Cancer Health Insurance

Cancer is a critical illness that can take a toll on your health anywhere, anytime; it is a disease that can just not have a huge impact on your health, but your pocket too. To financially protect you from cancer and provide solid health coverage against this disease, cancer health insurance has come into being. A cancer health insurance policy takes care of all the costs associated with its diagnosis and treatment; it also covers hospitalization, surgery, chemotherapy, radiation, etc. Not all health insurance policies provide coverage for cancer. Even if your health insurance policy does, then the sum assured would not be sufficient to cover your cancer expenses. Hence, having a cancer health insurance plan is a must. Even if you have a critical illness cover, it would not provide coverage for all stages of cancer. Hence, cancer health insurance policies have come into being to help you save during times of distress. Read this article to know more about cancer health insurance plans.

What is cancer health insurance?

Cancer health insurance offers coverage for all your cancer expenses including chemotherapy sessions, radiation, day care treatment, pre and post hospitalization expenses, surgery, hospital daily cash benefit and others.

Types of Cancer That Are Not Covered Under Cancer Health Insurance

• Lung cancer
• Breast cancer
• Ovarian cancer
• Stomach cancer
• Prostate cancer
• Hypopharynx cancer

Benefits of cancer health insurance

Read below all the benefits of having a cancer health insurance plan.

• Covers all stages of cancer- Precancerous, carcinoma in-situ, early and severe stages except skin.
• You can avail tax benefits under section 80D of the Income Tax Act
• This type of health insurance plan offers you a lump sum amount
• Premium is waived off after first claim is made

Factors to consider while buying cancer health insurance

• Family history: If you have a family history of cancer, then it’s better if you buy a cancer health insurance in advance.It’s better to buy a cancer health insurance at an early age as it will cost you low premium.

• Sum assured: Opt for a sum assured that is high enough to cover all your cancer expenses. The coverage should be enough to keep you financially sound during the time of your treatment.The sum assured is paid during the time you’re diagnosed with cancer

• Waiting period: Cancer health insurance plans come with a waiting period, only after which you can file a claim.Always look for a plan with a short waiting period.

• Payment clause: Many health insurers pay a lump sum amount at regular intervals on diagnosis of cancer. Few health insurers make a one time payment, while few make a certain percentage of payment depending on the stage of the cancer. Read the payment clauses carefully as it in spite of having a cancer plan you can be denied off the much-needed financial assistance.

Exclusions of cancer health insurance plan:

Read the list of exclusions carefully as cancer health insurance plans do not cover skin cancer

They also do not cover any pre existing diseases.

Conclusion:

• With this, it’s also important to understand that whether your cancer health policy covers all stages of cancer or not.
• You can also enhance your cancer health plan with riders such as waiver of premium or income benefit.
• Planning for cancer is sure a scary prospect, but staying financially secured during such times is half the battle won.