Which Health Insurance Covers Cancer?

 

Regular health insurance and cancer coverage

Conventional health plans normally cover expenses for hospitalisation and a few days of pre and post-hospitalisation. This is where they may be inadequate for treating serious ailments such as cancer. The treatment can extend for several years and require many non-hospital expenditures, which are far beyond what a regular health plan would provide. A cancer-specific health insurance policy can be a lifesaver in the event of being diagnosed with any kind of cancer, at any stage.

Importance of cancer insurance

Investing in a cancer insurance policy provides financial security for both the policyholder and their loved ones in the event of a cancer diagnosis. Cancer is a critical illness that can cause emotional distress and financial burdens. A cancer insurance policy can help alleviate these burdens by providing financial assistance when needed.

The cost of cancer treatment is usually high, and not everyone may be able to afford it. A cancer insurance policy helps individuals pay for their medical expenses, including hospitalisation, medications, regular follow-ups, chemotherapy, and other necessary treatments.

Choosing the right cancer coverage

Investing in cancer insurance should be a priority for everyone since cancer can affect anyone, regardless of age or lifestyle. Therefore, in today's world, purchasing a critical illness policy such as cancer insurance is a must. However, it is equally important to choose the right policy that aligns with your needs, so you can benefit from it when the need arises. Here are a few factors to consider when purchasing a cancer insurance policy:

Understand the type of policy and coverage

To obtain coverage for cancer, you can choose from different insurance policies, such as an exclusive cancer insurance policy or a cancer cover add-on with a basic health insurance policy. It's important to select the right type of policy that matches your individual needs to maximise insurance benefits.

Choose the right insurer

Selecting the right insurer is crucial to ensure a seamless purchasing and claim settlement experience. It's recommended to review the claim settlement ratio, online ratings, customer support, etc., of an insurance company before deciding on one.

Waiting and survival period

Health insurance plans that cover cancer comes with both a waiting period and a survival period. During the waiting period, you cannot make claims for medical expenses related to cancer. On the other hand, the survival period is the duration for which the policyholder must survive from the time of cancer diagnosis to qualify for a settlement. Opting for a policy with a shorter waiting and survival period will ensure that your coverage starts as early as possible and you receive the sum assured.

Read the fine print

It is always important to read the fine print in the health insurance policy documents to understand all the inclusions and exclusions of a policy. Thus, make sure to go through the document.