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Cancer Insurance Guide: Protect Yourself
Feb 3, 2023

Explore the Benefits of Cancer Health Insurance

Everyone expects to live a healthy and happy life with their family and loved ones. Hence, not many people may give much thought to special insurance policies, such as cancer insurance. Especially when one is younger, not much thought is given to health issues, as one tends to not face as many health concerns as one may later in life. However, it is important to create some sort of financial security while you are healthier and younger, so that you may stay prepared for the possibility of having to face any emergencies, health or otherwise, later in life. Cancer is a condition that can come unannounced. Once diagnosed with cancer, the patient requires regular medical care for a while. If the condition is advanced, they may also require hospitalisation. This may mean that they have to focus on getting better and paying lesser attention to other areas of life, such as earning their income. Being diagnosed with cancer may even make you lose your livelihood for a while, till you can get better and resume work. Furthermore, the condition can put ample stress on your family or loved ones, financially and otherwise. Thus, when considering the risk of getting cancer, one should also consider the financial stress it may put one under. You may have to worry less about the financial pressure if you get a cancer insurance policy before you are diagnosed with the condition.

What is Cancer Insurance?

Any health insurance policy is a contract where the policyholder pays the premium. In return, the insurance provider offers coverage against the conditions covered under the policy. In the case of cancer insurance, the coverage is limited to cancer. Suppose Kalavati, a 27-year-old, who is not yet diagnosed with any kind of cancer decides to buy a cancer health insurance policy. She may choose to do it for one of the various reasons, such as being genetically predisposed to cancer. When she buys a policy, she will be required to pay the due premiums for the same on time. If she is diagnosed with cancer while the policy is in force, she will be able to make claims with the policy. The insurer will then pay her benefits as per the cancer insurance policy specifications. This way, Kalavati may not have to worry about medical expenses, and she can focus on her treatment and getting better.

Benefits of Getting a Cancer Plan

Let’s consider some of the benefits of getting a cancer-specific health insurance plan.
  • Multiple stages of cancer covered

Your cancer diagnosis may come at any stage of the disease. Depending on the stage at which you are diagnosed, the treatment mode and intensity may differ. Cancer insurance covers diagnosis at all stages, allowing you to pursue treatment as required.
  • Lump sum pay-out

The cancer health cover benefit is usually paid by the insurer in a lump sum. This allows you to use the benefit as you deem suitable. For example, you could take care of medical expenses, but the amount could also temporarily act as an income replacement.
  • Premium waiver

If your cancer policy comes with a premium waiver option, you are not required to pay any premiums after you make the claim and receive the pay-out. Also, note that the policy coverage may cease to exist after the pay-out process is complete.
  • Tax benefit

Cancer insurance may classify as health insurance. Thus, you may be able to avail of the same tax benefits for such a policy as you may for other types of health insurance. Tax benefit is subject to change in prevalent tax laws.

Exclusions of Cancer Insurance

Usually, cancer insurance plans may not cover the following:
  • Cancer being diagnosed during the waiting period
  • Skin cancer (basal cell carcinoma, squamous cell carcinoma, melanoma)
  • Cancer resultant of pre-existing conditions
  • Cancer resultant of HIV or AIDS
  • Gleason score of less than 6 in case of prostate tumours
  • Lymphocytic leukaemia of RAI stage lower than 6
  • Papillary micro-carcinoma of the thyroid less than 1cm in diameter

Should You Consider Getting Cancer Insurance?

Out of the various types of health insurance policies, cancer insurance is the kind of plan that offers coverage specifically for a few types of cancers. Here are a few incidences when you should consider this type of specific policy.
  • There is a history of cancer in the family, or you are genetically predisposed to cancer
  • Your work or other environmental factors leave you at a higher risk of developing cancer
  • You have dependents
  • You may not be able to bear the financial costs of cancer treatments
  • Cancer cover is not offered in your health insurance
Once you get a cancer cover, you may be able to live more peacefully and not worry about how to deal with any such diagnosis in the future. Alongside having cancer insurance, it is also important to take care of your health today to avoid any such diagnosis in the future.     Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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