Cancer Insurance Cover: While buying a cancer insurance policy, you can choose the right cancer cover by analyzing the plans of insurance companies and their benefits.
The ICMR report has claimed that the number of cancer patients in India may reach 25 lakh in 2025, which will be 12 percent more than the estimated figures of 2020. Cancer disease is increasing in people, keeping in mind that it has become necessary for you to take cancer insurance cover. If there is a risk of cancer in your family, then opt for an insurance cover that can easily cover you and your family members without damaging your finances.
There are some important things to keep in mind while buying a cancer insurance policy. By doing a thorough analysis of the various plans of the insurance company and their benefits, you can choose the right cancer insurance.
Health checkup
Experts say that the sooner you know about the disease, the sooner you will be able to get rid of it. Therefore, regular health checkups should be done. Women over the age of 40 should have specific tests like mammography, pap smear and ultrasound. For men over the age of 55, ultrasound testing can help in early detection of the disease. Therefore it is necessary to buy cancer insurance that supports such health checkups.
Sufficient Sum Insured
There are many options available for cancer policy, but you should buy a policy with adequate sum insured. The cost of treatment is increasing every year, so your sum insured should be enough to cover this cost.
Generally, it is necessary to take cancer insurance coverage of 1.25 times the treatment cost of the place where you live. In this way, you can easily combat the rising medical expenses. If you are taking a family floater policy, then you should choose more coverage.
Understand the co-payment clause
As per the co-payment clause, the policyholder has to bear some part of the medical expenses himself. Whereas, the outstanding amount is paid by your insurance company. This clause helps you to reduce the premium, but it is not advisable to use it in a policy purchased for cancer as the cost of treatment is very high, so you have to pay a large portion, which is quite a lot as compared to the savings of the premium. Is greater.
Check waiting period
While buying insurance for cancer, it is important to know the policy’s waiting period rule. Different health insurance plans have different waiting periods. If the waiting period is longer, then you will have to wait a long time for your cancer treatment coverage to start.
Compare term
Some plans offer a maximum term of 20 years. If you are 30 years old then this is not enough because when you turn 50 then this plan will expire and you will have to pay a lot of premium at that time to buy a new plan again. You should find out about the term of the plan of different companies based on your need.
Remember one thing, the cancer plan should be bought separately, do not buy it in lieu of your standard health insurance policy. Read the sales brochure carefully to know the benefits, limits, terms and conditions that come with the policy.
