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Importance of Health Insurance for Cancer

Published On Mar 21, 2021 5:30 AM By KANIKA WADHWA

Cancer is one of the critical diseases and the most important one for which insurance companies should provide coverage for. The number of Cancer Insurance Policies are increasing rapidly in the market. These plans have been introduced in order to tackle rapidly growing rates of cancer diagnosis and increasing cost of cancer treatment and health care.

It helps in reducing the out of pocket cost associated with cancer treatment and diagnosis which includes hospitalisation expenses, chemotherapy, surgery, nursing care, blood transfusions, medication cost etc.

The sum insured amount depends on which stage the patient is diagnosed with cancer if it's minor, major or critical.

Importance of Health Insurance for Cancer

Importance of Cancer Health Insurance Policy

Cancer Health Insurance comes with a lot of benefits with itself, and has become a need of the hour, read the points mentioned below to know why.

  • Must Have if Cancer Runs in Your Family

The rising number of cancer cases and it's prolonged treatment afterwards has resulted in a tremendous increase in the cost of cancer care. Having a family history of cancer can increase the risk of one getting diagnosed with cancer later in life. If you have a family history of cancer, then you should consider purchasing a cancer health insurance policy.

  • Insufficient Financial Backup

Having a health insurance policy in your hand makes a huge difference at the time of medical emergencies. It is a known fact that treatment of a critical illness can lead you to bankruptcy. Having a Health Insurance policy as a backup makes you financially stable and covers the cost of your treatment so that you have enough resources to cover your future medical expenses. It is better to choose a plan that offers a lump sum amount payout option if you are worried to face a sudden financial crisis ,such policies provide you a lump sum amount when you are diagnosed with cancer at any stage whether it's a minor, major or critical stage. One can use this payout in any way they want for travel expenses to hospitals or for hospitalization expenses

  • Cancer Insurance As a Supplement For Current Policy

If you have a family history of cancer then you are at high risk of getting diagnosed with cancer.
If you have an existing health insurance policy either it's individual or floater you can add a cancer plan as an add on with this you will have a basic health insurance policy and cancer specific policy within one plan.

  • Booming Cost of Cancer Treatment

In the past few years, India has witnessed a massive growth of Cancer cases .With the Rapid growth of Cancer cases worldwide, the cost of cancer treatment has increased too.There are various factors that determine the cost of cancer treatment like the state of cancer (minor, major or critica),cost of hospital duration of cancer treatment, loss of income etc.

Cancer insurance plans take care of all such expenses and secure you and your family financially, when diagnosed with cancer at a critical stage the insurance company provides monthly income to the policyholder.

  • Coverage for Almost All Types of Cancer

Cancer insurance policies generally cover all types of cancer except skin cancer. Mentioned below are the types of cancer insurance companies provide coverage for:

  • Lung Cancer
  • Breast Cancer
  • Ovarian Cancer
  • Hypopharynx Cancer
  • Prostate Cancer
  • Stomach Cancer

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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