Most people are aware of the expensive treatment cost for cancer. However, they do not express their concern in fear of burdening their families. The right way to handle this circumstance would be to choose a good cancer insurance policy. This could help them manage any financial burden with ease and focus on the other vital elements. However, unlike other health insurance policies, this indemnity-based plan does need some consideration.

Image Source: Shutterstock

A recent study shows that over 2.25 million people have cancer in our country. These numbers are increasing annually, with over 11 lakh new cases. Though these are alarming facts, this is only the tip of the iceberg. This same study has also analysed the risk of cancer for the consumers. These numbers reveal that almost everyone is at risk. Specialists in the field are also in the process of understanding the reason behind this rapid growth. There is no particular cause or reason for the development of cancer. Various contributing factors can influence the abnormal growth of cells.

Another terrifying fact is that these factors could react differently based on the individual. Though people can detect it early, there is no way to prevent it. Undetected cancer could be like a rolling boulder; it would create significant damage. Most people, especially in Indian society, tend to ignore the most obvious signs of cancer. A lump or sore that does not heal for quite some time is worth checking. In their defence, the primary reason for ignoring the symptoms is the fear of the results and treatment cost.

Here is a guide to determining the best cancer insurance policy.

Prioritise your needs

Medical emergency and financial need are some terms used while choosing a policy. However, it is vital to remember that every person’s needs are different. Understand your requirements thoroughly. This will help you choose the best cancer insurance policy.

Analyse the coverage plan

 One of the common mistakes is that consumers often confuse hospitalisation charges with medical expenses. Cancer patients often have more medical bills than other patients, inclusive of chemotherapy and diagnostics. The cancer insurance policy should offer comprehensive coverage for all types of cancer.

Think big for sum insured

 Sometimes, cancer treatment charges can feel like a bottomless pit. The actual cost could be based on the type and stage of the disease. It is crucial to be prepared for all kinds of emergencies. Always choose a higher sum insured value to handle the challenging situation with ease.

Get better deals on Premium

 Though a cancer insurance policy is mandatory, the premium amount can be heavy on the pocket. Therefore, always compare various policies and their benefits to choose the best policy to meet your needs.

Understand the waiting period

 The waiting period is crucial in a cancer insurance policy as insurance companies might have pre-existing conditions and diagnosis regulations during that specific period. Therefore, it is vital to check for these terms while choosing a policy.

Know the exclusions

Always know the exclusions as the insurers would reject the claim if these items were included. Though the customers can apply again, it is a time-consuming process.

These are some of the crucial elements to consider while purchasing a cancer insurance policy. Specialists often emphasise the need of choosing a policy well in advance. Most people have the habit of ignoring their healthcare-related decisions when in prime health. They believe that they are strong and are not vulnerable. However, cancer always comes when people least expect it.

The health of the person might not have a different impact on these factors. There are various instances when the healthiest person tends to get affected. An advantage of sourcing a cancer insurance policy is low premium rates and a higher chance of approval. Most insurance companies often ask for a clean bill of health. This report could impact the approval rate and also the premium value. Leading firms such as Care Health Insurance offer no-claim bonuses, which would increase the sum insured value at lower premiums.