a cancer insurance policy gives families some financial peace of mind during the struggle.

For employers, providing their employees with access to a supplemental plan that provides educational, emotional and physical support, as well as a financial benefit, guaranteed and payable directly to the insured to use as they see fit, not only protects their most valuable asset — their employees — it can protect them against lost productivity.

Remember: While eliminating cancer entirely remains a goal yet unrealized, a healthy lifestyle, educational and emotional support, and smart financial planning that includes cancer insurance can help win important small battles along the way to victory.

¹Cancer Facts & Figures, 2007, American Cancer Society
²Journal of Clinical Oncology, American Society of Clinical Oncology, January 2007
³“Health Insurance and Cancer,” Paula Burkes, Business Writer, The Oklahoman, March 30, 2008
⁴“Prevention & Early Detection,” American Cancer Society, 2008

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This entry was posted Tuesday, August 12th, 2008 at 12:00 pm and is filed under Health Insurance, Long Term Care. You can leave a response, or trackback from your own site.