Health Insurance for Cancer Patients? Go for Cancer Insurance Policy!
Updated On Dec 05, 2020
According to India Against Cancer, one woman dies of cervical cancer every 8 minutes in India.
Did you know that?
Were you aware of the fact that the estimated number of Indians living with cancer is around 2.25 million? Moreover, that the total number of deaths due to cancer in 2018 in India is 7,84,821?
The second most common cause of death in India, Cancer is a group of diseases that divides abnormal cells in an uncontrollable manner, thereby leading one towards deteriorating health. Needless to say, a cancer patient has a to go through a lot in order to emerge as a winner in their fight against cancer.
What’s even worse about cancer is that it drains one not only on the physical and mental front, but also leaves them helpless in monetary terms. There are ‘n’ number of cancer patients with families in a constant worry of managing finances so that they can ensure smooth flow of treatment.
To ascertain that one doesn’t feel financially unstable at a time like such, it’s best to invest in health insurance for cancer patients.
Insurance for Cancer Patients - The Much-Desired Support
Cancer care, being an expensive affair demands some form of investment, so that the patient saves themselves from watching their hard-earned money or lifelong savings from going down the drain in one go.
The perfect insurance plan for cancer patients is nothing less than a boon. The right health plan helps cancer patients not only prevent themselves from financial stress, but also provide them with the hope to recover soon and start living a normal life just like before.
Insurance Option 1: Critical Illness Cover
First and foremost, critical illness insurance is a benefit-based plan that offers lump sum benefit after a critical illness has been diagnosed. Perfect for providing unmatched assistance in paying for costly medical treatments, specifically for critical illnesses, critical illness plan cover comes across as a disadvantage for cancer patients.
Let’s uncover the same!
Well, when it comes to covering cancer treatment and related expenses, critical illness policies fail in a way. It is because plans like such provide coverage for cancer only at an advanced stage (with a 90-day waiting period). In other words, the plan is of any use only if a malignant tumor showcases uncontrolled growth, along with the destruction of normal tissues at an advanced stage.
That said, let’s shed light on cancer insurance policy and what makes it the ideal alternative.
Insurance Option 2 : Cancer Insurance Policy
Different cancer patients have different insurance requirements. A regular health insurance plan or a critical illness cover usually fails at keeping up with the needs of patients. Therefore, cancer care policy or cancer specialist health plan is specifically designed to fulfill the diverse needs of a cancer patient. However, patients with a pre-existing cancer condition are not covered under a policy like such. Also, those previously diagnosed and treated for cancer for ineligible for insurance.
Cancer insurance is a special policy that provides financial support to those who are diagnosed with cancer after the free look up period, which is mentioned in the purchased policy’s terms and conditions. What’s best about cancer-specific policy is that it provides the insured with the cover for numerous costs associated with cancer diagnosis & treatment, comprising hospitalization, radiation, surgery, chemotherapy, and others. Moreover, the money can be paid at different stages of diagnosis, whether minor, major or critical.
Kinds of Cancer Covered by Cancer Insurance Plans
- Breast cancer
- Lung cancer
- Stomach cancer
- Ovarian cancer
- Prostate cancer
- Hypolarynx cancer
The kind of cancer that comes under exclusion is skin cancer.
In case, the cancer (directly or indirectly) results from or is caused by STDs, AIDS, or HIV, the claims are not payable.
The same is the case if a cancer is caused because of pre-existing medical & congenital conditions apart from nuclear, biological or chemical contamination.
Cancer Insurance Plan - The Working
First and foremost, learn that when it comes to disbursing the cancer benefit, the disease is classified into distinct stages according to the severity. As far as the payout is concerned, it depends on the cancer stage and claims previously admitted under the same policy. When the policyholder gets diagnosed with cancer of a pre-defined severity, a lump sum amount (a particular percentage of the sum assured) is paid at that time.
- Covers various stages of cancer.
- On diagnosis, a lump sum amount is paid.
- Availability of premium waiver under conditions such as early cancer diagnosis.
- The sum increases by a pre-defined percentage, in case no claims are made during the year.
- Premium discounts available for policies over a particular amount.
- The insurance cover does not cease after the first diagnosis.
- In certain conditions, such as in case of major cancer diagnosis, the monthly income is paid out.
- To conclude, people who fall under the high-risk category should opt for a dedicated cancer-specific insurance product without giving it a second thought.
Investing in a cancer insurance policy over critical illness insurance is the ultimate preference of many. If you too are one among them, take your decision and make sure it is the right one!
All the best!