How Cancer Insurance can ensure a secure financial future

Posted on Dec, 2020
The world has been tackling cancer and its severe repercussions from hundreds of years. Although the world has come a long way in making medical technologies revolutionary, the growing impact of cancer is still the number one concern for countries. The National Cancer Registry Programme Report 2020, estimates the number of cancer patients in India to be 13.9 lakh in 2020.

Cancer Insurance Plans are important

There is no denying that the diagnosis and the treatment costs related to cancer are tremendously high. Having numerous thoroughgoing treatments for the care of cancer, most patients are still deprived of them because of their high costs*. The solution to this problem can be found in an ideal cancer insurance plan.

Here are the reasons as to why you should buy a Cancer Insurance Plan:

High Medical Costs:

In recent years, India has witnessed a rapid growth in cancer cases, significantly increasing the related medical costs. Treatments such as chemotherapy, immunotherapy, radiation surgery etc. and the medicines needed can cost a fortune. A cancer insurance policy can allow the policyholders to cover these costs, without having to pay for them from their own pockets.

Uncertain Nature of Illness:

Years of research have concluded that cancer is an immensely heterogeneous disease. Most cancer genomes are different and affect patients contrastingly. This makes the nature of the disease uncertain to calculate its extent on the physical and financial health of the patient. Investing in ideal cancer insurance policy can mitigate the financial uncertainty, through which better physical health can be attainted.

Cancer Only Plans:

There are more than 100 types of cancers including colon, breast, lungs, brain etc. A cancer only plan can allow a person to have cancer coverage over and above a traditional health insurance plan, which is affordable and specific to costs related to cancer treatment.

The Ideal Cancer Insurance Policy

Constituting the factors which make up for an ideal cancer insurance policy depends hugely on factors such as family’s medical history and the financial situation. In general, the following factors should be considered before choosing the sum assured and the specifications with the policy:

Value Additions:

The cancer insurance policy should include the facility of value additions over and above the general policy benefits. Added coverage such as the reconstruction of affected body parts, ambulance charges, organ transplant expenses, follow-up expenses and income tax benefits under section 80D should be included in the policy.

Extensive Coverage:

The more expenses covered, the better the policy would be. At all events, an ideal insurance policy must provide an umbrella cover for expenses incurred on ICU/ICCU, surgeon, specialists, consumables, diagnostic, pre and post-hospitalization. Apart from these, the policy must also cover effective treatments such as proton, targeted therapy, hormone, immunotherapy, stem cell, bone marrow transplantation etc.

Restoration Benefit:

It is a benefit that allows an insured to restore the entire sum insured in the policy year if it gets exhausted due to incurred claims. So, even if you consume the entire sum insured, you need not worry when you have this benefit.

You can opt for a cancer insurance policy with your regular health insurance to mitigate the financial exposure of a patient. Tailored around the treatments and expenses related to every type of cancer, they create a path to ensure the best treatments to patients without having to think about the financial hassle. Visit PINC Insurance to compare and buy health insurance policies suitable or yourself and your loved ones.

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