Cancer Insurance: Comprehensive Review and Benefits

A Brief Review on Cancer Insurance Plan: Factors to Choose it

Check out our Star Cancer Care Platinum Insurance Policy to get more details about the coverage 
 

What is Cancer Insurance Plan?

Cancer insurance is a specific health insurance policy that provides coverage for the costs of cancer treatment and Diagnosis. Cancer insurance policy acts as a supplemental health insurance that helps to manage the risks associated with the cancer disease and its various manifestations. Health insurance for Cancer Patients is currently a new trend within the insurance industry, which helps reduce the financial burden of cancer patients. You may have many doubts about the health insurance for existing cancer patients.

Why Do You Need a Cancer Health Insurance Plan? 

Cancer insurance is important as it protects our savings against the high expenses of cancer treatments. Cancer insurance policy typically covers chemotherapy, radiation, surgery, and hospitalisation costs. With the rising medical costs, a good cancer insurance policy makes sure that you dont have to worry about anything and you can focus completely on your treatment. Cancer insurance provides us with the lump-sum payouts, coverage for all cancer stages. Additionally, it also offers income replacement and premium waivers. Now a days, there is a huge increase in the cases of cancer globally, so having a cancer insurance will offer you peace of mind. It is recommended to select a comprehensive cancer insurance plan today and secure yourself and your family future.

Here are some of the points which will help you explain why we need cancer insurance policy:

• Financial Relief: A cancer health insurance plan makes sure that you have adequate funds available for the entire treatment period. It guarantees that you dont have to worry about arranging funds.
• Prolonged Treatment Coverage: Cancer treatment usually requires multiple therapy rounds and long hospital stays, cancer insurance plan helps you cover it.
• Peace of Mind: Knowing that you have a comprehensive cancer insurance plan will give you peace of mind, which allows you to concentrate on your treatment.
• Comprehensive Coverage: Cancer insurance plan saves you against all the types of cancer treatments, including hospitalization, chemotherapy, radiation, and surgery.
• Tax Benefitsunder Sector 80D: The Premiums you pay for cancer health insurance are eligible for tax deductions under Section 80D of the Income Tax Act.
   

5 Things to Consider While Buying Cancer Health Insurance 

• Coverage Scope: Before finalising cancer policy make sure that the policy you select covers all the stages of cancer (early to advanced), including hospitalization, chemotherapy, surgery, and radiation.
• Waiting Period: Ensure you understand the waiting period. Check how long you have to wait before claiming (typically 30-90 days). There are some policies which exclude pre-existing conditions for 2-4 years.
• Lump-Sum vs. Reimbursement: Make a decision whether you need a one-time payout (for financial flexibility) or reimbursement (for actual treatment bills).
• Survival Period Clause : Some plans pay only if the patient survives 30+ days post-diagnosis. Make sure to verify this condition.
• Claim Settlement Ratio: Select a insurers with a high claim settlement rate for reliable payouts.

How to Choose the Right Health Insurance for Cancer Patients?

There are many factors to consider when choosing cancer health insurance. 

• Waiting Period: Check the Waiting Period before coverage begins. A waiting period refers to the time period that has to be completed before the policy coverage starts. 
• Comprehensive Coverage: Comprehensive coverage provided by Cancer insurance plans includes different stages of cancer treatment. So, while choosing a cancer insurance plan, analyze the coverage offered and make sure that it includes different cancer stages, types and treatments. 
• Exclusions: Exclusions coming under the mediclaim policy refer to diseases, health conditions, and surgical procedures or medical expenses that are permanently excluded or covered after a waiting period. Thoroughly read the policy document and consider the Exclusions to check out if there are any exclusions or limitations that might affect your insurance coverage. 
• Lump sum payout: Upon the cancer diagnosis, many cancer insurance policies offer a lump sum payout. This is subject to the terms of your health insurance plan. According to the policy terms, the payout is done in a lump sum or in monthly installments. 
• Sum assured: Make sure that the sum assured is enough to cover the medical expenses and other financial needs during a critical illness. Benefit policies are the ones where sum insured will be paid upon the Diagnosis of Cancer and passing the survival period successfully. 
• Financial Protection: Financial Protection is an advantage of a cancer insurance plan. The cancer insurance policies provide extensive coverage for the treatment costs, offer financial protection against income loss and other expenses.  
• Instant policy issuance: Instant policy issuance refers to a process in which a term insurance policy is issued to the insurance buyer  soon after application submission, generally within minutes or a few hours. Ensure the health policy you choose offers enough insurance coverage to face the medical inflation. Choosing a high sum insured helps you get access to the medical treatments. 
• Supplement to Health Insurance: Ensure that your cancer insurance plan is a good supplement to the existing standard health insurance policy that you have taken. The Cancer  Diagnosis can significantly affect a person's financial stability.  
• Cancer Treatment: Cancer treatment can drain your finances,  which is a financial burden. It becomes burdensome for the family to bear, as it is expensive and often involves prolonged and intensive medical care. 
• Inexpensive Premiums: Consider the inexpensive premiums; while cost is a factor, make sure that you prioritize value over cheap premiums. Make sure that the policy provides enough coverage for a reasonable premium. The insurance premiums for the Cancer are based on the sum assured, your age and the features a policy offers. 
• No claim Bonus: Most of the Cancer insurance policies might provide a no-claim bonus same as that of the other health insurance plans. A no claim bonus (NCB) refers to an additional bonus that policyholders get for not raising any claim in a policy year. That is, if no claims are made in a policy year, the sum insured increases, offering extra coverage at no extra cost.
• Tax Benefits: In the Cancer Insurance Plans, the Premiums paid are eligible for tax deductions below Section 80D of the Income Tax Act. 
• Benefit vs indemnity: There are two types of policies available. Benefit policy is the one that pays a fixed, predetermined amount upon a particular event occurring, such as a critical illness diagnosis. Indemnity policy offers reimbursement to the policyholder for the actual costs incurred because of a covered event, which means that you get the exact amount spent on medical treatment up to the insurance policy limit.
• Claims: Check for the insurer's claim settlement ratio and reputation for claim settlements on-time. Choose a plan with high claim settlement ratio, as a high claim settlement ratio depicts high reliability.
• Co-payment: As the copayment clause might bring down the insurance premium, it may be expensive if there is a cancer diagnosis later. A copayment refers to a fixed amount of payment that is paid by the patient to a healthcare provider for a service covered.  
• Health Conditions Covered: Analyze the particular conditions covered under the health insurance plan. Make sure that it includes all the illnesses related to your health complications.
• Elaborate Coverage for Medical Expenses: Coverage for expenses relavent to cancer treatment, like chemotherapy, radiation therapy, and surgery. The health insurance coverage is a must to have, as the medical expenses are rising yearly. 
• Income Replacements: Cancer treatment often needs patients to take up time to work and may result in a loss of income. Additionally, a critical illness might leave you incapacitated, meaning that you might not be able to work. 
• Increasing Cancer Cases: Cancer is the major cause of death worldwide, ensuring early detection. Cancer Insurance is growing worldwide in the field of health insurance. 
• Policy Premium Waiver during Treatment: Premium Waiver during Treatment covers expenses during cancer diagnosis, cancer treatment, like OPD cost, hospitalization cost, chemotherapy charges, etc.

Benefits of Buying a Cancer Health Insurance

There are many Cancer Health Insurance plans. Let’s discuss the benefits of cancer medical insurance. 

1) Affordable Premium
 

Some cancer insurance plans offer affordable premiums.
An affordable medical insurance policy helps save you in medical emergencies. 
Cancer cover offers a high sum insured
When choosing cancer insurance coverage, it is important to understand the policy terms.

 
2) Benefits
 

Cancer Health insurance provides income benefit option while if the earning member of the family has Cancer, the health insurance company permits lumpsum in different intervals over a particular period to overcome the loss of income. 

3) No Claim Bonus
 

Most of the Cancer insurance plans might provide a no-claim bonus same as that of the other health insurance policies.

4) Rising Healthcare Cost
 

The increase in cancer diagnosis and its prolonged treatment leads to an increase in the cost of cancer care.

5) Broad Coverage
 

Some cancer health insurance plans offer broad coverages beginning from critical illnesses like Cancer and heart disease to small inconveniences such as routine checkups or doctor visits. A few plans cover all stages of the cancer.

6) Cancer History Runs in the Family
 

If you are a person with a cancer history running in your family, then there are chances to develop the same. This means if your family have a history of Cancer, there are chances that you might get affected by it.

7) Coverage for Malignant Tumours
 

Cancer Insurance policy safeguards you from deadly illness with a comprehensive medical coverage advantage in all stages of the disease. The plan pays out a fixed lump sum for the Diagnosis of a malignant tumour. 

8) Hospitalisation Coverage
 

Many Cancer insurance plans mainly cover hospitalization costs. It covers a range of costs associated with the treatment like radiation, chemotherapy, surgery, etc. 

9) Lumpsum Payment
 

Based on the severity of your health condition, the insurance company offers a lumpsum compensation.

10) Quick Recovery Counselling
 

Some Cancer Insurance plans contain several health services such as the quick recover counselling, a digital health portal for all your wellness requirements and doctor on call options.

Waiting Period for Cancer Insurance

The waiting period clause is present in a cancer insurance plan. Most cancer insurance policies don't permit you to claim until you have completed 90 days. This number of days differs from insurer to insurer, so read the plan instructions carefully in the policy.

Here we are proud to inform that star health insurance for cancer patients helps in a few ways. Star Cancer Care Platinum Insurance Policy is particularly designed for individuals diagnosed with Cancer, as it covers medical expenses for both Cancer and non-cancer ailments.

Check out our Star Cancer Care Platinum Insurance Policy to get more details about the coverage