Cancer is one of the most predominant diseases in India, which is affecting a large number of individuals. Additionally, the treatments associated with this condition are expensive and can exhaust your savings.
Having cancer insurance is now a necessity to manage these expenses if you are diagnosed with it. Here, we will highlight what is cancer insurance plans and its benefits.
Why Do You Need Cancer Insurance?
These are some key reasons why you need to have cancer insurance in India:
1. Family History
Individuals with a family history of cancer are at a higher risk than normal individuals. Thus, purchasing cancer insurance can provide the extra layer of financial protection that a cancer policy offers.
2. Rising Incidence of Cancer
Cancer is increasing both in India and globally due to various lifestyle factors and pollution. Thus, there is a likelihood of a diagnosis of cancer after a certain age, which is why it is essential to have cancer health insurance.
3. Skyrocketing Treatment Costs
Cancer treatments, like chemotherapy, radiation therapy, and advanced medical technologies, are expensive, and their costs are continuously rising. A single course of treatment can deplete your life savings.
4. Coverage Gaps in Health Insurance
While regular health insurance covers cancer, it may have limitations, deductibles, and co-pays that result in substantial out-of-pocket expenses. Cancer insurance fills these gaps and provides more comprehensive coverage for cancer-related care.
5. Lump-Sum Payment
Many cancer insurance policies offer a lump-sum payment for extensive treatment upon diagnosis, regardless of the actual medical bills incurred. This provides immense flexibility to use the funds for other requirements, like non-medical expenses and compensating for the loss of income.
How Does Cancer Insurance Work?
Cancer insurance is specialised health coverage that provides financial support for extensive cancer treatment. This coverage acts as a supplement to a standard health insurance plans, filling potential gaps in coverage.
Let us discuss how cancer insurance works:
1. Purchase a Policy
You should select a health insurance plan and pay regular premiums. Various factors like age, health history, and gender determine your premium and the desired coverage amount.
2. Waiting Period
Most policies have an initial waiting period of typically 30 to 90 days, or sometimes up to 180 days. It usually starts from the policy start date, during which you cannot make any claims for treatment coverage for any new cancer diagnosis.
3. Diagnosis and Claim
If you are diagnosed with a specific cancer type and the covered stage, then you can file a claim after serving the waiting period. You need to provide the necessary medical records and diagnostic reports during filing a claim.
4. Payout
Upon approval, your insurer provides a payout based on the terms and policies of the chosen plan. Most cancer coverage in health insurance offers a lump sum amount to manage all the essential medical tests and treatments.
What is Covered in Cancer Insurance?
These are some covered treatments and services under a cancer insurance policy:
- Hospitalisation: It typically covers all the hospitalisation costs, such as room rent, nursing, and other inpatient costs.
- Surgery: Covers the costs for surgical procedures related to the listed types of cancer.
- Chemotherapy and Radiation: Includes the expenses of the common cancer treatments, such as advanced equipment and drugs.
- Advanced Treatments: Some policies may cover advanced therapies like proton therapy, immunotherapy, or stem cell transplantation.
- Diagnostic Tests: Most of these common add-ons in cancer coverage in health insurance include costs for tests like biopsies, PET scans, and MRIs.
- Medications: Some specialised cancer insurance plans cover the expenses related to prescribed drugs that are required for the treatment.
How to Choose the Best Cancer Insurance for Your Family?
Follow these steps to choose the best cancer insurance for your family:
1. Look for Comprehensive Coverage
Ensure the policy covers all stages of cancer, from early to advanced stages. Check that it includes various treatments like chemotherapy, radiation, surgery, and pre-and post-hospitalisation expenses. Additionally, look for policies that cover advanced treatments like immunotherapy or robotic surgery.
2. Consider the Waiting Period
Understand the waiting period before the policy becomes active, as it can range from months to years. Select a plan with a shorter waiting period, if possible, though this may impact your overall premium.
3. Check the Exclusions
Carefully review the policy documents for any exclusions, such as pre-existing conditions. These types of clauses can prevent you from filing a claim in case of medical emergencies.
4. Evaluate the Claim Settlement Ratio
Select an insurance company with a high claim settlement ratio to ensure a smooth claim process during emergencies. Having a higher claim settlement ratio indicates a good track record of approving claims.
5. Premiums and Affordability
Compare premiums across different plans to find one that balances comprehensive coverage with affordability for your family’s budget. Moreover, consider the total annual cost, including the monthly premium and potential out-of-pocket expenses.
Final Words
Choosing cancer coverage in health insurance is essential to manage the expenses of advanced treatments related to cancer. However, it is essential to consider your family’s medical history and financial situation to determine the level of coverage. Compare different plans to ensure you are getting the best value and coverage for your family.
