Cancer Insurance – Why you Must Invest!

Recent reports from the National Cancer Registry Programme India, statistics 2020 state that one out of nine Indians develops cancer during their lifetime. Cancer treatments are extremely expensive and since treating cancer involves many non-hospitalization expenses, it is important to invest in a reliable cancer insurance policy.

Why get Cancer Insurance? 

  • People may wonder how cancer insurance is different from health insurance. While regular health insurance covers medical expenses, cancer insurance can cover the following expenses:
    • Radiation
    • Chemotherapy
    • Surgery
    • Experimental cancer treatments
    • Non-medical costs
    • Travel and lodging
  • A certain amount is offered to the insured in most cancer insurance plans. The insured can choose to use that amount for anything they want
  • The insurance plan covers different stages of cancer
  • If no claim is made over a year, the assured sum increases by a pre-specified percentage
  • In case of major diagnosis, monthly income is paid for a few years.
  • It will save one from having a financial crisis

Eligibility Criteria: 

  • Those previously diagnosed with cancer are not eligible for cancer insurance
  • The insured cannot be suffering from cancer already

Types of Cancer Covered by Cancer Insurance Plans: 

  • Lung cancer
  • Breast cancer
  • Prostate cancer
  • Stomach cancer
  • Ovarian cancer
  • Hypopharyngeal cancer

When is it not applicable? 

  • Skin cancer
  • Cancer directly or indirectly caused by sexually transmitted diseases like HIV/AIDS
  • Cancer due to pre-existing condition
  • Nuclear or chemical contamination
  • Contact with radiation or radioactivity

How is Cancer Insurance different from Critical Illness Insurance? 

  • Critical Illness (CI) plan covers specific major illnesses such as:
    • Stroke
    • Kidney failure
    • Multiple sclerosis
    • Cardiac arrest
    • Paralysis
    • Organ transplant
    • Deafness
    • Complete blindness
    • Some life-threatening cancers
  • The advantage of an increased sum in the future is not applicable with CI
  • If the insured shows symptoms of cancer within the first 90 days, the plan is canceled
  • CI does not cover other complications that can arise from cancer
  • Policyholders cannot claim the sum until cancer reaches an advanced stage

Some steps to help you choose the best plan: 

  • Choose an insurance plan that assures a high sum
  • Choose a policy that provides coverage for a long duration. The longer the tenure the better the coverage
  • Plans that provide stage-based coverage are the best.
  • Choose a plan with a premium waiver benefit since it will keep the policy active and also provide financial assistance to the family of the insured.

The survival period is the minimum number of days the insured has to survive after being diagnosed. Go through the survival period and the waiting period that one has to wait for before they can claim the coverage.

If a policyholder has both, a health insurance policy as well a cancer insurance policy, they cannot avail double benefits. The ‘Coordination of benefits’ clause comes with most insurance policies and it states that one plan will not cover expenses of the other plan.

Buying cancer insurance, particularly if you have a strong family history of cancer, is smart. One should go through the current health insurance plan and get a cancer insurance plan that can complement the current health insurance plan. One should also consider getting a cancer insurance plan if one thinks, their surroundings are a high-risk factor. If you don’t have enough savings for medical bills or if your health insurance does not cover enough you must buy one. In the end, it boils down to keeping your family and yourself stress-free and ready to meet health treatment costs when need arises. This is possible when you have stable finance and insurance that can help from major expenses.