Last Updated on 1st March 2022
With rising inflation, unhealthy lifestyle choices, and growing cases of life-threatening diseases such as cancer, it has become crucial to plan your life financially. Getting diagnosed with cancer cannot just be a blow to your physical and mental health but also to your financial health. Understanding cancer insurance is the first step towards covering yourself from a dreaded disease like cancer.
So, equipping yourself with comprehensive cancer insurance could provide absolute protection against the disease. Let us understand what it is and why you may need it.
What is Cancer Insurance?
Cancer insurance is a type of health insurance that provides you with financial security against medical expenses for cancer treatment. It is essential to opt for cancer insurance early in life to get health coverage for cancer in a time of need.
Generally, cancer cover may include air ambulance, annual health check-up, chemo- and radiotherapy, cover for major types of cancer, etc. You should know that there is a waiting period for cancer insurance policies, which means that you cannot claim the benefits until this period is over.
Why Do You Need It?
Once you are diagnosed with cancer, you may not find an insurance policy that gives coverage to the disease at that point. In other words, medical insurance for cancer patients is not available.
Also, a standard health policy may reimburse your medical expenses, but they could be insufficient in the event of serious illnesses like cancer as they may only cover expenses up to a certain limit. This is why a specific policy for the disease can be more helpful for you. The premium costs for most cancer insurances are low and coverage is available for all stages of cancer.
Even if the chances for you to get diagnosed with cancer are very slim, it is in your best interest to get yourself covered with cancer insurance and secure a future where you will not have to worry about financial expenses.
Reasons you should buy cancer insurance-
Increasing Cases of Cancer
According to WHO, cancer is one of the leading causes of death worldwide, accounting for nearly 10 million deaths in 2020. As the numbers suggest, getting cancer insurance is a wise decision.
Expenses for cancer treatment can drain your savings quickly and leave you with massive financial debts. Cancer insurance is a financial instrument that can relieve you from the burden of paying considerable healthcare expenses.
Expensive Treatment Costs
Chemotherapy, radiotherapy, and organ transplant are only some of the expensive medical treatments. Combining them with hospitalization charges and medications etc. can affect the total cost in a significant way. Cancer insurance with an adequate sum insured can help you with treatment costs.
Relieve Financial Burden
When you know you have a lot to provide for your family, getting the right cancer insurance is a good idea.
Who is Eligible?
Most cancer insurances require you to be at least 18 years old.
The entry age for most policies is 5 years to 50 years.
How Does it Work?
In cancer insurance, the insured person must pay the premium to receive the benefits offered under the policy. There are two options under cancer insurance to get coverage for medical expenses: cashless and reimbursements. The cashless form allows you to avail of medical treatment without paying the bills upfront. While in the reimbursement option, you
can pay the bills out of your pocket and get them reimbursed later by showing the bills.
Key Benefits of Cancer Insurance
You can get a No Claim Bonus for every claim-free year under the cancer insurance policy.
Life-long renewability is available for cancer policies.
The sum insured under cancer insurance can range from 10 lakhs to 2 crores.
Most cancer insurances do not cover all the healthcare expenses during the treatment, so it is important to look at the policy details and premium charges to find the best cancer insurance for you.
As more people are dealing with stress-related problems, we are becoming more vulnerable to critical illnesses that can take us by surprise. Cancer care is expensive and long-term, so opting for cancer insurance from a trusted insurance provider is in your best interest. Care Health Insurance is one such provider that offers affordable cancer insurance policies with valuable benefits at all stages of cancer. So, make sure you check out your options carefully before making your decision.