Livewell: Health Insurance & Wellness Blogs | Max Bupa
What is cancer insurance plan?
14 October 2020
Cancer is a debilitating condition that takes a toll on one’s health and finances. To reduce the financial stress of a critical illness like cancer, it is crucial to prepare health-related contingencies. One such contingency fund is insurance: specifically, cancer insurance. Here’s everything you need to know about cancer health insurance policies.
Cancer insurance is any insurance created with the goal of managing the financial risks associated with being diagnosed with any form of cancer. Not only does cancer insurance help mitigate the costs of treatment, but it also offers financial support to policyholders in form of a pay outs on positive diagnosis of condition.
The money from a cancer policy is typically payable at the various stages of diagnosis and treatment of both major and minor ailments. To qualify for receiving cancer insurance, the insured cannot be suffering from any ailments that are listed in the policy terms. Those who are previously treated and diagnosed are also often ineligible to receive cancer cover.
Oftentimes cancer covers have an overlapping set of illnesses, which they protect an individual from. Every stage and type of cancer is covered by a cancer insurance plan. This includes the following cancers:
- 1. Lung cancer
- 2. Stomach cancer
- 3. Ovarian cancer
- 4. Prostate cancer
- 5. Hypo larynx cancer
Typically, the exclusions to the cancer insurance policies have to do with cancers caused as a result of sexually transmitted diseases like HIV, AIDS, and more. Other exclusions may include cancer that has to do with any pre-existing condition, congenital condition, contamination that is a result of something physical, chemical, or biological, or any form of radiation that caused it. While these are general exclusions to such policies, every insurer will have their own specific exclusions.
Traditionally, health insurance policies do not cover cancer related claims. Hence, cancer insurance makes a very useful cover to add on to a pre-existing health insurance.
Further, there are certain situations in which, buying an insurance policy for cancer is very helpful:
- 1. You have a family history of cancer making your family genetically predisposed to it.
- 2. If you believe that, your environment and lifestyle predispose you to cancer in any way.
- 3. You lack the required savings to pay off hefty medical bills associated with a long-term illness.
- 4. You have a regular health insurance policy, but you want the added coverage from a supplemental policy on top of it.
- 5. You are the only member in the family with a steady income and want to avoid healthcare costs down the line
Keep in mind that when you buy cancer insurance online to add to your health insurance, you are broadening the scope of coverage you receive. However, you will not receive double the coverage. Insurers often keep a handy clause that prevents one policy from covering what a separate policy is already covering. This is typically labelled under the ‘coordination benefits’ clause. Secondly, Section 80D of the Income Tax Act allows you to receive tax benefits on the premiums paid towards a cancer insurance policy. There are a slew of other points to remember before buying cancer insurance policy.
To pick a good cancer insurance policy, ensure you look for the following benefits. Choose a comprehensive coverage plan that covers all stages of cancer without too many exclusions. Some insurance policies like the insurers Max Bupa CritiCare Insurance Plan offer pay-outs upon diagnosis of the cancer itself. One need not wait for the cancer to reach any particular stage or degree of severity. You also get the protection against 20 other severe critical illnesses with the Max Bupa CritiCare Policy.