Here are the top 5 things to consider before you buy a Cancer Insurance Plan!
Cancer, as a disease, has become more common than it ever was. Every year, many individuals lose their battle against cancer and hence, it is important to get proper medical aid in due time. Treatment of cancer is expensive in a country like India. Hence, it’s important to be financially prepared, in case this deadly disease were to unfortunately affect you. One way to do so is to buy Cancer insurance.
This is an insurance plan specifically designed to meet the financial needs for the treatment of cancer.
But what should you consider before you zero in on a cancer insurance plan? Let’s find out. Here are 5 things you must consider before you buy a cancer insurance plan-
Coverage: As mentioned earlier, treatment for cancer is extremely expensive. It includes extensive chemotherapy and costly drugs that may drain you out of your savings. Hence, it is extremely important to look for a cancer protection plan that has robust coverage and can financially aid the treatment, should you need it.
Types and Stages of Cancer covered: Most insurance plans provide stage based payouts to help with cancer treatments. There are three stages namely, pre-stage, early stage and major/critical stage cancer. Hence, it is essential to analyse if the payout at every step is going to be sufficient for the treatment. Also, it is important to look at the types of cancers covered in an insurance plan and buy one that covers most of them.
Waiting Period: Waiting period is one of the most crucial factors to be considered when buying a cancer insurance policy. The usual waiting period is 3 to 6 months for most cancer insurance plans. One must check the waiting period of the particular insurance plan, compare it to other plans and then zero in on one.
Premium Waivers: It is important to check the premium waiver option as most cancer insurance plans waive off the premiums, once cancer is diagnosed. This offers a financial cushion to the patient and his family as there is no obligation to pay the premium at such a sensitive time in life.
Income Benefits: When one is diagnosed with cancer, it surely affects their productivity and might hinder their income. Hence, it is important to look for plans that provide monthly payouts to the family members to financially support them and support them in their daily activities. One must check if the payouts meet the financial expectations of the family before buying a cancer insurance plan.
There are tools such as Cancer Insurance Premium Calculator that can help determine the monthly premiums one must pay to get a plan. Hence, before you buy a plan, it is vital to compare all the aforementioned factors and then select a plan that best suits your medical needs.
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