10 Crucial Factors to Consider Before Buying Cancer Health Insurance

The incidence of cancer cases has been rising every year. Considering the exorbitant costs involved in cancer treatment, it would be wise to brace oneself with a cancer health insurance plan. However, there are a few factors that require careful consideration when buying insurance for cancer.

 10 Factors to Consider When Buying Cancer Insurance

When buying a health insurance plan for cancer, consider the following factors to select the best one.

 1. Type of Policy/Coverage

When you set out to buy cancer insurance, there are multiple options to choose from. You can either buy critical illness insurance with cancer coverage, cancer insurance or a cancer cover add-on with your basic plan.

You can opt for either a benefit policy or an indemnity policy. Under the benefit policy, you are entitled to the sum insured upon cancer discovery and passing the survival period. With indemnity plans, you can raise a claim and get paid for the cancer treatment charges.

 2. Coverage Extent

The fact that cancer is an expensive disease to treat is no longer hidden. Since the treatment is extensive, the costs are sure to give your savings a tough time. When buying cancer insurance, opt for a plan with robust coverage for treatment expenses, hospitalisation charges, pharmaceutical bills, chemotherapy, pre and post-hospitalisation charges, and so on. Also, check if various types of cancers are included in the coverage so you are not in for a bad surprise when raising a claim.

 3. Know the Waiting Period

All insurance plans come with an initial waiting period, after which the specified/pre-existing disease is included in the coverage. During the waiting period, you are not eligible to make any claims. Hence, choosing an insurance policy with a shorter waiting period is a wise thing to do. For example, the TATA AIG Criti MediCare insurance plan comes with a waiting period of 36 months.

 4. Cancer History

Individuals who have had a history of cancer are most likely to face rejection at the hands of insurers. If you were diagnosed with cancer earlier, your application may be rejected since insurers perceive you as a high-risk candidate.

 5. Beware of Sub-Limits

Cancer treatment is expensive, so when you buy insurance, pay attention to the sub-limits or caps placed on certain expenses. In some cases, the sum insured may be ₹20 lakhs, but the coverage for cancer may be restricted to only ₹5 lakhs. In such a case, you may have to spend an exceeding amount from your pocket.

 6. Exclusions

Many times, you may assume that a cancer insurance plan or critical illness insurance will cover all types of cancers. Well, this may not hold true across all insurers. Go through the list of exclusions and find out what is excluded so you have the right mindset while making a claim.

 7. Consider the Premium

Since cancer treatment involves expensive treatments and medications, there are high chances that the premium for such policies is high. If the premium is too high, it will stress your budget and may not be a deal maker. You must consider multiple options and choose a plan with an affordable premium.

 8. Credible Insurer

Look for a credible insurance company with positive reviews and a good image in the market. You do not want to find out at the time of claim settlement that the company turned out to be flagged. Check the claim settlement ratio, customer support, reputation,  etc.

 9. Survival Period Clause

Under benefit policies, the insured must complete the survival period after the disease diagnosis. After the survival period is over, the insured is eligible to receive the benefits under the policy.

 10. Lifetime Renewability Option

Some plans cannot be renewed after the insured reaches the maximum age. To avoid this drawback, opt for plans that come with a lifetime renewability option. So regardless of the age of the insured, the policy can be renewed and the coverage can continue.

 Fight Cancer with TATA AIG Cancer Insurance </h2

Having a robust cancer insurance plan is pivotal in cancer treatment and management. In the absence of efficient cancer insurance, you may end up spending all of your savings, given the high treatment cost. With TATA AIG’s affordable and comprehensive critical illness insurance plan, you can get the best treatment without breaking your bank

They offer cancer cover with the TATA AIG Criticare Medicare insurance plan, which gives you multiple sum insured options, beginning from ₹5 lakhs up to ₹200 lakhs. It also offers lifetime renewability, inpatient expenses, pre- and post-hospitalisation expenses, chemotherapy and radiotherapy cover, home cover, advanced treatment cover and much more.

Their critical illness insurance also provides unique benefits such as psychiatric treatment, second-opinion cover, global cover, hospital cash, etc., to help you deal with cancer.