The Buyt Desk
Some of the latest studies on cancer state approximately 19.3 million new cancer cases will appear in the United States by 2025. And it will be accountable for nearly 6 Lakhs death. The number is alarming for India, but India is also no good at this. One can see cancer patients having their reports in hand, exhausted, physically, financially, and mentally around any cancer hospital. And if you ask them what troubles you the most? The answer would be the cost of treatment.
Cancer insurance is a way to escape the financial and emotional mayhem that this disease brings to the family. This insurance provides financial coverage to cancer patients at different stages and helps them take treatment without worries. However, getting the right insurance is the key here because these policies come with lots of nitty-gritty.
Although this lifestyle disease has become ubiquitous with time, a group of people is more vulnerable than others. Hence, it becomes imperative to consider a few factors before buying a cancer policy.
Benefits and Indemnity – Cancer treatment cost is high and continues for the long term. An insurance policy proves a saver during this critical time, provided you have chosen the right one. Two types of cancer policies are available in the market, benefit, and indemnity. The benefits policy pays the amount upon the diagnosis of the disease and continues till the survival period. The indemnity policy has a waiting period, and a person gets the reimbursement in accordance with the amount spent over the period of treatment.
If you have a family history, bet on the benefits policy. It is because people with a history lie in the high-risk group.
Enough Coverage Amount – Considering the exhaustive treatment cost of cancer, including radiation, chemotherapy, surgery, etc., you should consider taking insurance that gives high coverage, or else it would take a lot from your pocket.
Zero Waiting Period – If you have a history ofInsur the disease and fall in the risk age group, i.e., 30-50 years, get a policy with a zero wait period. Often policies come with a waiting period for particular treatments and conditions, including cancer. People already diagnosed with cancer or have been through the treatment of the disease earlier are likely to get a policy with a long waiting period. If no option is available, take one with a minimum wait period.
Co-payment Clause – A few health insurers impose a co-payment clause on policy buyers and upper sub-limit for cancer. It means the policyholder will pay a certain percentage of the treatment amount. For example, a policy with 50 Lakhs coverage can have a 5 Lakhs cap for cancer treatment. Consider both clauses before signing the agreement.
Clause for Pre-existing and Existing Disease – Whether you buy a policy for a critical illness that covers cancer or a cancer treatment policy, a thorough scan of all the clauses mentioned in the policy pertaining to critical conditions is imperative. Also, you must disclose every detail of your health, such as pre-existing illness and family history, with the insurer. Non-disclosure of these crucial details will not only lead to the claim rejection but also dismay condition.
Survival Period – Some insurers specify that the cancer patient must survive for a particular period after the diagnosis and treatment of the disease. They offer the insurance benefit only after a patient completes that period. Insurers mention this clause in the terms and conditions section. Thoroughly scan this section of the policy before making a decision.
