How to choose the Best Health Insurance that can protect you from high cancer treatment costs
With a cancer benefit policy along with regular hospitalization & treatment expenses that are cover by a health insurance plan, a lump sum can be claim.
By Dr Sudha Reddy
When we hear the word Cancer, all of us freeze.
That’s because, for the longest time, cancer was a fatal disease.
Once diagnosed with it, people invariably succumbed to it.
But over the last few decades, massive leaps have been made in the treatment of Cancer.
Today, many Cancers are fully treatable, if diagnose early.
Advances in treatment have meant that people can recover and resume normal lives even after Cancer treatments.
According to ICMR, cancer cases in India are expected to touch 15 lakhs by 2025 & it is important to be prepare to tackle it.
With medical costs increasing rapidly & treatments for illnesses like cancer demanding surgery, radiation & chemotherapy, or a combination of all, the treatment expenses can be very high
Staying prepare – Prevention & Protection
Make healthier choices
A healthy diet, sound sleep and regular exercise form the basis for a stress-free and healthy mind.
A few lifestyle choices like tobacco & alcohol consumption have also been correlate with increasing the risk of cancer.
Tests & screenings
Early diagnosis of cancer makes the treatment easy & leads to full recovery.
Regular health check-ups & screenings can help detect the early stages of cancer.
An annual screening after the age of 40 in women & the age of 55 in men can be helpful.
Choosing your health insurance wisely
Higher sum insure:
It is always better to be prepare & adequate cover for any medical expenses.
There are multiple covers available with different combinations in the market that provide the most suitable coverage for your needs.
If you are living in a metro city & the cost of treatment will be higher as compare to the treatment cost in smaller towns.
It is important to choose a sum insure that can cover at least 1.25 times the average cancer treatment.
The cost of treatment will vary with the type of cancer detect.
But coverage of INR 5-7 lakhs is the minimum one must have & then planning to buy a family floater policy then increase the above expect coverage by 50% as it is shared between members of the family.
Co-payments are many health insurances where in require to pay part of your claim based on the percentage.
It is used by many people to reduce their health insurance premiums & if you’re looking for coverage against big expenses, a co-payment may not be the best option.
Critical illness add-on:
A critical illness add-on covers beyond cancer. Benign brain tumor, coma of specified severity, open heart surgery, organ/ bone marrow transplant, different types of cancer, heart conditions.
The medical treatments that are generally covered under critical illness cover & Some people choose health insurance without critical illness cover , they can look at a separate cancer benefit add-on.
There will be a waiting period in case of any health insurance & it is not different for critical illness covers.
Different insurers have different waiting period options available with the product & it is important to understand the waiting period of the product that you have chosen.
Pre-existing medical conditions:
It is very important to inform your insurer about your complete medical history.
In some cases, if there is an existing cancer condition or history & then getting a new policy becomes difficult.
On evaluating the needs insurers can provide the most convenient financial protection & higher premium.
Insurance providers now have policies that can cover your cancer treatment costs from diagnosis to cancer-related treatment, like chemotherapy, surgery, hospitalisation, radiation therapy, immunotherapy & other incurred expenses.
With a cancer benefit policy & along with regular hospitalization & treatment expenses are covered by your health insurance plan, a lumpsum can be claimed under the cancer benefit plan & which will help in the other expenses.
Cancer insurance can be a pillar of financial support for those affected and their families. It can relieve them from the financial stress that one undergoes at the time of treatment.
Policies Covering Specific Illnesses Such:
Policies cover illnesses like heart disease & cancer which are usually avoided by many insurers. The premiums for such policies are high as the risk is high for the insurer.
Don’t Rely on Employer-Provided Health Insurance:
But no matter how much health cover your employer provides & it has its own drawbacks. Let’s understand why having your own health coverage is important.
- Employer-provided insurance benefits will end the moment you leave or change the job.
- You can not carry forward the benefits of employer health insurance.
- Having your own health cover early in life will always help in the case, you are diagnosed with any illness.
- Employer-provided insurance clauses can change at any time.
- Employer-provided health coverage can exhaust in a single hospitalization. You must have a backup policy.
- Would you buy an expensive health cover post-retirement?
Things You Should Know About Health Insurance
- No insurer will provide cover for a person aged above 90 years & existing policies also cease to be effective once the insured crosses 90 years of age.
By now you have gauged that you and your family’s health insurance needs will be unique.
You have to choose a policy based on various factors such as sum insured & co-pay, sub-limit clauses and network hospitals & not just about quoting low premiums.