Of late, there has been a considerable increase in lifestyle-related diseases, largely owing to the rise in smoking, alcohol consumption, unhealthy food habits, and more. While there are several health issues affecting both young and older people, cancer is the most common one. Moreover, cancer is not only mentally and physically draining as its high-expense treatments can exhaust your savings in a few months.
As a result, cancer insurance plans have become quite popular today, as they not only provide financial aid but also act as safety nets during such challenging situations. However, purchasing a cancer cover policy has several other advantages that this guide will highlight. But first, let’s understand the basics of cancer cover policies.
What Is a Cancer Cover Policy?
A cancer cover policy is designed to offer financial coverage to policyholders if they are diagnosed with cancer. It provides compensation for several medical expenses associated with the disease, such as hospitalization, chemotherapy, radiation, surgery, and other treatments. However, a cancer cover policy comes with a waiting period, and the benefits don’t extend to people who already have cancer or were previously diagnosed.
Moreover, the policy’s coverage sum is typically paid in stages such as minor, major, and critical. Plus, there are generally no surrender, maturity, or survival benefits with the plan.
Now that we know how a cancer cover policy works let’s look at some situations it can protect you against:
- Medical Inflation
As India’s public healthcare expenditure recently reached an estimated 1.6 trillion, medical inflation has been on the rise. As a result, having sufficient financial protection has become more important now than ever. But even if you already have savings & investments, cancer treatments can quickly become over-burdening, making it hard to get by even with a regular income. However, investing in a cancer cover policy will ensure that you don’t have to pay any hefty bills for hospitalization, chemotherapy, or radiotherapy from your pocket.
- Lack Of Proper Treatment
When it comes to cancer, getting proper treatment is crucial to an individual’s recovery process. But financial constraints can prevent people from seeking the right treatment, resulting in poor recovery. Similarly, others simply don’t opt for professional care as the costs are too high. However, a cancer cover policy can act as a financial cushion, helping you overcome financial troubles and seek proper medical attention.
- Additional Expenses
While the treatment process for cancer mainly involves chemotherapy, radiation, and sometimes surgery, there are several other additional expenses that come with it. These include medication, blood tests, MRIs, CT scans, daycare procedures, and more. So, having a cancer care policy will help manage all these costs without them becoming a burden. Additionally, some cancer insurance plans even cover such additional costs, so be sure to check the inclusion list.
- Depleting Savings
Since cancer treatment is an expensive and long process, it can deplete your savings in a short span of time. But buying a comprehensive cancer care cover will help pay for the hospitalization, chemotherapy, radiotherapy, medication, and other medical treatments, helping you keep your savings intact.
- Compromised Sense of Security
Battling cancer can be quite exhausting, which in turn affects mental health and well-being. It also prevents you from focusing on getting better and hampers peace of mind, especially if the disease is in the latter stages. However, purchasing a cancer cover policy will not compromise your sense of security as you will have a safety net to fall back on. Additionally, you won’t have to worry about financial instability.
Your Way Forward
Now that we know how a cancer cover policy works and how it can benefit you, it might be time to start exploring cancer insurance plans. While it is essential to compare the plan features, inclusions, exclusions, and terms & conditions, you also need to find the right insurance provider. Well-established and reliable insurers like Care Health Insurance offer customizable cancer care plans at affordable premiums, so don’t forget to explore their website today!