“there is a ‘can’ in cancer because we can beat it. be strong & fight it on”
Cancer cases in India augmented at an average annual rate of 1.1-2% from 2010-2019. Not only this, the death ratio too increased up to an average rate of 0.1-1% in the same period. As the cases are increasing so are the medical expenses for managing and treating this illness.
Illnesses like cancer can hastily drain all your finances from chemotherapies to radiotherapies. This is the reason why getting cancer health insurance is majorly important. This is because it covers your medical expenditures and other bills associated with a battle with this deadly disease.
Cancer insurance plans, nowadays have been in major demand due to which almost all insurance companies are adding this product. Since the availability has boosted, choosing the right cancer insurance plan might be tedious and a challenging task.
Well, for this blog we have compiled a few factors that you should consider before purchasing a cancer insurance plan:
Sufficient coverage amount
Cancer is an illness that entails a long treatment regimen of chemotherapies and visits to hospitals, eventually leading to increasing hospital bills. If these expenses were to be borne out of your pocket then it would cause a significant dip in your savings.
Better to take precautions than to feel sorry later! Opt for a high sum insured amount that would cover the high-cost procedures. This will help you in reducing your financial burden and most importantly, your mental health. So make sure to get a cancer health insurance policy whose premium you could accommodate in your budget.
Benefit vs indemnity
Within the market there is the availability of two kinds of policies, one is the benefits policy and the other is an indemnity policy.
- A sum insured paid upon the discovery of cancer & successfully passing the survival period is known to be the benefits policy.
- Whereas, when the claims are payable after the waiting period is over and are recompensed in accordance with the amount spent towards cancer treatment charges, is known to be an indemnity policy.
So choose wisely as per requirements!
For certain conditions and treatment, including cancer, every best health insurance plan contains a waiting period. The waiting period time might differ across policies and insurers. Therefore, here you should very careful to ascertain the time period for either other critical illnesses or for cancer insurance plans during which one will not be qualified to raise medical claims.
Make sure to go for a policy that entails a low waiting period to expedite the eligibility. No one wants to wait for a longer time, thus, focus on getting a low waiting period policy!
Under this, insurers make sure to specify the minimum number of days that the policyholder must survive considering the post-diagnosis or even the treatment of cancer. Only after successfully passing the survival period the policyholder can avail of the health insurance benefit. To avoid any future surprises this point states to be a crucial point to become aware of!
Claim Settlement Ratio
This is an extremely important step to consider as the claim settlement ratio will help you to understand the ratio of claims accepted by the insurance companies in India. The claim settlement ratio is nothing but an overall number of claims approved by the insurer. This is further divided by the overall number of claims it has received. With the help of this ratio, you would get an idea of how many claims this firm has settled, and accordingly, you could compare it with other insurers. You must now think that where can you avail this data?
Don’t worry! As every year