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Cancer is one of the leading causes of death in India. Learn about the options available for covering the huge costs associated with cancer treatment and how cancer insurance might help.
You might likely have heard about a close or distant family member or a friend who has been diagnosed with cancer. Unfortunately, it is something you hear about all the time. Cancer is a deadly disease, and it has devastating effects, both emotionally and financially. Coping with such illness can prove challenging for everyone involved.
Cancer insurance plan is a cancer-specific insurance policy that provides complete coverage if you are ever diagnosed with cancer. Cancer insurance has been introduced in response to the rapidly increasing rate of cancer cases and the escalating cost of cancer care. As a supplement health insurance policy, it reduces the out of pocket expenses associated with cancer treatment that includes chemotherapy, radiation, hospitalisation nursing care, surgery, and cost of medicines. The sum insured depends on the stage at which cancer was diagnosed.
Many people misunderstand when it comes to a cancer insurance plan. Cancer insurance is not your primary health insurance policy. It is a stand-alone cover designed to help you prepare for cancer-related medical expenses. The benefit payable under a cancer insurance plan has limits applicable under a health insurance plan like deductibles, co-payments. It has a higher sum insured against a regular mediclaim policy which stops once it has paid out the maximum benefits allowed under the plan. A cancer insurance plan is similar to critical illness cover. The benefit is provided in a lump sum once the insured is diagnosed with cancer. You can also buy combined cancer/critical illness cover depending on the options offered by the insurance company.
A cancer insurance plan pays benefits for an insured person who has been diagnosed with cancer in a lump sum depending upon the stage of cancer deducted.
While some people believe in the significance of cancer insurance, others believe that such insurance policies are not worth the extra cost. In case you are planning to obtain a cancer insurance plan, it is crucial to keep in mind some critical aspects of it.
It makes sense to buy cancer insurance plan if you have a medical history of cancer in your family. Moreover, as an additional policy, you can check on how it is complementing your current health insurance policy. However, it is important to note that cancer insurance plan only starts if you are diagnosed with it. In case you are diagnosed with any other chronic illness, a cancer insurance plan does not come into action.
For people, who are at lower risk of getting affected by cancer, upgrading their present health insurance policy is a better alternative rather than buying a separate cancer cover. Instead of buying a stand-alone cancer cover, upgrading your current policy may probably cost you less, and perhaps, it would offer you an extended coverage as compared to a cancer-specific insurance policy.
Having both a comprehensive health insurance policy and a cancer insurance plan makes you eligible for getting the benefits from both these plans. The cancer insurance plan pays you a lump sum amount as per the stage of cancer you are diagnosed with. You can use this amount to pay for the items and treatments not covered under your health insurance plan. Thereby, you are effectively utilising the benefits received from both your insurance plans.
The cost of cancer treatment is unpredictable, as it can recur even after successful treatment. With the latest medicines and technological development in medical science, the survival rate of cancer patients has gone up significantly, and so are the costs of cancer treatment.
Getting diagnosed with cancer is worrisome, and the cost of cancer treatment is undoubtedly a nightmare for middle-class people. Buying a cancer insurance policy is a significant aid that can save you from the financial collapse in case you are ever diagnosed with cancer.
Recommended Link:5 Things You Must Know About Cancer Insurance