Cancer Insurance and Clark Howard

[rphillips]

I was just in the car and heard Clark Howard abruptly advise somebody not to buy a one-dimensional product like cancer insurance.

He asked her one question: do you have money saved? One question. No followup about how much or how much unreimbursed expenses might be encountered with a cancer diagnosis. Just a flat.... DON'T DO IT.

Here's the kicker: the 63 YO lady has a history of cancer in her family and lost two siblings at age 55 and 62. Still NO... because she self-proclaims off the top of her head to be financially prepared to survive a diagnosis and treatment regimen-- whatever may come!

 

[sman]

I hate when these "experts" paint with a broad brush like this. However, I'm not a huge fan of plans like cancer insurance. Especially if you have good medical insurance and some savings.

Of course, ask anyone who's had cancer and owned a cancer policy if they were happy they had the cancer policy, and the answer is a resounding yes.

 

[0b1kanobee]

From my experience, for every argument to not buy something there is one contradictory. What's that saying, opinions are like ******** everybody has one.

 

[David C]

Clark has had a fairly recent cancer scare himself. I'm surprised he's not a little more flexible on cancer policies since this.

 

[bassplayer]

Clark has had a fairly recent cancer scare himself. I'm surprised he's not a little more flexible on cancer policies since this.

Yes, makes sense...but a scare for someone like us versus someone who makes the kind of money he makes is a bit less scary. Obviously, self-insuring yourself against risk is ideal, but how many average people can realistically self-insure?!

 

[sman]

Just because someone doesn't get a cancer policy doesn't mean they are self-insuring.

Yes, makes sense...but a scare for someone like us versus someone who makes the kind of money he makes is a bit less scary. Obviously, self-insuring yourself against risk is ideal, but how many average people can realistically self-insure?!

 

[catowned]

I hate when these "experts" paint with a broad brush like this.

Me too!

Another thing that happens even with their good advice is when listeners or readers only hear the main points and then try to apply it to their own situation when it's not right to do so.

 

[rphillips]

Just because someone doesn't get a cancer policy doesn't mean they are self-insuring.

In this case it seems that they think they are. He literally asked the broad question, "Do you have some money saved so that if you were out of work for awhile you could pay your bills?"

She said YES.... end of discussion. No discovery about how much she thought she had or would be necessary to survive whatever may come.

Being talk radio, the discussion is not going to go there BUT neither should the advice based on such skimpy analysis.

What particularly blew me away was his ignoring of her family history. They had a good laugh about the lottery mentality of the marketing pieces she had been presented.

I had a prospect back around 2005 who similarly felt self-insured and declined a recommendation of a modest critical illness policy that included cancer to go with an HSA-eligible health plan. They were not THAT prepared financially.

She declined the CI option and in-fact was diagnosed with throat cancer within the year.

 

[Colorado Newbie]

A while back a friend of mine in another state bought health insurance for her and her duaghter through ehealthinsurance because she heard Clark Howard recommend the site.

Turns out she bought health insurance without Rx...

 

[somarco]

Had lunch with the Cigna rep today. She said they get a lot of business from eHealth but 40% of apps are declined. Of the ones approved over half drop off the books within 90 days.

Can't understand why carriers put up with that kind of crap. They get similar results from phone mills.