Protect Yourself Against Financial Burden Of Treatment Costs

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Everyone knows what cancer can do to one’s personal well-being and financial security. In addition to the adverse impact on one’s body, cancer could also take a toll on one’s financial security due to the expensive nature of its treatment. Similar to most diseases in the world, cancer is quite unpredictable. Although one’s lifestyle and personal habits play a major role in the occurrence of cancer, there is no guarantee that people who follow a healthy lifestyle will not get cancer.

With the advancement of medical technology, there is a high chance of successful treatment of cancer and overcoming the disease. We have heard of stories about celebrities overcoming cancer and living a normal life just like any other human being. While successful treatment is very much possible, the cost of treatment is one thing that cannot be ignored. This is where a cancer cover could benefit you. Cancer insurance can provide you with the much needed financial security against the risk of cancer. Considering the expensive nature of even early-stage cancer, this is one policy that everyone should have.

Cancer insurance policy

Not all insurers in the market provide coverage specific to cancer. Cancer-specific covers are available with both health insurance companies as well as life insurance companies in India. The benefits offered may vary from one policy to another. The coverage offered by these policies will be highly beneficial in taking care of your cancer treatment expenses. Rather than worrying about cancer, it is always better to take the coverage and protect the financial security of your loved ones with the help of a cancer cover.

Benefits of cancer insurance

The benefits offered by cancer insurance policies are listed as follows:

• Cancer-specific policies provide coverage for all stages of cancer. The benefits offered by a policy may vary depending upon the stage at which the disease is diagnosed.
• The cost of cancer insurance is extremely minimal compared to other types of health or life insurance covers. Since the coverage is against only one specific disease, it comes at a price affordable for everyone.
• Cancer covers come with flexible options depending upon one’s requirement. There are policies that provide both lump sum as well as treatment benefit following the diagnosis of cancer.
• In the case of policies that cover cancer treatment, a range of procedures including chemotherapy, radiotherapy, biopsy, surgery, PET scans, rehabilitation, etc., are covered by these policies.
• Cancer insurance policies are available in various sum insured choices. Individuals can choose the sum insured amount based on their affordability and requirement.
• The claim process under a cancer insurance policy is very simple. In case of policies with lump sum benefit, the insured just has to produce the diagnostic report to the company. The insurer is not likely to ask for medical bills for providing the settlement amount.
• Most insurers in the market do not require any co-payment when it comes to treatment for cancer. Hence, the sum assured amount is paid in full as mentioned in the policy document.

Critical illness cover Vs. cancer-specific cover

A critical illness cover offers protection against cancer and many other life-threatening diseases. While critical illness policies do have some advantages over a cancer cover, the need for a cancer cover cannot be disputed especially if there is a history of this illness in one’s family. The cost of a critical illness policy can be much higher compared to a cancer-specific policy. This is mainly because a critical illness policy provides coverage against of range of illnesses like stroke, kidney ailments, heart diseases, coma, organ transplant, etc. Also, most of the critical illness covers do not provide coverage for an early stage of cancer diagnosis. The lump sum benefit is provided only if the diagnosis is made at stage 3 or 4. Considering these factors, it is safe to say that a critical illness policy is not a substitute for a cancer-specific policy.

Cost of cancer insurance

As noted earlier, the cost of cancer insurance is considerably lower than many other health and life covers. For instance, a healthy, non-smoker male aged 30 years can get cancer-specific insurance worth Rs.50 lakh for as low as Rs.3,000 per year. The exact price may vary from one insurer to another but the cost is more or less around the same figure. Some policies also offer cancer coverage as an add-on policy along with a regular cover. In this case, the cost of the policy can be even lower.

Things to note before buying cancer insurance

It is necessary to consider the following things before you buy a cancer-specific insurance policy:

• Since cancer insurance provides coverage only against cancer, it is not a substitute for a basic health or insurance plan. It is something that can be bought alongside a regular health or life insurance plan.
• In the case of early-stage diagnosis, some of these covers tend to pay as little as 25% of the sum assured amount. Before you opt for a policy, make sure that you read the terms and conditions correctly.
• Some policies also provide coverage for recurring illnesses or second cancer (different type of cancer). This can be highly beneficial to a policyholder. Browse through the plans and determine whether this is a feature you need.
• Cancer covers do not provide any coverage for people who already have cancer. Hence, it is better to enter this cover at an early age when you are young and healthy.

Conclusion

The changing lifestyle of the modern day population comes with its own set of health ailments. While cancer is not as common as other lifestyle diseases like diabetes or heart ailments, it is becoming more and more prevalent among the public. This is certainly a worrying factor. If you are someone who wishes to prevent your family from facing the financial burden associated with cancer, the best option you have is buying a cancer-specific insurance policy. Before you go ahead and purchase a policy, you must do some research on the policies available in the market and the best one suitable for your requirements.