Thinking About Cancer Insurance? Here Are 5 Important Things to Consider

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Cancer can be scary. It’s something nobody wants to think about, but it is something that anyone can be afflicted by irrespective of age, color, height, etc.  Being prepared is essential. That’s where cancer insurance comes in. It’s a type of insurance that helps cover the costs associated with cancer treatment. Before delving into the things to consider section, let’s understand what cancer insurance has extra to offer which regular health cover doesn’t. 

Is Cancer Insurance a Good Idea if You Have Health Insurance?

Cancer is an expensive disease and the approximate treatment cost is around Rs. 15-20 lakhs. That’s why, we recommend that one should consider buying cancer insurance because your standard medical claim would not cover all the stages of cancer. So, to avoid this financial burden, invest in a good cancer policy that will not only cover all the stages of the disease but also the severity and critical condition of the illness. However, cancer plans do not offer any death, maturity, or surrender benefits.

Now let’s consider a few important things to keep in mind when purchasing cancer insurance.

1. Understanding What It Covers

Before you buy cancer insurance with big and heavy premium plans, make sure to understand all the ifs and buts included in your cancer insurance. Having a good understanding of your policy will help you make smarter decisions and prevent financial burdens. Look for what it covers, and how many stages and treatments it includes. Cancer insurance is designed to help with the costs related to cancer treatment. This can include treatments like chemotherapy, radiation therapy, surgery, and medications. Some policies may also cover additional expenses like transportation and hospitalisation for treatment, and even lost income if you’re unable to work. That’s why it becomes crucial to read your policy in and out.  

Pro Tip- Don’t hesitate to seek professional help if you fail to understand a segment of your policy. Professional guidance like Insurance Samadhan offers a “Know Your Policy” service via which you can have a strong and deep understanding of your policy.

2. Pre-Existing Conditions

One of the most important things to consider before purchasing an insurance plan is to know whether your policy covers pre-existing conditions. For instance, some of the policies don’t cater to pre-existing cases, example – If you’ve had cancer in the past or have a family history of cancer, you should make sure you’re covered for any future occurrences. Some policies may have waiting periods or exclusions for pre-existing conditions, so be sure to ask about this before signing up.

3. Cost and Affordability

Like any insurance policy, cost is a significant factor to consider. Premiums for cancer insurance can vary widely depending on factors like your age, health history, and the amount of coverage you choose. It’s essential to shop around and compare quotes from different insurance companies to find the best policy for your budget. Keep in mind that while lower premiums may be more affordable, they may also come with higher out-of-pocket costs if you ever need to make a claim.

4. Coverage Limits and Caps

 Another important consideration is the coverage limits and caps of the policy. Coverage Limit and Caps refers to the maximum amount your insurance company will pay out for cancer-related expenses. Some insurance companies have annual limits or lifetime limits while some companies have no limits at all. Be sure to carefully read and understand the level of coverage provided.

5. Waiting Periods and Exclusions

Last but not least, always ask about the waiting period before purchasing any policy. The waiting period is the amount of time that one needs to wait before making a claim. It varies from policy to policy and company to company. Also, look for exceptions in your policy. Exclusions are specific treatments or services that are not covered by the policy. Be sure to ask about these before it gets too late. 

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Bottom Line

Opting for cancer insurance is the right step toward a financially secure future. However, it is a daunting task to select the right insurance that covers all your needs. From pre-existing conditions to treatment bills, don’t forget to pay attention to details in your policy. Read, understand, and compare carefully consider your options before purchasing a policy. Make sure you understand what is covered, what isn’t, and any limitations or exclusions that may apply. Lastly, don’t look for an insurance policy that will lower premium payments because that can give you stress in later stages. So, Shop around for the best coverage at a price you can afford, and don’t hesitate to ask questions if you’re unsure about anything. Contact Insurance Samadhan to get Samadhan related to your insurance.

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Also Read:  Factors to consider when choosing a Cancer-specific Health Insurance policy

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