The cost of treatment of cancer is exorbitantly high. A good health insurance plan that offers coverage for cancer can be of great help as it provides much needed financial support. We tell you how to get good insurance protection against cancer.
How do the cancer plans work?
There are many comprehensive standard health insurance plans that cover a wide range of diseases including cancer. These plans are indemnity plans which pay for the actual treatment cost within the overall limit of the sun insured. If you have a comprehensive plan you need to check it thoroughly to understand the level of financial protection it offers against cancer.
When it comes cancer special plans, then most of these plans are defined benefit plans. Most cancer policies offer defined benefit plans where a fixed benefit is payable to policyholder in case he/she is diagnosed with any of the specified early or major stage cancer during the policy term,” says Abhishek Misra, CEO & Principal Officer, Bonanza Insurance Broker.
Many critical illness insurance plans which are also defined benefit plans also cover various types of cancers. However, a cancer special plan may have the edge here. “A cancer care policy is designed to specifically address the medical requirements related to cancer treatment only, whereas a critical illness plan with cancer coverage caters to listed chronic conditions and critical illnesses, cancer being one of them,” says Vivek Narain, Co-founder & Promoter of Sana Insure. “A cancer special plan would consider and cover various aspects of cancer treatments in depth as compared to a critical illness policy. For example, cancer care special plans cover early to advanced stages of cancer, while a critical illness plan might restrict coverage to advanced stage alone,” adds Narain.
Mind the waiting and “The initial waiting period, typically ranges from 90 days to 180 days from the policy inception date depending on the insurance company. During this period, the policyholder cannot make any claims. In the survival period, the insured has to survive a specified number of days from the date of first diagnosis of cancer,” says Misra.
The waiting period is mandated by the insurance companies so that it does not have to pay in case the personal already had the disease at the time of buying the policy. “The waiting period put by the insurer is to avoid fraudulent claims, pointing towards people who have already been diagnosed with cancer and they still seek to coverage for their impending expenses,” says Narain.