Cancer is one of the most critical illnesses that can, in the worst case, result in death. Treating cancer can be quite expensive; that is when the benefits of health insurance kick in. Due to the rising cases of cancer, insurance companies offer many health insurance plans designed to provide coverage for cancer treatment, ensuring individuals have financial support when facing this challenging disease.
The treatment of cancer can be a detrimental and devastating experience for the patient and their families, and health insurance protects them against financial burdens.
Understanding What a Cancer Policy Plan is?
Health insurance for cancer patients is a targeted cover under health insurance plans that provide medical insurance to cancer patients. With this cover, policyholders can get quality cancer treatments without worrying about financial burdens.
A cancer health insurance policy pays for various cancer related expenses like radiation, chemotherapy, hospitalisation, diagnosis, and treatments. Common types of cancer that are covered by this policy are stomach cancer, lung cancer, breast cancer, prostate cancer, etc.
Benefits of Getting a Cancer Cover Policy
There are more than 100 different types of cancers that can affect the human body. Thus, it becomes important to get a cancer policy. Look below for some of the benefits:
Financial Protection:
Treating cancer patients is an extensive process that includes various steps like diagnosis, chemotherapy, radiation, tests, etc. This leads to a hefty medical bill that you will have to pay out of your pocket. By getting health insurance for cancer patients, these medical bills will be taken care of by the insurance company.
Top-Notch Treatment:
Cancer is a critical disease with a high risk of death; thus, it becomes essential to get the best treatment possible with advanced and modern technology. By getting cancer-specific insurance cover for cancer patients, one can get access to high-quality treatment from reputable hospitals. This ensures the best treatment for any cancer patient with health insurance.
Saves Tax:
Getting health insurance for cancer patients offers tax deductions on premiums paid on health insurance policies. This allows policyholders to save tax.
Global Coverage
Certain insurance companies like Tata AIG offer add-ons that allow policyholders to go to foreign countries to get extensive treatments. The treatment costs outside India are relatively higher. However, this cancer policy allows policyholders to get the best treatment even outside the country.
Factors to Keep in Mind Before Purchasing Cancer Cover Policy:
Network Hospitals
While choosing a cancer cover policy make sure you research and explore the network of hospitals that the insurance company is providing. It is preferable to get a health insurance plan that provides a wider range of networks to ensure the best cancer treatments for the policyholders.
Waiting Period
A long waiting time can lead to financial and mental stress for the policyholders. Therefore, it is advisable to get a cancer policy plan with a shorter waiting period.
Survival Period
The survival period refers to the minimum amount of time that cancer patients must survive in order to have a successful claim. Insurance companies do not pay the claim settlement in the case that the policyholder dies before this survival period ends. It is advisable to get a health insurance plan with a lower survival period to lower the risk of an unsuccessful claim.
Choosing a Premium Plan
Although cancer treatments can be quite expensive and it is an unavoidable expense, choosing the cost of a premium plan is up to the policyholders. Insurance companies offer affordable and cheap health insurance plans as well. However, it is advisable to choose a cancer policy plan that offers extensive coverage to ensure better cancer treatments.
Payment and Renewal Terms
Research and explore different premium costs and renewal terms provided by the insurance companies. Some cancer policy plans offer guaranteed renewal, while some may not; it is better to have an insurance plan that offers guaranteed renewal to ensure health insurance coverage. Make sure you choose a payment term that suits your convenience.
Wrapping Up
It is essential for policyholders to choose the right cancer coverage policy to ensure peace of mind when it comes to the financial burden that comes with an illness like cancer. In today’s digital world, it has become quite easy for individuals to purchase health insurance for cancer patients. Make sure you research the insurance company as well as the premium plan you decide to purchase to ensure that you get the best cancer policy coverage.
