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How to a Choose Cancer Care Policy? How can I get a claim?

Cancer is one of those modern ailments that can afflict anyone of any age and gender. The increase in the number of cancer-related cases is increasing at a rapid rate in India. Recent surveys and statistics conducted between 2015 to 2020 have put forth a projected estimate of over 17.3 Lakh cases by 2020. According to WHO (World Health Organisation) in its research report GLOBOCAN 2012, India ranks number three in the global list of haematological cancer patients, after China and the US.

It is also pertinent to note the rising cost of inflation, which is a key determinant of the existence of businesses, individuals, and compliance costs. Therefore, from an individual perspective, it is necessary to have a cancer care insurance plan that can cover the expensive cost of treatment. As per current estimates, depending on the complexity of cancer stage and treatment, it would be anywhere between 2.5 to 20 lacs for a six-month treatment!

Wisdom and timely planning will help families to remain prepared in the hour of need. Based on the age of the individual, it is essential to plan and opt for the right cancer care insurance plan.

Benefits of Having a Cancer Care Insurance Plan

Financial Security:

Cancer is a mentally, physically, and financially exhausting disease. During cancer treatment, the patient's family is bound to experience monetary challenges that would be distressing. Hence, it would be much prudent and wise to reduce the financial burden by purchasing a cancer care insurance plan that would meet your monetary needs.

Moreover, getting a cancer care insurance plan is important, especially if the individual is the only breadwinner for his/her family. An extensive and carefully-chosen cancer care insurance plan will exempt the family members from any future liabilities.

Medical Expenditure:

Almost 33% of the overall cost of cancer treatment is medical. In most cases, cancer patients are more likely to face bankruptcy than people not affected by cancer. At such times, a cancer care insurance plan can help with those medical costs. It'll pay a lump sum amount of money to pay off medical expenses. It is essential to opt for a specific cancer-centric policy that would tackle the cost to be incurred.

Guard Against a Disease:

If there is a history of cancer affliction within the family, then it would be better to opt for a cancer care insurance plan to be on the safe side. Even if you don't have a family history of cancer, there is an increased risk of cancer-related ailments because of pollution and lifestyle habits. Research reveals that 70-90 percent of all cancers are primarily due to environmental aspects. Thus, a cancer care insurance plan is needed to guard against every possible risk.

Key Points to Note When Choosing a Cancer Care Insurance Plan:

Maximum Sum Assured:

The cost of cancer treatment will vary as per the type and progression of disease into further stages. Hence, the cancer care insurance plan must have a robust sum assured so that it would not compromise anywhere as far as treatment is concerned.

When choosing your cancer care insurance plan, look for cancer-specific policies that offer an increasing sum insured. It means that the sum insured is enhanced by a fixed percentage (every year) subject to a maximum limit. The increasing sum insured feature for a cancer care insurance plan will come at a slightly higher price but will ensure substantial sum assured in the likely event of a claim.

Coverage at Various Stages:

Cancer diseases differ from one another in terms of evolution, cure, and treatment. The pricing and cost of medication are specific to the type of cancer, detection stage, and treatment methodology. Therefore, it is crucial to choose a cancer care insurance plan that can cover all stages of cancer and spanning across all kinds of cancer diseases too.

Waiting Period:

Every cancer care insurance plan will have a certain waiting period, which may vary from one plan to another. It is recommended to choose a cancer care insurance plan with a lower waiting period. It should be noted that the claimant cannot file a claim during the waiting period.

Waiver of Premium:

Sometimes there are situations in life where a patient is the sole breadwinner and cannot resume normal life during and after cancer treatment. The patient's ability to earn a revenue would be affected, and in such a scenario, the premium payment is also affected.

Hence, it is important to look out for a cancer care insurance plan with a higher coverage along with future premiums waiver. wherein, on detection of early-stage cancer, the future premiums are waived off for a duration of 3 or 5 or entire policy term.

Maximum Permissible Term:

When comparing cancer care insurance plans, it is good to know if policies can be renewed for an extended age up to 75 years.

Exclusions:

Every insurance plan will have exclusions in its list of coverage for ailments. Some types of cancers could be pre-existing, and most policies would not support such detected scenarios. Therefore, it is better to crosscheck with your insurance company before opting for the right cancer care insurance plan.

Compare and Evaluate:

It is human nature to compare on small aspects when purchasing a commodity, but we ignore the fundamental issues of personal and family protection. While evaluating cancer policies, we must decide on the one that suits our needs. It is a good idea to maintain a checklist of the pros and cons of every cancer care insurance plan.

Claim:

Making a claim under the cancer insurance plan is also an easy procedure. On being detected with cancer, the policyholder has to inform the insurer. The insurer would ask the policyholder to undergo required medical tests from their empanelled doctors and submit the medical reports. On completion of the survival period, the pre-decided percentage of the sum insured based on the stage of cancer is paid out.

Conclusion

Ignorance is not an excuse. According to scientific rationale, the chances of getting cancer are high, despite living a healthy and fitness-oriented lifestyle. Therefore, it is up to the individual to secure the safety of their family. A little planning and foresight to obtain a cancer care insurance plan at the right time will go a long way to achieve peace of mind for all.

Recommended Link:Difficulties in Making a Claim Under a Cancer Insurance Plan

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