What is Cancer Insurance?
Cancer insurance is a special insurance that provides financial support to the insured if s/he is diagnosed with cancer. These comprehensive policies usually cover costs for hospitalization, radiation, surgery, chemotherapy, blood transfusion, nursing care, and the cost of prescribed medicines among others.
It is important not to confuse cancer insurance with critical illness insurance which covers a range of critical diseases like stroke, paralysis, organ transplant, kidney failure, etc. Such plans cover cancer only in advanced stages. Complications arising from cancer are not covered either.
Types of Cancer Covered by Cancer Health Insurance Policies:
Skin cancer and cancers caused by congenital conditions, any pre-existing conditions, or nuclear, biological or chemical contamination aren’t covered.
Why Should You Get a Cancer Insurance Policy?
Lifestyle changes, environmental deterioration, and a host of other factors have made us more vulnerable to life-threatening diseases. A shocking 71% of deaths in the age group of 30-70 years are caused by cancer.
It is especially worth considering opting for a cancer policy if:
● You have a family history of cancer
● You believe that you are at greater risk of developing cancer due to environmental, lifestyle or other reasons
● Your regular health insurance policy does not provide coverage for cancer-related treatment
Who can get a Cancer Insurance Plan?
Any adult up to the age of 65 years can apply.
Benefits of Health Insurance for Cancer Patients:
● Coverage for different stages of cancer
● The lump-sum benefit is paid when diagnosed with cancer
● The premium is waived post-diagnosis
● Fixed monthly income benefit provided for a fixed number of years
How to Choose a Cancer Insurance Policy?
Here are some of the points that should be kept in mind before buying a cancer insurance plan.
Go for longer duration coverage with a high assured sum.
This is particularly useful because cancer treatment is prohibitively expensive and can go on for long periods
2. Your Plan Should Cover all Stages of Cancer
Choose a plan that comprehensively covers all stages of cancer.
3. The Plan Should Provide Premium Waiver and Income Benefit
Not only is cancer treatment extremely expensive, the patient may be unable to work any longer. Hence, choose a plan that provides a waiver on premium once cancer has been diagnosed. A health insurance plan for cancer patients that provides financial assistance through a regular income benefit, is also a good option.
4.Go through the Terms and Conditions of Survival and Waiting Period of the Policy
Make sure to check the waiting period of the policy i.e. the time period you will have to wait before the policy starts providing coverage. Also, check the survival period which is the minimum number of days the insured has to survive after a cancer diagnosis.
How to buy a Cancer Insurance Policy
The easiest option today is to buy cancer insurance online. Proposal forms and details are usually available on the websites of different providers.