Maintaining your health can be a challenging task and one of financial measure to take.
We live in a time when there are innumerable threats present in the environment. We must set about a several lifestyle changes to ensure we are protected from facing a health crisis. But, good health does not necessarily mean that you are entirely immune to diseases.
Unfortunately, diseases like cancer are common among people regardless of their lifestyle. A cancer diagnosis is not only emotionally distressing, but it can affect your financial health considerably. Hence, investing in a cancer insurance plan can enable you to protect your savings efficiently.
With the ongoing medical advancements, you can get the best healthcare services for cancer today. But, if you are not protected with a cancer insurance plan, you can run through your savings quickly and still not cover the required medical costs. Healthcare expenses are one of the leading causes of impoverishment in India. Besides, without a cancer insurance plan, you may have to compromise on the quality of healthcare.
Before you buy a cancer insurance plan, remember the following steps to make an informed decision.
Get adequate sum insured.
The sum insured in a cancer insurance plan is the money that the insurer offers to the insured upon cancer diagnosis. Since the cost of treating cancer can be immense, it is essential to choose a plan with extensive coverage.
It is also important to look for the benefits that a particular cancer insurance plan offers in comparison to another. For instance, the plan must provide coverage for extensive chemotherapy, medicines, along with necessary features such as pre and post-hospitalization expenses.
At the time of need, you must be able to rely on the coverage of a cancer insurance plan comfortably. Otherwise, it is painful to think that you may be denied appropriate healthcare due to a lack of funds.
Check coverage limits.
There are different stages of cancer, such as pre-stage, early-stage, or critical stage. Your cancer insurance plan may include coverage for specific stages. The cancer cover plan may also outline a portion of the payment for a particular stage of cancer.
When looking for a suitable cancer insurance plan, look for one that offers a stage-based payout. The payment from the plan may also vary according to the stage of cancer treatment. For instance, you may receive a certain amount upon diagnosis and a more considerable amount for treatment and surgery.
It is crucial to understand the scope of benefits of buying a cancer insurance plan before going ahead with the purchase. By doing so, you can reduce the chances of disappointment in the future when you require financial assistance for medical care.
Know the waiting period.
With most insurance policies, a waiting period must be completed before it is in force. It is the time after purchasing the plan during which you cannot make any settlement claims.
When you buy a cancer insurance plan, it is in your favor to check the policy’s waiting period. In general, it may be anywhere between 3-6 months. Naturally, A cancer insurance plan with the least waiting period may be an ideal choice for you.
Select longer policy term.
The purpose of investing in a cancer insurance plan is to create a robust financial safety net against health emergencies. The total cancer cases in India are expected to be 11,48,757 by 2020. The unfortunate truth is that it is impossible to predict when a medical emergency may occur.
Therefore, it makes sense to go with a cancer cover plan with an extended policy tenure.
Consequently, you can stay protected and enjoy the benefits of the cancer insurance plan for years. You will have peace of mind knowing your family will not have to face financial burdens if you are diagnosed with cancer.
Look for premium waivers.
You have to pay a certain premium amount to keep your cancer insurance plan active. However, if you are the sole breadwinner of the family, you may want to choose the premium waiver option with your plan.
The premium waiver feature allows the insured to enjoy the benefits without paying the premiums upon diagnosis. Upon diagnosis, you can rest assured that your family will not face financial troubles in financing proper healthcare. You can focus on your recovery by availing of the benefits from the chosen cancer insurance plan.
Confirm the exclusions.
It is incredibly crucial to go through the terms and conditions of a cancer insurance plan. There may be specific exclusions in the chosen policy that can affect your purchase decision. As the policyholder, you want the best possible benefits for your particular requirements.
Another notable point to remember here is that you can get the benefits of critical illness cover with a term insurance plan. This is possible by attaching a critical illness rider to enhance the term insurance benefits as per your convenience.
In matters of your health, it is better to be prepared financially beforehand. Therefore, make sure you are covered with a suitable cancer insurance plan to face possible health challenges in the future.