Over the past couple of years, the number of people affected by critical illnesses such as cancer has been increasing. According to several studies and research conducted, the primary cause of cancer is attributed to the lifestyle choices of people. What makes it worse are the treatment costs associated with cancer.
The expensive cancer treatment can wipe away years of savings in a matter of months. Even if you have a primary health policy in place, it may not cover cancer treatment. In the scenario that it does, the amount will get exhausted before your treatment is complete.
Selecting one of the best cancer insurance plans is as significant as getting one. You need to purchase a plan that will serve you properly in case you ever get diagnosed with cancer. To ensure that you are buying one of the best cancer insurance plans, there are several key aspects the plan should include.
Table of Contents
1. Covers All Stages of Cancer
When conducting your research about the cancer insurance plans, ensure the plan you purchase, covers all stages of cancer. The plan that you opt for should include a stage-based claim. This will provide you with different lump-sum amounts depending on the stage of cancer that has been diagnosed.
2. Large Sum Assured
As mentioned, cancer treatment is expensive. Adding on hospitalisation, tests, diagnosis, and non-medical expenses can greatly affect your finances. Thus, when selecting from the best cancer insurance plans, choose a plan that has a high enough sum assured.
It should be an amount that would not only cover all your expenses but would provide you with some additional money to tide through the difficult times.
3. Duration of the Plan
The duration of the cancer insurance plan may be as important as the stage coverage. This is because cancer is a disease that can affect any person at any age. Hence, the plan should be of a longer duration with the same premium throughout, if possible.
4. Income Benefit
Some of the best cancer insurance plans also offer an income benefit as part of their scheme. In this case, if a policyholder gets diagnosed with cancer, the insurance provider would give a fixed amount of income regularly for a predetermined duration. This is done to provide policyholders with additional financial assistance since they might lose out on their salaried income while being treated.
5. Waiver of Cancer Insurance Premium
Choose one of the best cancer insurance plans that offer an additional benefit in the form of a waiver of the insurance premium. If a policyholder is detected with cancer, the insurance provider waives off the premium amount for a certain duration. This lessens the financial stress on the policyholder.
6. Level of Coverage Waiting Period
When you are purchasing one of the best cancer insurance plans, make sure to read the terms and conditions to understand the inclusions and exclusions present. Preferably, the plan selected should be comprehensive and should include coverage for radiation therapy, medical procedures and tests, chemotherapy, in-patient hospitalisation expenses, annual check-up, and pre and post-hospitalisation expenses. Apart from this, it should cover a wide range of cancers, as well.
7. Waiting and Survival Period
It is essential to read the fine print when you purchase a policy from the list of best cancer insurance plans. This is imperative since the fine print includes details of the waiting period and the survival period.
The waiting period is the duration within which the policyholder cannot make a claim. The survival period states the duration for which a policyholder has to be alive post-treatment for the insurance claim to uphold. Ensure the plan chosen does not have lengthy waiting and survival periods since this would not be in your favour.
Buy the Cancer Insurance Plan That Suits Your Needs
According to WHO, cancer accounted for for nearly 10 million deaths in 2020 worldwide. This is a concerning number and it is crucial to be aware of your financial plans in such a scenario.
While considering which of the best cancer insurance plans to purchase, make sure to consider the aforementioned aspects and buy a policy from reputable insurance companies such as Care Health Insurance, and enjoy peace of mine.
That being said, you should also carry out additional research regarding reviews of the policy, claim settlement ratio, and terms and conditions. This would greatly help you in shortlisting the plans and buying the one that suits your needs!