The cost of treating cancer can be exorbitant, and medical expenses could easily total several lakhs. A standard health insurance plan may not cover cancer. Or even if it does, the coverage may not be sufficient for cancer-related complications.
Many insurance professionals thus advise purchasing standalone cancer care health insurance to receive the best defence against this risky condition. In most cases, a cancer care plan offers a lump sum that you and your family can employ to pay for the treatment.
What is a Standalone Cancer Policy?
The purpose of cancer-specific insurance is to address cancer patients' financial demands. These all-inclusive insurance plans are designed to pay for the pricey procedures like radiation therapy, inpatient stays, chemotherapy, blood transfusions, and many other procedures.
Why Do You Need Standalone Cancer Health Insurance?
A standard health insurance plan's purpose is to cover you for common medical conditions and offer you minimal financial protection. However, due to their restricted functionality, ordinary insurance policies fall short as a protective tool for illnesses such as cancer.
Their insufficient financial protection can cause you to lose money. Therefore, owning a standalone cancer care health insurance will be a wise choice to keep your health and finances in good shape.
Advantages of Purchasing Cancer Insurance In India
- The purchase of cancer care insurance in India has several advantages. Like -
- Extensive protection against cancer in all phases.
- Benefits of premium payments waive off for 3 to 5 years or the duration of the policy, subject to the terms and conditions.
- Enhanced insurance protection, even for a stage one diagnosis
- A rise in the sum insured by a predetermined percentage if there are no claims during the year.
The Important Points You Shall Consider While Buying a Cancer-specific Health Insurance
Considering Various Cancers' Types and Stages
The pre, early, and critical stages of cancer indicate the seriousness of the situation. Depending on the stage of cancer when it is discovered, several cancer insurance plans offer a payout. Therefore, it is essential to determine whether the payout you receive under the plan is adequate for you or not. You should also be informed of the many cancer forms that the plan covers. Finally, select a plan that covers maximum types of cancers.
Know Everything About the Waiting and Survival Period
Depending on the insurance provider, the initial waiting period lasts typically between 90 and 180 days from the date the policy was first issued. A claim by the policyholder is prohibited during this time. In addition, the insured must endure the survival period for a predetermined number of days following the date of an initial cancer diagnosis.
Insurance companies require the waiting period, so they are not responsible for paying if the person already had the condition when they purchased the policy. The waiting period imposed by the insurance company is intended to prevent false claims, namely those from persons who have already received a cancer diagnosis and are still looking for financial assistance with their upcoming bills.
Knowing the survival period is crucial since this is the time after the initial diagnosis of the disease when the insurance is ineffective. If a patient survives the time frame, they will get covered under a standalone cancer plan. If he doesn't, the cover won’t come to use. One must remember that this insurance is a body for medical costs rather than a life insurance plan. The survival period can range between 30 days and 6 months.
Premium Exemptions
Upon diagnosis, the majority of standalone cancer insurance policies waive premiums. This can be beneficial because you won't have to worry about paying a premium while under treatment and stress.
Pick the Appropriate Level of Coverage
Obtaining adequate coverage is crucial when purchasing a cancer care health insurance plan. The costs of hospitalisation, post-hospitalisation care, medications, doctor visits, chemotherapy, etc., must all be covered by your insurance plan. Make sure to select a plan with a bigger sum insured, so you or your family won't need to use their funds to pay for the cost of treatment.
Conclusion
Suppose you have a cancer-related history in your family. In that case, you should seek cancer insurance as the chances of you having the same are greater.
To get the much-needed financial support, people living with cancer might look for standalone cancer care health insurance. Make thorough inquiries about the various plans before selecting the one that best meets your requirements. Before choosing a cancer insurance plan, it is highly advised to understand all the terms and conditions.
