Cancer is an expensive illness to manage. Besides screening for early detection, diagnostics and treatment, it involves post treatment care and rehabilitation. Intuitively then, the cost of treatment for cancer is exorbitant too. A good health insurance p

Costly illness and costlier treatment

Cancer is an expensive illness to manage. Besides screening for early detection, diagnostics and treatment, it involves post treatment care and rehabilitation. Intuitively then, the cost of treatment for cancer is exorbitant too. A good health insurance plan that offers coverage for cancer can be of great help as it provides much needed financial support. Given below are points to keep in mind in order to get adequate and strong insurance protection against the critical illness that is cancer.

How do cancer plans work?

There are many comprehensive standard health insurance plans that cover numerous diseases including cancer. These are indemnity plans which pay for the actual treatment cost within the overall limit of the sun insured. If you have a comprehensive plan, check it thoroughly to understand the level of financial protection it offers against cancer.
When it comes cancer-special plans, most are defined-benefit plans. Many critical illness insurance plans, which are also defined benefit ones, cover various types of cancers. However, a cancer special plan may provide better coverage and more features as compared to a critical illness plan.

​Is there a waiting period?

A mandatory waiting period has been put in place by insurance companies so that it does not have to pay in case the personal already had the disease at the time of policy purchase. Experts highlight that the initial waiting period typically ranges from 90 days to 180 days from the policy inception date depending on the insurance company, during which the policyholder cannot make any claims.

Also take note of the survival period

The survival period is the time after first diagnosis of the disease during which the coverage does not work. If a person survives the period, then he would continue to require palliative care and have medical expenses covered. If not, then the cover is not required. As per experts, the survival period can range from 30 days to 6 months.
 

Should you top-up your comprehensive plan?

If you have a comprehensive plan that does not offer enough coverage against cancer, it would be prudent for you to buy a cancer special plan or a critical illness plan with good coverage against the illness. This will ensure that besides treatment costs, other associated expenses are also taken care of, such as non-medical expenses including commute for treatment, supplementary medicines household expenses etc.

Who should buy a cancer plan?

People who are at higher risk must buy an insurance cover for this disease. A standalone cancer defined benefit cancer special plan or critical illness plan is highly recommended for those with a family history of cancer.
 

4 points to consider before getting insured

Keeping in mind the steep costs of cancer treatment, policy buyers should look for a plan with a high sum insured. The insurance cover should cover multiple stages of cancer, not just one of a select few. Ensure that the plan offers long term cover. This will help provide financial protection for a longer period at the same premium cost throughout the policy term. Finally and most importantly, the customer must not ignore the claim settlement ratio of the insurer.
 

Reference:
https://economictimes.indiatimes.com/wealth/spend/what-is-the-cost-of-treatment-of-cancer/articleshow/89364352.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst