Policyholders must thank Aflac Inc. (AFL - Analyst Report), as the insurance provider has introduced a new Cancer Care plan in New York to help them cope with the rising cancer treatment costs.
As per The American Cancer Society, New York might encounter 108,760 more cases of cancer in 2013. Treatment of cancer is an expensive affair and Aflac Real Cost Calculator projects that some cancer treatments can cost as much as $10,000 per month.
Aflac’s Cancer Plan thus focuses on assisting policyholders to bear the treatment costs. Policyholders diagnosed with cancer, including melanoma and certain blood disorders, are entitled to receive cash benefits Aflac.
The Cancer Care Policy is tailored to cater to policyholders’ personal and medical expense requirements. The plan comprises initial diagnosis benefit, wellness benefit, one age band benefit, medical imaging with diagnosis benefit and topical chemotherapy benefit.
Under the initial diagnosis benefit, each patient will get cash benefit up to $6000 and this amount is doubled per covered child. Additionally, the new plan will have wellness benefit, and medical imaging and diagnosis benefit ranging from $100– $200 per year and chemotherapy benefit of $200 per month.
On top of the benefits received from the base plan, additional and optional premiums will offer policyholders with extra benefits.
The Cancer Care base plan also provides benefits for radiation therapy, experimental treatment, bone marrow transplants, and more.
The company has been working toward enhancing its product portfolio. Recently it introduced an enhanced group short-term disability insurance product to protect employees from losses due to short-term disability. The new product features increased disability benefits, optional benefits for pre-existing conditions, and optional limited benefits for mental illness and alcoholism/drug addiction.
During the first quarter of 2013, revenues of Aflac declined 5% year over year to $6.2 billion. We expect the new policies to help the company gain more customers and thus improve revenues going forward.
Aflac currently carries a Zacks Rank #3 (Hold). Among other insurers, Amerisafe Inc. (AMSF - Analyst Report), carrying a Zacks Rank #1 (Strong Buy), and Employers Holdings, Inc. (EIG - Snapshot Report) and StanCorp Financial Group Inc. , carrying a Zacks Rank #2 (Buy), are worth considering.