Livewell: Health Insurance & Wellness Blogs | Max Bupa
How to choose the best cancer insurance policy in India
10 November 2020
Over the years, the number of people getting afflicted with critical illnesses like cancer has been on a steady rise. And the ever rising hospital expenses for treating such a disease can quickly drain your finances. This is primarily why you should invest in a good cancer insurance plan. It can help cover your medical bills and other costs associated with treating this deadly disease.
These days, almost all major insurers have cancer insurance policies as a part of their product portfolio. But then, with so many options to choose from, how do you go about picking the best cancer insurance plan in India? If this is something that’s on your mind right now, here’s how you can select the best cancer insurance plan.
Since getting a critical illness insurance for diseases like cancer is something that’s of utmost importance, it is always advisable to keep certain factors in mind while shopping for one. Let’s take a brief look at some of them.
This is arguably one of the most important factors that you should consider when you’re out to buy cancer insurance. With rising hospital expenses and an extra-long treatment regimen for cancer, the cancer health insurance policies that are on your radar should ideally come with a sum assured that is high enough.
This would not only allow you to tide over your hospital bills smoothly, but would also help reduce both financial and mental stress. And here’s something that you should note. While being over-insured is never a cause for concern, you just need to ensure that your budget is capable of accommodating the health insurance premiums that come with it. So, that’s something that you should also think about when choosing the best cancer insurance plan in India.
When you’re buying a health insurance policy for cancer, make sure to read through the terms and conditions of the policy thoroughly. Knowing the terms of the policy’s coverage beforehand is extremely important, since you don’t want to put yourself in a position where your medical bill reimbursements don’t get accepted by your insurer.
Ideally, the cancer insurance plan that you choose should be as comprehensive as possible. It should preferably include coverage for medical procedures, medications, radiation therapy, chemotherapy, and other treatments. It is recommended that the critical illness insurance plan of your choice also cover costs associated with hospitalization.
Since cancer treatment procedures can be very expensive, it is a good idea to opt for one that covers different types of cancers and the various stages of the disease as well. In fact, it is advisable to opt for a plan that pays out a percentage of the sum assured depending on the stage of cancer that you are in.
When you’re looking for the best cancer insurance plan in India, the duration of the cover is an equally important metric to consider. This is primarily because cancer as a disease can affect a person at any point in life. And so, it is necessary to have a plan that offers you comprehensive coverage for a long period of time.
Furthermore, most cancer treatment protocols are long-winding and can take months on end. Therefore, it is best that you opt for cancer health insurance policies with long coverage tenures. That said, also be on the lookout for long duration plans with minimal hikes in the health insurance premium. This way, you can protect yourself completely and minimize the financial impact as well.
Most people tend to skip these factors when shopping for individual health insurance plans, family health insurance plans, and even cancer insurance plans. The waiting period clause stipulates the period of time until which the policy would not come into force.
Similarly, the survival period clause stipulates a period of time for which the policyholder has to survive, from the time of cancer diagnosis, in order to be able to claim the benefits in the policy.
While these are some important factors that you should consider, they’re far from the only ones. That said, before choosing the best cancer insurance policy, always ensure to compare health insurance plans. This way, you can get a better idea about the various features and options on offer. Also, it is a good idea to buy cancer insurance online to avail online discount.