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Do You Need Cancer Insurance with Health Insurance?

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Do You Need Cancer Insurance with Health Insurance?

Most people believe that a health insurance policy covers the treatment for all kinds of illnesses. However, it is not true; it may not include critical illness like cancer. Read on to know if you should buy separate cancer insurance.

A medical research data published in Lancet Oncology Journal suggests that nearly 10 lakh people get diagnosed with Cancer in India and six to seven lakh people die of the dreaded disease. The research further states that by 2035, the number may almost doubt, and nearly 17 lakh people may fall prey to cancer.

To make matters worse for the public, the cost of treatment for cancer has increased substantially. In some cases, the treatment cost may run into several lakhs, and if you don’t have sufficient insurance coverage, you may deplete all your lifelong savings on the treatment. So, the big question is, is your general health insurance enough to get coverage against cancer.

The answer depends on the type of health insurance policy you have. Some insurers in India cover cancer treatment. You can also buy an additional add-on like critical illness cover to get coverage against cancer. But, remember such policies may have several restrictions, and terms and conditions, which may not help you get sufficient financial compensation for cancer treatment.

The best way to get full financial protection from cancer is to purchase cancer insurance. Read on to know more about its importance.

  • It is a known fact that cancer is a genetic disease, and if your family has a history of cancer, then you are at risk of getting diagnosed with cancer at a later stage in life. It is, therefore, advisable to be proactive and get protection with a cancer insurance policy. However, before you purchase a plan, you must be aware if the policy covers a pre-existing condition and what is the waiting period before you can file for a claim.

  • Having sufficient financial backup makes a huge difference during a medical emergency. In some cases, the treatment cost for cancer can deplete your full savings. Having robust cancer insurance helps you cover the treatment cost and allows you to be financially stable. Additionally, knowing that you have sufficient coverage, you can get access to quality medical treatment.

  • If your family has a history of cancer, and if you don’t have any health insurance cover, it is better to purchase cancer-specific insurance as you can get coverage at a lower premium than a comprehensive insurance policy.

  • Another significant advantage of buying a cancer-specific health insurance policy is that such policies cover almost all types of cancer except skin cancer. Also, you must know that if cancer occurs due to STD (sexually transmitted disease) or AIDS, then such a claim is not covered.

Some cancer insurance plans also provide a daily income benefit for a specific period (as mentioned in the policy documents) to assist the family financially while the policyholder is undergoing treatment. Remember, all cancer insurance policies come with a waiting period, and if you are hospitalised before this period, you cannot file a claim for the same.

  • In most cases, the cancer treatment extends beyond the days spent in the hospital; you may have to undergo post-hospitalisation treatments like chemotherapy, radiation therapy, or both. Also, you may have to visit the hospital frequently for follow-up check-ups and tests. A cancer insurance policy can help you cover both the pre-hospitalisation and post-hospitalisation costs.

Thus, cancer insurance has more than one benefit. But, it has its restrictions too, it will not cover the treatment expenses as the usual health insurance policy. So, it is better to have both the coverage to get maximum protection.