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How to Choose the Best Health Insurance Plan with Cancer Coverage

In addition to the physical suffering and mental trauma, cancer also comes with a massive financial burden

  • 11 Jun 2018
  • min read
  • 150 views

Cancer awareness is essential in order to take an informed decision

In spite of the progress in research and technology, cancer is still one of the most lethal diseases out there. While there are no guaranteed ways of reducing the risk of cancer, there is a responsible decision you can make to reduce the financial burden in the face of such odds.

Need for Health Insurance with Cancer Cover

The thought of being diagnosed with cancer is a frightening one but what’s more frightening is the probability of that becoming reality.About 70 to 90 percent of all cancers are because of environmental factors instead of the genetic make-up, and researchers predict that by 2020 there will be over 17 lakh cancer cases in India. Under the light of this information, it becomes crucial for oneself to protect their wellness by opting for health insurance with cancer cover.

Cancer is a very taxing disease, physically and emotionally, but also financially. Cancer treatment involves massive costs that keep increasing as the disease progresses. The last thing a person suffering with cancer needs is the burden of the heavy treatment costs. A health insurance with cancer cover will be a much needed source of relief in such stressful times.

Types of Cancer Covered by Insurance Plans

Most insurance plans with cancer cover various types of cancers like lung cancer, stomach cancer, ovarian cancer, prostate cancer, breast cancer and more depending on the plan you opt for.

Coverage Against Multiple Stages of Cancer

There are four stages of cancer ranging from the early stage to the critical stage. An important thing to keep in mind while getting cancer cover with health insurance is to check whether it covers all the stages and meets the financial demands of each stage.

Term of the Plan and Tax Benefits

The term of the plan is essential. Some plans have maximum term of 20 years, which may seem like a long time now but if you get it at 30, it will cease to cover you once you turn 50. You should go through the term of different plans carefully and choose the one that suits your needs.

Also remember, under section 80D of the Income Tax Act, cancer insurance plans are liable to avail tax benefits.

Also read:

Things to Consider

There are a few things you need to consider before you buy health insurance with cancer coverage. You need to check if the insurance will support treatment costs even after the first diagnosis, whether the benefits differ depending on the different stages of cancer and if there will be a waiver of premium upon diagnosis.

Now that you know the need and benefits of a cancer cover, make it a point to have it included in your health insurance plan.

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