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Things You Must Know About Cancer Health Insurance

Published On Mar 26, 2021 5:30 AM By KANIKA WADHWA

Cancer is one of the major life-threatening diseases in the world. The reason behind the increase in the number of cancer incidences include urban lifestyle, rising population, stress, poor food habits, lack of physical activities and so on. Individuals who are vulnerable to this fatal disease include both men and women. Keeping in mind the above picture and how cancer treatment cost is going out of the hands of the poor and middle class income groups, it is an ideal choice to purchase a cancer insurance plan.

Things You Must Know About Cancer Health Insurance

What is a Cancer Insurance Plan?

It is basically a type of health insurance plan that is designed specifically to manage healthcare risks related to cancer. It helps the policyholder in mitigating the expenses of cancer treatment and helps them by offering a financial safety net.
There are many different cancer insurance plans offered by different insurance companies in the market, therefore it is essential to carefully analyze your requirement before buying a specific cancer insurance plan.

Things to Know Before Buying Cancer Insurance Plan

Highlighted below are the tips that you should consider while looking for a cancer insurance plan:

  • Research about Different Options for Cancer Treatment Expenses Coverage

In order to help the policyholder in covering the costs, different health insurance policies are there in the market. Given below is what each of them offers to the policyholder:

  • Critical Illness Insurance: Under this plan lump sum is paid by the insurance company after the policyholder has been diagnosed with a critical illness that has been listed in the insurance plan.
  • Medical Plans: It is a basic health insurance plan which allows the policyholder to reimburse the medical expenditure incurred due to hospitalisation upon showing the medical bills.
  • Standalone Cancer Insurance: It is an insurance plan specifically for cancer that offers coverage for both minor and major stages of cancer upon diagnosis. The benefits associated with the plan can be utilized for treatment cost, hospitalisation or even as income replacement during the policy tenure.
  • Opt for a Plan that Covers all Cancer Stages

While looking for a cancer insurance plan, you should select a plan that provides a stage based payout to fulfil treatment demands. Majority of cancer insurance offers coverage for major and minor stages of cancer.

  • Choose a Plan for Long Term

Before deciding upon your cancer insurance plan, it is important to consider policy duration. Look for an insurance plan that offers coverage for maximum age, some of them offer coverage till 80 years in age. With a longer cancer insurance plan duration, the policyholder will remain covered for a longer duration.

  • Choose a Higher Sum Assured

Due to an alarming increase in medical inflation, getting insured under a cancer insurance plan on time can create a big difference. A fatal illness like cancer can possibly exhaust you off all your savings and put you under huge loans. Having a financial safety net in the form of a cancer insurance plan will not only provide coverage for your treatment cost but also safeguard your savings.

  • Calculate Premium for your Cancer Plan

After, selecting your specific cancer insurance plan, calculate the amount of premium that is payable against your cancer insurance plan. You can also make use of a premium calculator at InsuranceDekho in order to get a quick premium quote.

Final Words

Investing in a cancer insurance plan is a major necessity today in order to save yourself from the financial stress that could arise due to unforeseen events in the future and other medical emergencies. Also, buying a cancer cover for yourself is comparatively cheaper as compared to the money spent on entertainment and other one-time leisure activities.

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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