Cancer Insurance Plans

Cancer insurance plans are uniquely designed to provide financial assistance to those who have been diagnosed of the critical illness. Some of the health insurance policies offer coverage for critical illnesses including cancer as an add-on benefit. However, it is advised to have a separate health plan that specifically covers cancer treatments, which are expensive. A severe illness such as cancer necessitates prompt attention and treatment. Having a cancer insurance plan in place can help alleviate some of the financial strain and encourage one to access quality healthcare.

Here are the types of cancers commonly covered under cancer insurance plans.

1. Lung cancer
2. Breast cancer
3. Ovarian cancer
4. Stomach cancer
5. Prostate cancer

Cancer insurance plans, also known as cancer protection plan or cancer care insurance, is a type of health-care policy that aids in the management of cancer-related health risks. This type of plan protects the policy buyer financially in the event of a cancer diagnosis. A cancer insurance plan pays out a lump sum amount to the insured after a cancer diagnosis, which he or she can use to cover cancer treatment expenditures such as hospitalisation, chemotherapy, surgery, and so on. The policy distributes compensation based on the stages of cancer, such as minor, major, and critical.

Critical illness insurance offers financial security and protection against a variety of life-threatening illnesses. It pays a lump sum payment to the insured if he or she is diagnosed with a serious medical condition. The following are examples of these conditions:

• Heart attack
• Cancer
• Major organ transplants
• Kidney failure
• Coma
• Bypass surgery
• Stroke

A critical insurance plan is beneficial since it protects the policyholder against a variety of terminal/uncertain conditions, whereas a dedicated cancer policy can assist the policyholder by covering solely the costs associated with cancer treatment. Both programmes offer financial protection in the form of a one-time lump sum payment.

The majority of people believe that having cancer insurance is unnecessary because they believe that their current health insurance will suffice. Although, a comprehensive health insurance policy offers critical illnesses cover but it may not be able be enough to cover the high expenses of cancer treatments. A cancer insurance policy goes a step further by providing comprehensive coverage at a moderate cost.

Here’s why standalone cancer policies make a better choice.

• It covers cancer-related consequences.
• The policyholder can avail of the coverages offered under the policy if he/she develops cancer symptoms during the first 90 days (which is normally the waiting period given in most policies). However, this may vary from insurer to insurer.
• Cancer-specific plans cover early-stage of cancer, whereas critical illnesses plans may not cover the same.

A cancer insurance plan is vital because of the physical, emotional, and financial consequences that this disease can have on families. Furthermore, even the finest health insurance policy may not cover all cancer-related expenses, and even if it does, there may be criteria for coverage at certain stages. Therefore, having the best cancer insurance policy in India will cover all the expenses related to cancer.

Here is why you need a cancer insurance plan:

• If there’s any medical history of cancer in the family.
• If you believe that you are at a higher risk of developing cancer owing to environmental or other factors.
• Need sufficient financial back-up for medical emergencies.
• The current health insurance policy of the policyholder does not provide enough coverage.
• If you are sole-earner of the family.

Here are the things you must consider before buying a cancer insurance plan:

Weigh the risk factors

Cancer insurance plan makes a lot of sense for those with a strong family history of cancer. Review the current health insurance plan and consider how a cancer insurance policy can supplement it. It's also worth remembering that a cancer insurance policy only kicks in if the policyholder is diagnosed with cancer; it won't cover any other chronic illness.

Coverage of types and stages of cancer

Cancer insurance covers all stages of the cancer. However, it is best to verify the cancer insurance plan to understand which type and stage of cancer is covered under the plan. Some may have waiting period implied before offering the full benefits of the plan.

Sum insured

Ensure the chosen cancer insurance policy covers all the related treatments of cancer like chemotherapy sessions, surgery, pre-and post-hospitalisation, hospitalisation, doctor consultancy fees, etc.

It is important to be aware of the list of exclusions mentioned in the cancer insurance policy. This will help you stay updated about the offerings and its clauses, avoiding any confusions and disappointments at the time of claim process.

Some of the exclusions are:

1. Skin cancer is not covered under this insurance plan.
2. Cancer resulting from any pre-existing conditions is excluded.
3. Cancer caused due to biological or nuclear contamination or contact with radiation is also excluded.