Is Physicians Mutual Cancer Insurance Worth It? Real Benefits and Limitations You Should Know
Cancer treatment is one of the costliest healthcare challenges Americans face today. Even with strong health insurance, many people struggle to pay for deductibles, co-pays, out-of-network specialists, and related living expenses. Physicians Mutual, a long-established insurance company, offers a specialized policy called Secure Answer Cancer Insurance, designed to cover some of these financial gaps.
But is this coverage truly worth it? Here’s an in-depth look at what Physicians Mutual’s cancer insurance includes, how it works, and who should consider adding it to their protection plan.
What Is Physicians Mutual Secure Answer Cancer Insurance?
Secure Answer Cancer Insurance is a supplemental policy designed to help cover cancer-related costs that your health insurance doesn’t fully pay for. It pays you cash benefits directly, meaning you can use the money however you choose—whether for treatments, travel, or household bills.
You have two coverage options to choose from. The main difference is how much each option pays for covered benefits.
Covered Benefits: What Does the Plan Pay For?
Physicians Mutual’s Secure Answer Cancer Insurance follows a schedule of benefits, meaning you receive set dollar amounts for each service or event. Here’s what’s covered:
Preventive Care Screening Benefits
- $50 or $100 per covered preventive test (up to 12 different tests)
- Covered screenings include mammograms, colonoscopies, pap smears, blood tests, and skin cancer biopsies
- One covered screening allowed per person each calendar year
Inpatient Benefits
- $150 or $300 per day for hospital room stays during cancer treatment
- $500 or $1,000 per year for ground or air ambulance transportation
- $30 or $60 per day for inpatient doctor visits (up to 60 visits per year)
- Up to $250 or $500 annually for inpatient prescription drugs
Surgery Benefits
- Surgical benefits range from $40/$85 to $1,515/$3,030 depending on the procedure, with a maximum of three surgeries per day (benefits reduced by 50% for the second and third surgeries on the same day)
- 25% of the surgery benefit amount for general anesthesia
Treatment Benefits
- Up to $1,000 or $2,000 per calendar month for treatments like radiation, chemotherapy, hormone therapy, immunotherapy, and experimental treatments (annual max of $8,000/$16,000)
Transportation and Lodging Benefits
- $1,000 or $2,000 lifetime maximum for transportation and lodging when traveling 100+ miles from home for treatment
Additional Covered Benefits
- $30/$60 per day for home health care services (up to 90 days per year)
- Miscellaneous treatment benefits ($100/$200 to $1,000/$2,000 with lifetime maximums), covering items like breast reconstruction, artificial limbs, wigs, and durable medical equipment
- $30/$60 per day for hospice care (up to 180 lifetime days)
- $75/$150 per day for extended care facilities (up to 10 days per year)
- $30/$60 per day for private duty nursing (up to 30 days per year)
- $1,000/$2,000 lifetime max for blood, plasma, and platelets
Optional Riders for Enhanced Protection
First Diagnosis Internal Cancer Benefit Rider
- One-time payment of $2,500, $5,000, or $10,000 for the first-ever internal cancer diagnosis
First Diagnosis Critical Illness Benefit Rider
- One-time payment up to $5,000, $10,000, or $20,000 for a first-ever heart attack, stroke, or coronary artery bypass surgery (pays half the benefit for bypass surgery)
Rider options are available for individuals under age 65.
What’s Not Covered?
Like all insurance, Physicians Mutual Secure Answer Cancer Insurance comes with limitations and exclusions:
- No benefits for any sickness, injury, or disease other than cancer (unless additional riders are purchased)
- No coverage for cancer diagnosed during the Benefit Reduction Period (90 days following policy issue), except on a reduced benefit basis
- No payment for pre-existing cancers diagnosed within the first two years of coverage
- No benefits for services provided by family members unless certain employment and payment conditions are met
- No coverage for treatments occurring outside the United States
Pre-Existing Conditions and Waiting Periods
Pre-existing conditions are excluded for two years. A Benefit Reduction Period applies for the first 90 days of coverage, where benefits are reduced by 75% for cancers diagnosed during that time.
Preventive screenings have their own waiting period—no screening test benefits are paid for tests performed less than 180 days after the policy effective date.
Key Strengths of Physicians Mutual Cancer Insurance
- ✅ Scheduled benefits for a wide range of treatments and services
- ✅ Direct cash payments to policyholders
- ✅ Can be used alongside any doctor or hospital
- ✅ Covers preventive screenings for early detection
- ✅ Optional riders for broader critical illness coverage
- ✅ Family coverage options
Limitations to Keep in Mind
- ❌ Only covers cancer unless riders are added
- ❌ Schedule of benefits limits total payouts per treatment type
- ❌ Benefit reductions apply during the initial 90-day period
- ❌ No lump sum payout unless the First Diagnosis Rider is added
- ❌ Requires detailed claim submissions with proof of services rendered
Cost of Coverage
Monthly premiums vary based on your age, coverage level, and state, but here are general estimates:
- $15–$35/month for younger adults
- $40–$65/month for middle-aged applicants
- $70+/month for seniors seeking higher benefit options
Adding riders for first diagnosis benefits will increase your premium.
Who Should Consider Secure Answer Cancer Insurance?
- People with a family history of cancer
- Individuals on high-deductible health plans
- Self-employed individuals without group critical illness coverage
- Seniors seeking extra protection for cancer care and recovery expenses
- Anyone concerned about gaps in their health insurance when facing cancer treatment
Who Might Not Need This Coverage?
- People with comprehensive critical illness or long-term disability insurance
- Those with substantial savings or health savings accounts (HSAs)
- Individuals seeking coverage for conditions beyond cancer unless riders are added
- Those who prefer lump-sum cancer insurance over scheduled benefit payouts
How Does Physicians Mutual Compare to Competitors?
| Feature | Physicians Mutual Cancer Insurance | Other Cancer Insurance Providers |
|---|---|---|
| Coverage Type | Cancer only (optional riders for more) | Some offer broader illness protection |
| Benefit Payout | Scheduled benefits per service | Lump sum or scheduled benefits |
| Preventive Screenings | Yes | Some do, some don’t |
| First Diagnosis Benefit | Optional rider | Often included in base coverage |
| Claims Process | Requires documentation | Some offer simplified claims |
| Pre-existing Condition Waiting Period | 2 years | Typically 6 months to 2 years |
Final Thought
Physicians Mutual Secure Answer Cancer Insurance is a strong option for those wanting to specifically protect themselves from the financial burden of cancer care. Its schedule of benefits offers support for hospitalization, surgery, chemotherapy, and other treatment-related expenses. The plan is flexible, letting you add optional riders for broader protection against critical illnesses like heart attacks or strokes.
However, this plan is not for everyone. People looking for a simple lump sum payment or comprehensive illness coverage might prefer a broader critical illness plan. Also, because it pays a scheduled amount rather than actual treatment costs, those facing expensive, extended care might find coverage limits fall short of total expenses.
Still, for many families concerned about the rising cost of cancer treatment, this policy can offer peace of mind and meaningful financial support when it’s needed most.