If you’re in the market for supplemental cancer insurance, one company to evaluate is Mutual of Omaha.
In fact, Investopedia considers Mutual of Omaha the best overall cancer insurance provider.
“When it comes to purchasing cancer insurance, we selected Mutual of Omaha as our best overall because it not only provides more coverage for the cost than some of the others, but it also provides things like preventive screenings, a selection of benefits ranges (which can help lower cost), and the ability to keep your policy until age 89.”
Mutual of Omaha offers a choice of two cancer policies. These policies also cover you if you suffer a heart attack or stroke, and The Balance considers Mutual of Omaha the best provider of combined cancer and critical illness coverage.
Mutual of Omaha enables you to choose between a lump-sum policy or one that pays benefits based on specific cancer treatments.
The lump-sum cancer policy provides a one-time payment upon the diagnosis of cancer, heart attack, or stroke.
The cancer treatment plan pays specified amounts based on the treatment you receive for cancer, heart attack, or stroke. Payments will last during the entire course of your treatment regimen.
The lump-sum payment option enables you to spend the policy benefits in any way you choose. This includes replacing lost income, health insurance deductibles and copayments, and other expenses.
This option is available to applicants between the ages of 18 and 89. Benefit amounts are available between $10,000 and $100,000. You can buy term periods of 10 years, 15 years, 20 years, 30 years, or lifetime coverage.
In addition to covering cancer, heart attacks, and strokes, the Mutual of Omaha policy will also pay 25 percent of the benefit amount if you suffer coronary artery bypass surgery and coronary angioplasty surgery.
Your policy can cover just you, you and your children, or your entire family.
The benefit for treatment plan is also available for issue ages 18-89. You can keep the coverage for a lifetime as long as you keep paying the premium. Coverages are available for individuals and for families.
The policy will pay a specified benefit amount based on treatments you receive because of your cancer diagnosis, or heart attack or stroke if you elect that coverage also. The policy will pay benefits for the following 14 treatments:
- Preventative screenings, which also include screenings for cardiovascular disease
- Hospital room and ICU
- Radiotherapy, chemotherapy, and immunotherapy
- Doctor visits
- Follow-up doctor visits
- Drugs and medications
- X-rays and labs
- Home health care
- Hospice care
- Skilled nursing or rehabilitation
- Blood and blood plasma
- Ambulance service
Each treatment has a per-day limit and a total limit. For example, in most states, you’ll receive:
- $60 per year for one test procedure or vaccine per year for each insured person.
- Unlimited days of hospital confinement, $80 per day for regular hospital rooms, and $160 per day for intensive care stays.
- 15 percent of your daily hospital room benefit for drugs and medicines used in the hospital.
- $70 per treatment of radiotherapy, chemotherapy, or immunotherapy, up to 20 treatments.
- Up to $1,500 for surgery, which applies to dozens of covered operations. The amount paid depends on the procedure performed.
- 20 percent of the cost of anesthesia.
- $20 per physician visit up to a maximum of 90 visits.
- $100 a day for each day of hospice care, with no limit on the number of days.
- $20 for each occurrence of blood and blood plasma administration, up to 40 occurrences.
- $100 for each ambulance trip up to a maximum of 10 trips ($1,000 total).
- $50 per physician visit after you’re out of the hospital. This covers one visit every four months for five years.
- $50 for each outpatient X-ray or lab procedure per day for each insured person, with a maximum of 20 procedures.
- $100 for each day of home health care or confinement in a skilled nursing facility or rehabilitation facility, up to a maximum of 100 days.
Policy benefit amounts vary by state.
Additional advantages of the benefits for treatment policy include:
- The policy pays regardless of any other insurance you own.
- The ability to apply even if you’ve had cancer, provided that those who will be insured have had internal cancer, leukemia, or melanoma within the previous five years or any other skin cancer in the previous three years.
- No cancellation because of age or claims. You can keep your policy for life. You can be canceled as an individual only if you stop paying premiums on time.
For most ages, you can buy individual coverage through Mutual of Omaha for just cancer for about $10 a month. To add heart attack and stroke coverage, the premium amount is $22 a month. For family coverage, the premium doubles to $20 and $45, respectively.
Learn More: The Pros & Cons of Cancer Insurance
Mutual of Omaha was founded in 1909 as Mutual Benefit Health & Accident Association.
Mutual of Omaha is a highly rated carrier for its financial strength, which means the company is likely to be able to fulfill its obligations. The company carries the following financial strength ratings as of May 4, 2021:
- A+, Superior by A.M. Best, the second-highest of 16 rating classes
- A1, Good by Moody’s Investors Services, the fifth-highest of 21 rating classes
- A+, Strong by S&P Global, the fifth-highest of 21 rating classes
Mutual of Omaha has an A+ rating from the Better Business Bureau and has been accredited with the BBB since 1940.
Joel Palmer is a freelance writer and personal finance expert who focuses on the mortgage, insurance, financial services, and technology industries. He spent the first 10 years of his career as a business and financial reporter.
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