Cancer is a life-threatening disease where one in 6 deaths reported globally is due to cancer and the treatment costfor cancer can easily burn a hole in the pocket, making an entire family financially unstable. To cope with such a situation, few insurance companies have come up with a holistic plan that entirely covers cancer treatment. Although you may have a health insurance plan, still having a cancer insurance plan is a better option.
While a health insurance plan takes care of the expenses in case of any health ailment, a cancer insurance plan exclusively covers cancer treatment expenses at all stages of cancer. The treatment of cancer treatment can go high as 20 lakhs which wouldn’t suffice with a just a health plan which is why you will need to invest in a good Cancer cover plan.
Factors To Check Before Choosing a Cancer Plan:
Plan Coverage:Cancer treatment involves a lot of money, so it is vital to check that the plan that you choose covers the entire treatment. It should cover the costs of expensive medicines, chemotherapy, pre and post hospitalisation expenses, doctor’s visit, Surgeon charges, ICU and Operation theatre charges etc. Few plans also cover the expenses of regular doctor consultations.
Coverage For All Types And Stages Of Cancer: Choose a plan that covers all or maximum types of cancer and all the stages ( pre-stage, early-stage and critical stage). The payouts of the plans are decided basis the cancer stages so it is also necessary to analyse if the payout at that particular stage would be adequate to cover the treatment costs.
Waiting Period:
It is necessary to check the waiting period before purchasing any cancer insurance plan. Waiting period is the time when you cannot make any claim for illness. In most of the cancer insurance plans the waiting period is generally 3 to 6 months. It is prudent to select a plan that offers the least waiting period to avoid any rejection of claim during the time of emergency.
Premium Waiver Plans and Income benefit:
A lot of cancer plans waives of the premium on diagnosis of the illness. Choosing such a plan helps the patient and family, as they will not have to pay any premium during this critical time.
Alsofew plans have income benefit which is given out on the diagnosis of the cancer. The income is around 1% to 2% of the sum assured and it becomes a financial supportfor the family during this critical time. To avail such plan you will have to pay a higher premium for the insurance plan.
Exclusions:
Before zeroing on any plan it is necessary to read through the exclusions present in the cancer insurance plan. Check whether a certain kind of plan excludes any type of cancer or may have few restrictions in one way or the other. Exclusions can lead to unnecessary stress and rejection of claim when you need the most.
So it is always wise to choose a cancer insurance over and above your existing health insurance plan. The premiums for such plans are comparatively less with higher benefits.
