Have you been diagnosed with cancer? Or fear having been detected with cancer? Cancer is not only a threat to your earning potential, but it can also put you in a financial trap. Let’s look at some of the reasons why getting cancer health insurance is a must:
- You have a history of cancer in your family.
- You are not financially prepared in the event of an emergency such as cancer.
- Cancer is becoming increasingly expensive with its treatment.
- You’d like to be on the safe side because you’ve been exposed to risk factors.
While buying a cancer health insurance policy is as essential as it gets, how can you ensure that you choose the best plan? Well, here are some tips you can consider:
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Maximum Sum Assured
Different cancer threats necessitate various cancer therapies and treatments. In addition, the cost of treatment varies depending on the type of cancer, the stage at which it was discovered, and the treatment modalities used. Therefore, it is advised that you purchase a cancer-specific health insurance policy with a substantial sum assured.
Coverage at Various Stages
The importance of early detection in cancer treatment cannot be overstated, and it’s impossible to say when it’ll be discovered. As a result, it’s a good idea to pick a cancer health insurance plan that covers all or most stages of various cancer treatments. It’s also a good idea to check if the plan you select covers all forms of malignancies.
Most cancer health insurance plans come with a waiting period, typically lasting between 6 months to 2 years. However, it is best that you select the cancer health insurance coverage with the shortest possible waiting period. The length of the waiting period is usually proportional to the amount of the premium you are willing to pay, and you cannot claim the cancer health insurance coverage during this duration.
If you are the sole breadwinner in your family, cancer can have a significant impact on your loved ones’ well-being and security. As a result, you will require additional coverage from a cancer health insurance plan. After detection and filing a claim, you may be eligible for a future premium waiver under certain circumstances. However, these types of cancer health insurance plans frequently have higher premiums.
Maximum Permissible Term
Some cancer health insurance plans allow you to renew your policy until you’re 75 years old. Therefore, make sure to check the maximum duration and see if it corresponds to your current age.
Exclusions are part of every health plan, and cancer health insurance is no different. For instance, pre-existing cancer is not covered by the majority of cancer health insurance plans, or it is usually not supported if an STD causes cancer. Therefore, before deciding on a cancer health insurance plan, be sure to double-check these exclusions.
A Critical Illness Plan is Not a Comprehensive Insurance Plan
Cancer is covered by critical illness plans, but only if it is advanced as an add-on. These plans will only pay for cancer treatment if the disease is in an advanced stage. Furthermore, a traditional critical illness plan only provides a lump-sum payment and does not cover future premiums or offers the benefits covered under a cancer-centric health insurance plan.
When it comes to everyday purchases, we frequently make comparisons. Similarly, we must also research and compare various cancer health insurance policies available in India before making a decision. Plus, make a note of the benefits and drawbacks of each option before deciding on the best one for you or your loved ones.
While we have covered all the important points that you should consider when buying cancer health insurance, it is also vital to choose a plan offering tax benefits as per section 80D of the IT Act. So, if you want to ensure that you have a strong financial backup in the future, purchase the best cancer health insurance today. However, be sure to opt for well-known insurance companies like Care Insurance that even provide you with the option to buy a cancer health insurance plan online.