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Choosing A Cancer Insurance Plan? 5 Things To Keep In Mind

Choosing A Cancer Insurance Plan? 5 Things To Keep In Mind

Cancer cases appear to be on the rise in India. According to the National Cancer Registry Programme Report 2020, the number of new cancer cases in the country will increase to 15.6 lakh by 2025, a 12percent jump from the present forecast.

Surprisingly, it is not genetics that is driving the increase in patient load. Studies have shown that environmental factors and their impact on our bodies are responsible for more than 70% of cases. Depending on the cancer stage and options taken, the cost of treatment might run into lakhs of rupees. Thus, it is essential to have a cancer insurance plan to cover the expensive treatment cost.

Buying a cancer plan is a perfect approach to protect your interests and better prepare for unforeseen circumstances. There are many plans available in the market. Before subscribing to one, let us look at the five most essential elements to consider.

Five Things to Consider Before Buying a Cancer Plan

  1.  Know Your Options

There are many health plans available in the market that have distinct ways to cover the cost of treatment. The basic policies with their coverage offered are described below.

  1. Mediclaim Plans: These are basic health insurance policies that allow you to receive reimbursement for hospital expenditures upon producing bills.
  • Critical Illness Insurance: In this policy, an insurer receives a lump-sum payment upon diagnosing a critical illness specified in the policy.
  • Cancer Insurance: A cancer-specific policy that provides coverage in all stages of disease prognosis. The cancer insurance benefit can cover treatment, hospitalization cost, or even income replacement during the treatment time.

2)  Calculate the Premium

Before purchasing a product, it is imperative to calculate the required cancer insurance premium to be paid. You can use an online premium calculator to estimate the correct amount for a specific plan.

3)  Opt for Higher Cover Amount

Medical inflation is increasing at a rate of roughly 10% each year. When it comes to a terminal sickness like cancer, the costs are considerably higher. The expense of prescribed medications and therapies might quickly deplete all your savings. Choosing a more significant sum assured is necessary to have the best treatment without worrying about the expenditure. Having a lower level of coverage exposes you to financial danger.

4)  Choose a Plan Covering all Stages of Cancer

It is crucial to select a plan that covers all types of cancer and all stages of cancer. Cancer is classified into three stages. A policy involving step based payouts will assist you in addressing the ailment more effectively. A typical cancer plan pays 20-25 per cent of the entire sum assured during the primary stage and 100 per cent of the whole sum assured during the critical stage.

Opt for More Extended Policy Term

It is essential to purchase a policy with the most extended policy term possible. This ensures that the policy covers you for the maximum amount of time.

The benefits of obtaining cancer critical illness insurance are many. It covers the medical expenses incurred and guarantees you a regular monthly income during the treatment period. However, there are multiple policies available, and you can compare them before buying cancer insurance online.

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