Best Health Insurance for Cancer Patients
Jun 29, 2021

How to Choose Best Health Insurance for Cancer Patients?

Cancer, the very name of the ailments sends shivers down the spine. Be it your close relative or your friends, it is disheartening to know about someone diagnosed with it. But as the statistics in India are alarming. It is stated that these number of cases are expected to touch the 15 lakh mark by the year 2025 as described in a report by Indian Council of Medical Research (ICMR)[1]. This is a 12% increase from the estimated figures for the year 2020[2]. With such a distressing rate of increase in cancer among people, it is necessary that you have a cancer insurance cover.

What is a cancer insurance policy?

Cancer insurance is a specifically designed critical illness insurance which provides a lumpsum pay-out on the diagnosis of this illness. Cancer insurance plans provide coverage for a range of costs associated with the treatment like hospitalisation, radiation, chemotherapy, surgery and more. With a cancer policy, you can have not only financial, but also mental security since these policies cover the ailment at both early and advanced stages. The pay-out in some cancer insurance plans are paid in based on severity of the diseases in lump sum. This is subject to the terms of your health insurance cover.

Here's how you can avail the best health insurance for cancer patients

  • Undergo regular health check-ups:

    The earlier the ailment is detected, the higher are its chances of being treated is what the experts suggests. Hence, regular and periodic health check-up will help in early diagnosis. Further, doctors recommended gender specific tests for females like mammography, pap smear and ultrasound for women above the age of 40. For males above 55 years, ultrasound tests can help in early detection. Since health check-ups is essential for detection, it is advisable to buy a cancer insurance that supports these check-ups.
  • Select the right insurance policy:

    When it comes to picking a cancer insurance plan among the myriad options, it is essential to buy a policy with adequate sum insured. Since the treatment costs are exorbitant, a sum insured that will be able to cover for these high treatment costs is essential. Generally, a cancer insurance with at least 1.25 times the average treatment cost in your city of residence is necessary, depending on several other factors. This way, you can keep up with the rising medical inflation as well as plan for the future. For family floater policies, makes sure to take a higher amount of cancer insurance coverage since it is shared by many beneficiaries at once.
  • Check co-payment clause:

    Co-payment clause is where you, the policyholder are required to pay for some part of the treatment whereas balance is covered under your insurance policy. Using co-payment clause can be helpful to lower the premiums but a policy opted specifically for cancer insurance, it may not advisable since it requires you to pay a huge chunk of the expenditure.
  • Compare waiting periods:

    Another critical factor to consider when getting a cancer insurance coverage is the waiting period for the policy. Different health insurance plans have different waiting periods and should be a consideration at the time of purchase. A longer waiting period will mean more time until your insurance coverage kicks in for these ailments.
These are some crucial elements in a cancer insurance policy. A thorough analysis of the insurance company’s offering will help in selecting the right cancer insurance in India. Further, it is essential to buy such cancer insurance if the risk of cancer runs in your family. This way, you can have a financial backup in case it ever takes you down. Lastly, do not that this cancer insurance policy does not replace your standard health insurance policy, but instead is a supplementary plan for specific ailment.  Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale. Source:  [1] https://www.ncdirindia.org/ All_Reports/Report_2020/default. aspx [2] https://www.livemint.com/news/india/ india-to-record-an -estimated-12-rise-in-cancer-cases-by-2025-icmr-ncdir-national-cancer-registry-11597754401483. html

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