An Introduction to the Cancer Insurance Policy

Most of us believe that today's way of life has raised the likelihood of developing cancer. Unfortunately, there are approximately 100 different forms of cancer, and they may attack any body region. Furthermore, anyone might become a victim of this lethal disease. While the likelihood of developing cancer has grown significantly, the expense of therapy has also increased many-fold in the past few years. In fact, treatment charges might now wipe out a typical man's whole life-saving savings. Furthermore, as per a Times of India analysis, the cost of cancer treatment overseas might be many times that of cancer treatment in India. 

In addition, according to a report on the 'Risk of Cancer Development in India' published on the website of the US-government sponsored National Centre for Biotechnology Information, the possibility of getting cancer of all sites between the ages of 35 and 64 is 4.67 percent in males and 6.55 percent in females, with a lifetime risk of 9.05 percent and 10.2 percent, respectively.

The higher risk in women was mostly related to the increased chance of developing cancer of the uterine cervix and breast. When the age range of 35 to 70+ years was studied, the chance percentage for men was 9.94 percent and 11.6 percent for women. According to these predictions, one in every ten males and one in every eight women in India will acquire cancer of some kind after the age of 35. Males have a 4.75 percent chance of having tobacco-related malignancies between the ages of 35 and 70, while females have a 2.16 percent chance. 

This is why comprehensive cancer insurance policy is now an absolute necessity. Even though the majority of health insurance policies on the market now cover practically all major critical diseases, like cancer, these policies often only pay for inpatient hospitalization and treatment in Indian hospitals. They do not pay for the entire expense of therapy. Furthermore, the policy value may be insufficient because the average person does not purchase a health insurance coverage worth more than Rs 5 lakh. Such constraints can be avoided by purchasing critical illness (CI) insurance, which is meant to assist cover medical bills that your regular health insurance would not cover.

What is Cancer Insurance? 

Cancer insurance is a form of insurance policy that provides monetary support to people who are diagnosed with the condition beyond the free look-up time specified in the terms and conditions of the bought cancer insurance plan. The cancer insurance coverage covers the expenses of cancer diagnosis and therapy, such as hospitalization, surgery, radiation, chemotherapy, and so on. The below pointers better define the Cancer insurance policy. 

The money is normally paid out at various levels of diagnosis, such as minor, major, and critical. 

Cancer insurance plans do not often provide death, maturity, or surrender payouts. In fact, it is not restricted to the actual cost of treatment in a hospital. 

The insured must not have any pre-existing cancer problems to be eligible for cancer insurance. Those who have previously been diagnosed with and treated for cancer are also disqualified for cancer coverage.

Most cancer insurance policies provide a lump sum payment to the policyholder if they are diagnosed with cancer. This payout assists the insured in protecting his funds. The insured is free to spend the money in any way he or she sees fit. 

The cancer patient may be required to contact a doctor outside of the network of experts designated by your insurance. 

The typical health insurance policy does not include any medical or non-medical expenses, such as experimental cancer therapy or transportation and accommodation.

Why Should You Buy Cancer Insurance?

With the escalating expense of health treatments, cancer would severely impact a cancer patient's financial commitments. For a 6-month period, the expense of medical treatment and tests (including operation, chemo, radiation, hospitalization, and so on) is expected to be around Rs.2.5 lakh and Rs.20 lakh. As a result, being ready with a good insurance plan is now a prerequisite, especially for persons with a family history of cancer.

A person should not have any pre-existing cancer-related symptoms in order to be eligible for receiving cancer insurance. People who have already been treated for the condition are unable to apply for coverage.

Cancer Insurance vs Critical Illness Plan

A critical illness policy covers costly treatments for a variety of particular critical disorders, such as cerebrovascular accidents, organ transplants, paralysis, heart attack, renal failure, complete blindness, deafness, and so on. Some potentially fatal tumors are also listed. 

After a policyholder is diagnosed with a critical illness, a typical Cancer Insurance plan pays a lump sum payment that can be used for medical procedures, therapies, co-pays, therapy, or any other necessary expenditures. Because it exclusively covers specific critical conditions, Cancer insurance is less expensive than complete medical insurance coverage.

Critical illness insurance can be obtained as a standalone policy or as a rider to an ongoing life or medical insurance policy. Yet, one significant fact is that such plans only cover cancer in its advanced stages. 

A critical illness plan will pay for cancer if a cancerous lump grows uncontrollably, causing infection and damage to body cells at a mature phase. 

A Cancer Insurance plan does not exempt future payments, and the benefit of the increased sum insured is not available. The coverage terminates upon the identification of any of the listed diseases.

Conclusion

Today, an increasing number of people are treated with cancer. Sadly, in addition to the physical and psychological tolls of this condition, individuals are also burdened with financial obligations when medical coverage falls short, or income is threatened. When you've been treated with cancer, the very final thing you have to worry about is the expense. As you now know, cancer insurance can definitely help to alleviate financial stress.