There is nothing more valuable than good health. Though you may take the necessary preventive measures to remain in the pink of health, the chances of hospitalization due to a specific disease cannot be eliminated. In order to seek coverage against specific diseases such as cancer, it is imperative to invest in a disease-specific plan.
One of the most deadly diseases in the world is cancer. According to statistics by the Indian Council of Medical Research (ICMR), it is estimated that there will be around 17.3 lakh of new cancer cases in India by 2020. Out of the total number, around 8.8 lakh individuals in the country will succumb to this disease.
Many individuals believe that purchasing an individual health insurance policy will provide coverage against cancer. However, such is not the case. To enjoy financial coverage against cancer, it is important to purchase a health insurance policy for cancer.
Following are four major differences of cancer insurance over other health insurance plans.
Level of coverage
The scope of coverage varies among cancer insurance and individual health plans. Most cancer plans provide financial protection against various stages of cancer. This includes early stage as well as a major stage of cancer. Coverage against various stages offers comprehensive benefits to cancer patients. A basic mediclaim policy, on the other hand, does not cover disease-specific plans. Such an insurance policy covers expenses in case of hospitalization such as nursing charges, medicines, and room rent, among others.
Reasons to buy
The reasons to buy health insurance for cancer patients are many. Most importantly, it offers coverage for all expenses related to cancer. Such a policy is a benefit-based insurance plan. Cancer patients may, therefore, use such a plan to pay medical expenses related to cancer. The sum assured received upon diagnosis of the disease acts as a replacement for a cancer patient’s monthly income. An endowment policy, on the other hand, is ideal for covering expenses related to surgeries, alternative treatment, diagnosis, and other medical expenses, among others.
Duration of the policy
Individuals who purchase a cancer cover enjoy the benefits for a long-term, say around 20 years. An individual health insurance policy, however, offers coverage for a duration of one to two years. This means you are required to renew the policy after one to two years to continue enjoying the benefits of the plan.
Individuals best suited for
A cancer secure policy is ideal for individuals who are at a high risk of contracting the disease. Those with a family history of cancer may consider investing in such an insurance policy. Other individuals who wish to seek coverage against high cancer costs too may consider such a plan. A basic indemnity policy, however, is recommended by financial advisors for almost everyone. Given the rising medical inflation, it is necessary to be financially protected at all times. However, such a plan may not provide adequate coverage against cancer. Hence, you may invest in a cancer cover over and above your current health policy plan. You may either add it as a rider to your existing plan or purchase a standalone cancer insurance policy.
The aforementioned points throw light on the various differences between a cancer secure policy and an individual health plan. You may identify the risks and the high medical costs associated with the treatment of cancer, and consider purchasing a cancer cover at the earliest.