How To Choose Best Cancer Insurance in India?

For the longest time, cancer has been a fatal disease, with a very high mortality rate. Once diagnosed, people inevitably succumbed to it. But in recent years, developments in medicine and technology have made it possible to treat and eradicate cancer, if diagnosed at an early stage. As a result, patients are able to recover and return to normalcy sooner than before. However, this does not take away the immense medical expenses associated with the diagnosis and treatment of cancer that involves chemotherapy, radiation, and surgery, or an amalgamation of all. Research estimates put the total toll of cancer patients in India to 15 Lakh by 2025 and therefore it is extremely important to have a health insurance policy that will comprehensively cover the high treatment expenses of cancer.

While individuals can always choose to maintain a healthy lifestyle to prevent cancer, the disease is sometimes also a hereditary and genetic manifestation. Early screenings and diagnosis after a certain age will help to identify the early stages of cancer and increase the individual’s chances of survival. Whatever the case, strong fiscal support is undeniable and you should remember to choose your cancer health insurance wisely.

If you are looking forward to buying cancer health insurance, you can determine the best option by weighing the following pointers of different health insurance companies -

1. Higher Sum Assured -

The high treatment costs related to the diagnosis and prevention of critical cancer cannot be stressed more and so one of your prime concerns should be a higher sum assured. Different insurance companies offer different amounts, but, you should choose the policy that matches most suitably with your lifestyle. If you are an urban dweller, the cost of your treatment will be comparatively higher than someone living in a small town and so it is crucial to choose a sum insured that is at least 1.5 times the average treatment costs. You should avoid buying policies that come with a sum insured amount less than INR 5 Lakh and if you are looking for a family floater option, your sum insured should correspond with at least 50% above the average cover provided by insurance companies.

2. Co-Payments -

Contrary to the popular notion that all expenses are paid by health insurance companies, co-payments are a feature where a part of the total medical expenses is paid by you. Many people utilise this to reduce their premium amounts. But, if you are looking for a cancer health insurance policy where the minimum expense is also exceptionally high, you should select a policy that has a very low amount of co-payment or no co-payment clause at all. It might not be the best option for you to seek complete medical and financial coverage for cancer.

3. Critical Illness Add Ons -

A Critical Illness add-on is often a beneficiary supplement to your cancer health insurance and you should look for plans that incorporate this feature. It usually covers ailments such as a benign brain tumor, coma, open-heart surgery, organ or bone marrow transplant which can affect anyone at any point in time and is often for cancer patients who might have other comorbidities.

4. Waiting Period -

All health insurance plans come with a waiting period, during which time you cannot make any claims on the insurance company. Before the completion of this stipulated period, the insurance provider is also not liable to provide you with any services. Hence, while selecting a cancer health insurance plan which might require an immediate payout of funds for medical treatment, it is advisable that you select a plan that comes with a short waiting period. Different insurance companies have different waiting periods, but sometimes it can range from a few months to almost 2 years and you must tally your priorities with this particular aspect if you want to ensure maximum coverage and benefit options.

5. Pre Existing Medical Conditions -

You must be aware of your pre-existing medical conditions and your family’s medical history before applying for a cancer health insurance plan. In certain cases, the severity of the consequences which can be borne out of a critical disease other than cancer does not guarantee a new cancer health policy to an individual. Even if you are eligible for a cancer health insurance policy, the non-disclosure of pre-existing medical conditions can also lead to the cancellation of your policy. Hence you must be wary about these conditions before you decide to invest in any particular insurance company.

However, nowadays, some insurance companies do offer cancer health insurance including pre-existing conditions, but at a higher rate of premium.

The pointers will help you to select the best cancer insurance policy in India. With the coverage of regular hospitalization and treatment expenses, strong fiscal support is provided by cancer health insurance which can be used for other needs as well. A cancer health insurance is nothing less than a pillar of support for those affected and their family members and this list of pointers will hopefully aid you in making a better decision.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.