In recent decades, the mortality rate due to cancer has constantly been increasing. Examining the figures, one can say that the probability of cancer is rising, and so is the peril. Hence, buying a Cancer Plan is necessary these days.
Next, treatment costs are very high. Thanks to inflation, prices of top-notch medical procedures are sky-rocketing. Cancer, being a threatening illness, requires intensive medical care which by all means includes a heavy monetary drain. Those of the middle-class segment of the society can’t bear the expenses one could encounter during its second or last stage. Even after the surgeries, medication and therapy continue. Cancer Insurance Plan comes as a protector in this respect, which meets the expenses contracted in the treatment. This keeps you from going broke during a financial emergency.
Rising cases of cancer, coupled with sky-high medical expenses, forces us to get cancer insurance before it is too late. But it would be best if you heeded the factors mentioned below while purchasing a cancer plan.
A Critical Illness Plan
A Critical Illness Plan is designed to cover some specific illness. When you’re diagnosed with any of the disease listed in your policy document, the insurer pays a lump sum amount for its treatment. Cancer is on this list as most of the insurers include it in one or the other critical illness plan. In the case of cancer, the insurer pays the sum insured as a lump sum regardless of the exact expense of treatment.
A Complete Health Insurance Plan
Some insurance companies provide health insurance with full coverage that may cover cancer also. In that event, you will be covered for any cancer-related procedures, surgeries, daycare treatment, and chemotherapies. Pre and post hospitalisation charges will also be included. Thus, getting a comprehensive health plan helps reduce the financial entanglements one may face while fighting cancer.
A Cancer-specific Health Plan
There are health plans in the commercial market that are specifically created to cover terminal diseases like cancer. These are called Cancer Insurance Plans, which consists of all stages of cancer and carry the costs incurred during the treatment. The insurance company pays the sum insured as a lump sum which is a substantial financial help during a crisis.
How to Choose a Plan
The smart decision would be to buy a normal health insurance plan and complement it with a Cancer Insurance Plan or a Critical Illness Plan. The cherry on the cake will be if your health insurance gives a wide cover by including cancer-related treatments. In such circumstances, the lump sum money that your cancer plan offers could be used for paying other medical expenses or financial obligations.
Points to Remember
- The sum insured you select for a cancer plan should be enough as the cost related to cancer treatment could be costly depending upon the stage.
- Consider purchasing a policy at a young age to enjoy a lower premium.
- Read the fine print of the policy completely to avoid last-minute shocks.
Recognising the constant menace it throws, cancer is seen as a threat. When you cannot manage lifestyle and other environment-related risks, it is more helpful to prepare yourself to carry the costs before such illnesses knock on your door. Buy cancer plan and be remain financially comfortable!