Importance Of Health Insurance For Cancer Cover In India
A deadly disease like cancer can come knocking at one’s door at any time and catch one unawares. Investing in cancer Health Insurance in one’s younger and healthier years can help win over the astronomical cost of cancer treatment in the later years and win the battle against this dreaded ‘Emperor of Maladies’, which is carcinoma.
Let’s dig deeper and understand how health insurance is important for Cancer cover in India.
What is Cancer Insurance?
A Health Plan gives the insured the claim amount as soon as cancer is detected and diagnosed. The claimant can use the amount for treatment in a hospital of one’s one choice and preferred Doctor. Medical Bills need not be submitted to get the claim amount. The insured can utilize the money to get treatment either in India or abroad. This sum can be used to cover the cost of medicines that are very high for carcinoma or can be used as a replacement for your income during your treatment.
Do I need cancer Insurance?
The rapidly rising incidence of cancer worldwide is an indicator that no one is immune, no matter how healthy a lifestyle one might follow. Cancer is a disease that can affect anyone, anytime, and with the astronomical costs of treatment, it will lead to bankruptcy unless otherwise planned.
Do I need a Specialised Cancer Insurance Cover in addition to my regular Health Insurance?
Health Insurance Plans are important in their own sphere and provide cover for cancer treatment claims; however, they are based on hospitalization bills. Also, the complete cost of treatment may not be covered, and there may be limitations like sum insured, co-payment, etc.
However, New age Cancer-Specific policies pay the cover amount on cancer diagnosis and thus offer greater flexibility.
How much is the recommended cover?
A minimum of Rs. 20 lakh is recommended for cancer, keeping in mind the steadily rising costs of state-of-the-art medical treatments.
The cancer insurance amount should be based on the future cost of treatments, medicines, hospitalization, diagnostic tests, additional living expenses, etc.
How to use the claim amount?
The cancer-specific insurance plan immediately hands out the claim money on detection of disease, and the claimant is free to spend the money in any way he wishes.
The significance of purchasing a cancer-specific health insurance policy
Investing in cancer health insurance is beneficial on several counts:
- If you have a history of cancer in your family
If cancer runs in the family, you are genetically vulnerable to contracting it later. With the rising number of cancer cases, prolonged treatment afterward, and skyrocketing treatment expenses, it is prudent to buy a cancer-specific health insurance policy.
- Provides additional financial support
Health emergencies come unannounced, and having a suitable financial backup is very important. The high cost of treatment may lead ordinary people to bankruptcy. At this juncture, having a health insurance policy provides financial stability and provides the cost of treatment. It is wiser to opt for a plan that offers a lump sum payment option. This helps to overcome the sudden financial crisis and also provides the flexibility to utilize the payout in any way the insured desires.
- Cancer insurance addition to the existing comprehensive health insurance policy
If cancer is hereditary in your family, then you are at an above-average risk of contracting the disease. If you have already invested in a good comprehensive health insurance policy (either individual or family floater), you can add the cancer plan as an add-on.
- Skyrocketing costs of cancer treatments
With the rapid growth in the number of cases reported, cancer treatment costs have inflated in response. The cost of treatment depends on various factors like the stage in which cancer is detected, initial or advanced. The treatment is much simpler; however, advanced stages require complex procedures, and huge amounts of money are involved. Other factors like a hospital stay, loss of income, etc., also add up to the total cost. A cancer-specific coverage secures your family financially and provides the cost of treatment etc.
- Provides coverage for multiple types of cancer
Cancer-specific policies cover all types of cancer, barring skin cancer if the cancer is resulting from AIDS or HIV, etc. The claim cannot be made in the case of pre-existing diseases.
The types of cancers insurance companies allot coverage for are:
- Breast cancer
- Lung cancer
- Ovarian Cancer
- Prostate Cancer
- Hypopharynx Cancer
- Stomach Cancer
Certain insurance plans provide your family with financial backup and sustained income while you undergo treatments for cancer. However, these plans come with a waiting period, and the bills need to be submitted.
Getting diagnosed with such a fatal disease like cancer is out of human control; however, making the decision to frequently turn up for health checkups and lead a healthy lifestyle is in our sphere of influence. Having a good cancer plan from one’s younger years provides assurance and support in the unfortunate event that something goes wrong. Every sixth death in the world is due to cancer, making it the second leading cause of death in recent years. Therefore, it is extremely important to ensure that this life-changing event can catch neither you nor your loved ones off guard and that you and the people close to you are always safeguarded and reinforced by an insured support system.