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How to Protect Yourself from the Cost of Cancer?

Being diagnosed with a disease such as cancer is devastating, and the danger of acquiring cancer is very much high currently due to our lifestyle and environment. Cancer diagnoses in India are on the rise, and no one is immune. The most disheartening aspect of cancer is that it does not only impact your body but also has a significant impact on your financial situation. The financial strain that you encounter, on the other hand, might be alleviated with the aid of Cancer insurance. If you are diagnosed with cancer, the insurance will assist your family to remain financially and mentally stable.

What are Cancer Insurance Plans?

Cancer insurance is a health insurance policy that helps in bringing down the financial concerns of a policyholder in case of his or her getting affected with cancer. People in the risk group tend to pay a premium per year for this kind of coverage in order to avoid incurring in a huge financial loss.

Cancer insurance is very crucial for all cancer patients. If you are fighting against cancer, you will definitely need medical treatment. And if your insurer covers the expenses related to your illness, you will greatly reduce money problems. However, many people have misconceptions about this particular plan. The truth is that if you are fighting against any type of cancer, regardless of its stage, survival rate, or other factors, you can get coverage by getting yourself registered with a good insurance company for this disease.

Need for Cancer Cover Plans

Cancer is one of the world’s deadliest diseases. More than 1 million people are diagnosed each year. It stems from abnormal cell growth that can spread to other parts of the body. Till now, there have been more than about 120 various types of cancers that have been discovered. However, this is an ongoing process and new research in the oncology field is very prevalent. So, new varieties might come out with every passing day.

Usually, most health plans do provide coverage for any hospitalization arising out of any critical or terminal ailment. But, cancer insurance covers severe medical conditions related to cancer only. If you are worried about cancer affecting your daily routine and hampering your ability to perform your work; then you can consider buying cancer insurance covers. Most people fail to understand the value of this insurance. So, they typically do not buy it until they understand how significant it is.

If you are worried about cancer, then getting cancer insurance is a wise choice. This would ensure that your financial worries associated with cancer treatment might not exist and hence therapies might seem more affordable. So, with cancer insurance plans, you would be able to concentrate on recovery instead of fretting about the bills!

Cancer insurance pays a lump sum amount on diagnosis and it could be used for expenses in hospitalization which might include chemotherapy, radioactive treatment, or even surgery, to name a few. This is why you need to opt for the right cancer insurance plan to avoid this worry.

What are the Perks of Cancer Insurance Plans?

There are different types of cancer insurance plans in India. Some are indemnity plans covering cancer while some are fixed benefit health insurance plans. All benefits might not be available with all plans, but here is a list of some of the most common cancer insurance benefits:

1. Claim paid out on diagnosis

If you have a cancer diagnosis and have a cash benefit available, the benefit is paid to you directly. The amount of payout directly depends on the plan you have subscribed to and the amount you need to treat the particular type and stage of cancer you are diagnosed with.

2. Premium waiver benefit

Medical costs can be overwhelming, especially when you are faced with a cancer diagnosis. If you choose to apply for one of these flexible premium payment plans, your future monthly premiums could be waived for up to a set period of time while under the covered treatment plan.

3. High coverage at less cost

Cancer insurance coverage is best for people who have a high chance of developing cancer in the near future. This type of insurance coverage also offers you a lump sum amount included if you undergo almost any form of cancer treatment. The insurance rates for such plans are pretty low as compared to other policies as it only covers treatment and therapy costs of cancer.

4. No compromise in quality of treatment

Cancer insurance plans usually do not limit your choice of hospital, so if you have cancer insurance, you can choose from a pool of thousands of hospitals nationwide. With solid coverage and low monthly premiums, cancer insurance can also save you and your family from the high out-of-pocket expenses that would otherwise apply in the event of a cancer diagnosis.

5. NCB

Many cancer insurance policies offer an automatic annual inflationary increase in the coverage sum if no claims are made by paying NCB or No Claim Bonus.

5. Tax Benefits

An insurance premium paid in the year under section 80D is allowed as a deduction from your income and can be offset against your total income tax liability.

What is covered under Cancer Insurance?

Standard cancer insurance coverage covers the following:

  • Early cancer stages
  • Carcinoma-in-Situ
  • Final cancer stages

 

Cancer is a condition that can affect anyone. Standard cancer plans provide coverage for every type of cancer. Some cancer plans also provide coverage for rare and genetic forms of cancer.

How does  Cancer Insurance work?

When you buy your cancer health insurance plan, you can rest assured knowing that your cancer treatment expenses will be covered. Whether you’re 30 years old or 60 years old, cancer health insurance plans cover all stages of cancer given the treatment takes place during the policy tenure. It includes all of your out-of-pocket costs like radiation therapy and prescription drugs.

  1. A customer buys a cancer insurance product and pays monthly premium amounts.
  2. When the insured is diagnosed with early stages of cancer, he will receive a payout from his insurance company. The payout amount is specified under the policy terms and is usually a part of the total insured amount. Some firms even offer to postpone future premium amounts while the treatment is going on.
  3. If the insured is diagnosed with major stages of cancer, he is eligible to receive a lump amount payout from his insurance provider. Now, the amount is usually the total insured amount. However, if part of the gross sum is paid to the policyholder for early treatments, the balance amount will be provided.
  4. Some cancer insurance policies may also include income payouts if the policyholder dies from cancer during or before treatment. Contact your insurance company for more details.

Please remember that the measures outlined above are only applicable to standard cancer insurance policies. Before buying a cancer insurance plan, you need to have in-depth knowledge about the various policies available in the market. This will help you to understand the policy terms and conditions in a better manner.

Conclusion

Cancer insurance covers are state-of-the-art. They are designed for your family’s safety and to protect you against financial liabilities. These insurance policies are available on the market at relatively cheap price tags. So, purchase any one of this inexpensive health insurance for cancer patients today, and sleep well at night knowing that you have taken care of your family’s financial health in the event of your cancer diagnosis.

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