Cancer insurance plans are specially formulated health plans providing financial assistance to those diagnosed with this critical illness. While there are health insurance policies that cover cancer, among other critical illnesses, as an add-on benefit, it is always advisable to have a separate health plan that covers cancer treatments in particular. The cost of cancer treatment is known to be high. Therefore, a dedicated cancer insurance plan enables prompt access to quality healthcare while mitigating the associated financial pressure to some extent.
Here are the types of cancers commonly covered under cancer insurance plans.
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:
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, it may not 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 insurance policies make a better choice.
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:
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.
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 plan. 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:
One can claim the sum insured by your cancer health plan in a hassle-free manner by following these steps:
Some of the documents you will need to furnish to claim for a cancer health plan are:
Cancer medical insurance plan is specifically designed to meet the insurance needs of a cancer patient. Investing in a cancer health plan to safeguard oneself against such a life-threatening illness is highly recommended. However, if you have cancer as a pre-existing condition or have been treated or diagnosed with cancer, then you may not be eligible for the cancer medical insurance plan.
Most health insurance policies for critical illnesses cover cancer and can be bought either as an individual plan or as a rider with your comprehensive health insurance cover. However, investing in a dedicated cancer health plan or cancer medical insurance is always advisable as these are formulated keeping in mind the unique requirements of a cancer patient.
Since cancer insurance plans are particularly designed keeping in mind the needs of cancer patients, they cover the various expenses associated with cancer diagnosis and treatment. This includes chemotherapy, hospitalisation, radiation, surgery, etc.
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