Can you get cancer insurance after you've had cancer?

In the case of prostate cancer and Mutual of Omaha, the answer is yes. Yes, you can get cancer insurance if enough time has passed. I signed up a few years ago. There was some time stipulation, a number of years without a cancer diagnosis or treatment, something like that. For me that was no problem--my prostate cancer diagnosis and treatment was far in the past.

So I signed up. It was cheap--for my whole family, $20 a month. With that, I got a rider that for a diagnosis of cancer, there is a one-time lump sum payout of $2,000. 

If you get a screening PSA once a year, you get a check for $60. So I get that, and my spouse gets $60 for her mammogram each year. Think about that for a minute. The insurance costs $240 a year, and you get $120 back (if you're a couple) for screening, so the real cost is $10 a month.

If you later get diagnosed with cancer, the benefits are generous. Besides the lump sum payment (assuming you take that rider), you get paid about $50 for labs and X-rays each time. You get $50 for each follow-up visit with your doctor, up to 3x a year. You get money for being hospitalized for treatment, for chemo and immunotherapy treatments, for surgery (including biopsies). There are benefits for radiation therapy, hospice care, blood products, skilled nursing, rehab, and ambulance transportation.  For the most part, claims are simple, and taken care of with a single phone call.

I got diagnosed with lymphoma a few years after signing up for the plan, and the payments have been extremely helpful in keeping up with copays and other incidentals. The cancer plan pays on top of other insurance you might have, and it is not taxable. It's paid directly to you, not the medical provider.

I tell all my acquaintances about this. I think it's a good deal. The odds are pretty significant that you will be diagnosed with cancer sometime in your life, and just because you've had one cancer, it doesn't mean you won't have others.