Almost everyone knows someone who has been diagnosed with cancer, whether they are a family member, a close friend or a distant relative. We hear about it constantly, unfortunately. Cancer can be devastating emotionally and financially, as well as physically. A cancer insurance policy covers the costs involved in getting a diagnosis of this life-threatening disease. If you are insured with regular health insurance cover, you then most likely are covered for cancer, but only for hospitalization costs. Most of the insurance policies available for health care do not cover the costs of non-hospitalization expenses linked with cancer treatment.
Any insured person who is diagnosed with cancer usually receives a lump sum payment from their cancer policy. As a result of this payment, the insured is able to protect his savings.
Regardless of what the insured chooses to do with the money, it is his or her personal choice. The cost of cancer treatment is high. The cancer patient may also be asked to see a specialist not included in the insurance provider’s network. Medical and non-medical costs like travel & lodging, experimental cancer treatment, and insurance plan don’t typically get covered by normal health plans.
Is There A Need for Specialised Cancer Insurance In India?
The number of cancer diagnoses and deaths is increasing annually, covering about 10 lakh people.
Moreover, according to a report published on the National Centre for Biotechnology Information website on ‘Risk of Cancer Development in India,’ males and females have a lifetime risk of 9.05% and 10.2%, respectively, of developing cancer at some point between 35-64 years of age.
Women have a greater risk of breast and uterine cancer because they have a higher risk of developing these cancers. According to our study, the per cent probability of dying in the 35-70+ age range was 9.94% among men and 11.6% among women.
In India, more than a decade after the age of 35, a 10th of men and 8% of women will develop cancer of any form. Researchers have found that males and females have a similar risk of developing tobacco-related cancers between 35 and 70+ years of age.
We are sure the numbers are sure to alarm you about the risk of cancer and now after the numbers, let us make it crystal clear that cancer treatment, whether it is received in a hospital or at home, is going to burn a hole in your pocket. Bankruptcy is one of the possible outcomes!
In addition to medical expenses, cancer treatment involves considerable expenditures outside of hospitalization. It is imperative that cancer be covered so that you are not financially ruined. Cancer may be covered by typical health plans, but you won’t be protected from even hospitalisation costs due to their sub-limits.
Cancer insurance policies can be divided into three categories:
Expense incurred policy: This insurance policy, pays a portion of the expenses incurred for each covered treatment, up to the policy limit.
Indemnity policy: The indemnity policy does not pay a percentage of covered treatments, but rather specified dollar amounts associated with each covered procedure.
First diagnosis or first occurrence cancer policy: A lump-sum payment is made to the policyholder when they are diagnosed with cancer for the first time. A benefit cannot be given if cancer is diagnosed after the effective date of the policy. The claim may be denied due to a pre-existing condition.
Benefits of Cancer Insurance Plans:
You and your family can benefit from financial relief when you purchase a cancer insurance plan. Besides being physically debilitating, cancer can be financially exhausting as well. During the course of therapy, you’ll face a lot of monetary challenges that can leave you feeling stressed. As a result, cancer insurance will take care of the majority of your financial needs, alleviating some of the stress of the illness.
Cover Medical Expenditure
Accordingly, nearly 33% of all cancer treatment costs are incurred for medical benefits. The risk of bankruptcy is 2.5 times higher for cancer patients. An insurance plan for cancer can provide financial assistance. In addition to providing you with extra money to cover your cancer-related medical expenses, it will also provide you with peace of mind.
A cancer insurance plan will help you better take care of the situation if you are a member of a family where cancer runs in the family.
When you are the only earner in the family, getting a cancer insurance policy is very important. From a financial perspective, it is therefore prudent to have insurance.
For middle-class families, cancer treatment can be an outrage, especially given the cost of treatment. If you’re ever diagnosed with cancer, purchasing a cancer insurance policy from Care Insurance is important to protect your finances. The company comes with the best plans to provide you with a safe and secure future.