In recent years, cancer cases have surged massively across the globe. With the rapid rise in cancer diagnosis, the cost of cancer treatment is soaring significantly. This booming cost relies on several factors, such as the severity of the disease, recurrence of cancer, cost and duration of the treatment, etc. The surging cost makes cancer treatment financially out of reach for most people.
Cancer insurance plans cover all these expenses and give you financial freedom. From offering waiver benefits if cancer is diagnosed at an early stage to covering non-medical expenses, a cancer policy provides all-around protection, saving you from financial breakdowns. Subsequently, we will explore what is covered under a cancer insurance plan and how it can save you money.
Financial Challenges Cancer Patients Face in India
The financial impact of cancer, especially on the middle class, is profound. If left unprepared, cancer treatment can lead to debt and bankruptcy, which influences the treatment outcome. To safeguard against this, opting for health insurance plans for family—especially those that include critical illness coverage—can offer a protective cushion, ensuring access to timely treatment without overwhelming financial stress.
Thus, before delving into the financial protection cancer insurance offers, it is crucial to understand the economic challenges cancer patients face in India:
- High Cost of Treatment:
Cancer treatment, including surgery, chemotherapy, radiation, etc, is extremely expensive. It can cause massive out-of-pocket expenses. Additionally, the treatment process also includes certain indirect costs, like the cost of travelling to the clinic, reduced income due to time taken off from work, etc. Cancer patients and their families experience financial distress due to such rocketing expenses.
- Impact on Income and Employment:
Cancer can take a serious toll on health and well-being. Since it affects a person’s ability to work, it can lead to job loss or demotion, resulting in decreased household income. Furthermore, losing your job means winding up the employment-sponsored health insurance. This can also increase the cost of cancer treatment.
- Accumulated Debt and Bankruptcy:
To manage the high treatment cost, people opt for medical loans and credit card debts. The accumulation of debts can also heighten the risks of bankruptcy.
- Forgone Care:
Financial constraints can delay the required medical treatment for cancer. This can pessimistically influence the condition of the patient and the rate of survival.
Why Do You Need Cancer Insurance?
The above-mentioned challenges are proof of how a health contingency like cancer can hinder your financial system. This is where the importance of a cancer insurance plan becomes prominent. A cancer insurance policy allows access to the necessary quality treatment without worrying about finances, and with the convenience to buy health insurance online, individuals can compare plans, customize coverage, and secure protection quickly—ensuring preparedness against unexpected medical burdens.
The economic security of a cancer policy lets you breathe easy and offers optimum peace of mind because you know that your finances will not get depleted in the hour of need.
What is Covered Under Cancer Insurance?
Generally, a person aged between 5 months and 65 years can opt for a cancer care policy. Take a look at the details of insurance cover for cancer patients:
- In-Patient Hospitalisation: This covers incurred hospitalisation expenses if the patient is admitted to the hospital for more than 24 hours due to illness, injury or accident.
- Pre-Hospitalisation: Medical expenses up to 30 days before the admission date are also covered.
- Post-Hospitalisation: Similarly, healthcare costs up to 60 days from the discharge date are covered up to 2% of the basic sum insured for each hospitalisation.
- Road Ambulance: The Cancer plan also covers the transportation changes for travelling to the hospital due to emergencies.
- Room Rent: The cost of room and nursing during hospitalisation is also covered.
- ICU Charges: If the insured patient is admitted to the ICU, then all the ICU charges are covered by the provider.
- Cataract Treatment: You can also opt for cataract treatment during your policy term since it also falls under the policy coverage.
- Modern Treatment: Modern treatment expenses up to the mentioned limits are also covered.
- Day Care Procedures: Treatments and surgical procedures that require less than 24 hours are also included in the policy coverage.
- Rehabilitation and Pain Management Expenses: Cancer treatment includes various pain management therapies. Most cancer care policies also cover such costs, up to 10% of the basic sum insured or less. Whichever is applicable.
Please note: The above-mentioned coverage details apply to all types of cancer covered by cancer insurance plans in India, like lung, prostate, ovarian, stomach, colon, cervical cancer, etc.
How to Save Money on Cancer Insurance?
Now that you know about the coverage and significance of cancer insurance, here are some tips and tricks that you can follow to save money on your cancer plan:
- Examine Existing Corporate Health Plan: Before buying a policy on your own, evaluate your corporate health insurance. There is a possibility that it already provides the coverage you have been looking for.
- Say No to Built-in Riders: Certain cancer plans are equipped with built-in riders. These policies are costlier than the general ones in terms of premiums. Thus, you can get a general cancer plan and include supplemental riders if needed.
- Ensure to Start Early: Starting early can also save you a lot of bucks. The earlier you invest, the less susceptible you will be. Insurance providers inflate the premium rates depending on your age every year. So, the older you are, the more premium you have to pay.
- Cut all the Unhealthy Habits: Quit smoking and drinking, as your insurer will take all these aspects into account before deciding the premium. Unhealthy habits make you more prone to diseases, consequently, you will end up paying more premiums.
What are the common myths about Cancer and Insurance?
With the rising list of cancer insurance plans in India, several myths about cancer insurance are also growing. These can mislead individuals, resulting in fear and confusion.
We are here to bust three common myths surrounding cancer insurance plans:
- Myth 1: If I opt for health insurance and then get diagnosed with cancer, the policy terminates automatically.
No, a health insurance policy never gets terminated automatically upon a cancer diagnosis. However, the clause about pre-existing conditions, including cancer, might affect the coverage benefits. To be in the safe zone, it is recommended to add a critical illness rider while buying your health insurance plan.
- Myth 2: Health insurance is too expensive for cancer survivors.
It is undeniable that health insurance premiums may become higher if you have a history of cancer. However, it is not unattainable. Insurance providers determine the premium after considering several factors, not only your medical history.
- Myth 3: Cancer health insurance covers all types of illnesses.
Cancer health insurance is designed to offer financial assistance for cancer treatments, such as hospitalisation, radiotherapy, and chemotherapy, among others. Typically, it doesn’t extend coverage to other illnesses or pre-existing conditions.
Final Words
To sum up, getting diagnosed with a critical condition like cancer is surely worrisome, and the expense associated with the disease is nothing less than a nightmare. However, a cancer insurance plan serves as a huge financial aid that lets you get standard treatment without causing any financial damage.
While there is a selection of cancer insurance policies available online, the Star Cancer Care Platinum Insurance Policy from Star Health Insurance is the best cancer insurance policy to many due to its hassle-free claim process, a nationwide network of hospitals and tailored wellness program. Get yourself cancer-secured today!