Cancer is one of the deadliest diseases which once starts spreading in the body; there is hardly any hope of survival of the patient. Cancer patients not only suffer all through their life post-cancer but also end up putting a lot of money into the treatment. To put it honestly, after being diagnosed with cancer, one can expect to live a slightly longer life than the other fellow patients only if the person has money. What about the others who cannot make quick arrangements for funds for treatment? The best way to deal with the situation is to have a health insurance plan. If you have a family history of cancer, it is wiser to buy a health insurance plan with critical illness cover. This will help you in a time when you actually need money to survive and be with your family for some more days.
If you are looking for a cancer health insurance policy, here are some tips for you to follow.
When you purchase a cancer insurance policy, you should rather choose a long-term cover as cancer can trigger at any stage of life. Therefore, if the plan is longer, it is better for your financial safety as well as your well-being. You should try to purchase a cancer insurance plan that covers for the long term, mostly up to 80 years of age.
Coverage for all cancer stages
The cancer insurance policy you choose should come up with coverage for early and advanced cancer stages. You should choose a plan that provides coverage for all stages, including minor and major stages.
Analyze the associated risk factors
If you have a family history of cancer, you must consider purchasing a cancer health insurance policy. You can check your existing health insurance policy, and analyze all the ways in which you can add a cancer health insurance plan to it. However, you need to know that cancer insurance coverage can only be availed if you are diagnosed with the disease. This cannot be used for any other chronic disease.
Stage-based payout option
A cancer insurance policy should come with the option for stage-based payout so that it can deal with the costs incurred for treatment and other related expenses at different stages of cancer. At the early stage of the disease, the plan should offer 25% sum insured, while at the major cancer stage, it should provide 100% of the sum insured.
Once you are diagnosed with the disease, cancer, your health will not be the same anymore, and only will start deteriorating because of the several side effects of the ailment and also the intense treatment that you have to undergo. In the majority of the cases, the cancer patients cannot carry on with their work smoothly while they undergo the treatment. This ultimately negative effect on their income, and along with them, their family also struggles financially. Therefore, you must choose a plan that provides considerable financial support such as a premium waiver. This will keep your policy active but your premium will get waived off for some years.
The cost of a cancer insurance plan is not a lot as compared to the benefits that it provides to the policyholders. While you are planning to buy a cancer insurance plan, you must consider the aforementioned points. These points will help you to get the best insurance plan on the basis of your needs. And to find some of the best cancer health insurance plans and also compare them, you can visit the IIFL website. You can try using the health insurance premium calculator to check the premiums that you would be required to pay in the future.