When looking for the best cancer health insurance plan, check if it covers various types of cancer and different stages. Opt for that offers a policy with high sum insured for an affordable premium.
Life is full of unknown challenges, and dealing with a critical illness is one of them. Cancer is a critical illness that occurs due to unknown causes, and there are risk factors, too. Thus, it becomes all the more essential to monitor and look after our health regularly. Opting for a health cover for critical illness is a wise decision as treatment costs for diseases like cancer have increased over the years. If you are looking to buy a cancer protection plan, there are some points that you should not forget. In this article, we list out the things that you should check in a cancer cover.
Features of Cancer Insurance Plan
A cancer protection plan has the following key features that one should look for:
Additionally, one should go through the terms and conditions to know about the exclusions, the waiting period clause, sub-limits, etc. to make an informed choice.
Type of Coverage
Many cancer health insurance plans are fixed benefit plans which provide a lump sum amount when the insured person is diagnosed with cancer, and the policy ceases after the insurer pays the claim. If you are looking for indemnity based plans, then there are a few options. For example, the cancer insurance policy by Care Health Insurance (formerly Religare Health Insurance) is an indemnity policy that would cover the actual medical expenses of the insured person, up to the sum insured and the plan continue to provide cover through policy renewal.
High Sum Insured
The sky-touching cancer treatment costs have been a cause of stress for many families dealing with this dreaded disease. The main reason for the financial burden is because the treatment is long-term, and the situation gets complicated if one does not have a health cover or is underinsured. Many private hospitals are equipped with advanced cancer treatment facilities, but medical procedures involving chemotherapy and surgery have become expensive. Therefore, one should always choose a high sum insured when opting for a cancer cover policy.
Affordable Premium
Comparing various policies will help you find the best cancer insurance plans that offer comprehensive coverage for an affordable premium. You can take the help of an online health insurance premium calculator, which gives you a good estimate of the premium amount you have to pay.
Types and Stages of Cancer
Many cancer health insurance plans provide coverage for many types of cancer. They also cover breast cancer and lung cancer that are common types of cancer, unfortunately affecting millions of people in the world. Moreover, the best cancer-specific policies cover various stages of cancer, from minor stage to the critical stage. So, it is advisable to check if the policy you have selected meets this requirement.
Conclusion
Having a personalised cancer cover will provide a financial cushion in the hour of need and keep your family away from tension associated with expensive medical treatments. Moreover, there are tax benefits under Section 80D of the Income Tax Act. Thus, investing in a cancer cover policy will help secure your finances.
