Cancer Insurance: Importance & Benefits

Cancer is one of the most feared diseases, resulting in severe bodily suffering and mental distress if diagnosed. According to medical statistics, cancer is the cause of up to 0.3 million deaths worldwide. The figures are frightening, and to make matters worse, anyone can catch the disease, regardless of age or gender. The signs of cancer are typically only noticeable in advanced stages, and cancer treatments can be exceedingly expensive.

In the face of the daunting challenges posed by cancer, medical insurance emerges as a crucial lifeline for individuals and families grappling with the financial burden of treatment. Insurance coverage provides a safety net, offering a sense of security in the unpredictable realm of health. In the wake of increasing cancer prevalence, insurance comparisons and guides play a pivotal role in helping individuals navigate the complex landscape of healthcare policies. These resources empower people to make informed decisions about the insurance plans that best suit their needs, ensuring that financial constraints do not exacerbate the already formidable challenges posed by the disease. In a world where the specter of cancer looms indiscriminately, these comparisons and guides become indispensable tools in securing not just treatment but also peace of mind for those facing the daunting prospect of a cancer diagnosis.

Considering cancer is unpredictable, you must protect yourself with a Cancer Protection Plan. Cancer insurance shields you from deadly cancer by providing complete medical coverage at all stages of the disease. If you’re still unsure about getting cancer insurance, knowing the benefits and importance will assist you in making an informed decision. If you’re low income, Medicare is your best insurance option to cover the cost of your cancer treatment. Although, Medicare may not cover 100% of the cost of treatment. In cases where they don’t cover the cost, it’s important to pick a supplemental insurance plan that will cover the additional charges, such as those provided by Medigap Plans. 

Importance:

1. Provides Security to People with a Family History of Cancer

In today’s time, the rising number of cancer cases and the length of treatment has led to a massive rise in cancer care costs. A family history of cancer, in particular, raises the risk of developing cancer later in life. Getting cancer insurance coverage may be beneficial if you have a family history. However, before getting cancer insurance coverage, you should know that any pre-existing cancer conditions may not be covered.

2. Being Financially Sound in Case of Cancer

In case of a medical emergency, having adequate financial support is crucial. It is well known that a life-threatening illness like cancer can cause you to go bankrupt. In addition to covering the cost of your treatment, having cancer insurance as a backup helps you become financially stable and have enough funds to pay for your medical expenses.

It is preferable to select a plan that includes a lump-sum pay-out option if you are concerned about experiencing an unexpected financial crisis. In such policies, the promised lump amount is handed out immediately. You can spend the policy’s payoff as you like. You can use it to cover travel fees to see doctors in another state within your country, to pay for home care, to pay for daycare, or to pay your day-to-day bills. Cancer insurance as a financial backup will thus reduce financial stress during your treatment.

3. You Can Use Cancer Insurance to Supplement Your Existing Policy

Suppose your family history suggests you are at average risk of developing cancer. In that case, you should consider a comprehensive health insurance plan that is more affordable and meets all of your financial needs. Choosing a cancer-specific insurance plan may be more advantageous because you will have to pay lower premiums than a regular health insurance plan.

If you don’t have health insurance, you should consider purchasing cancer insurance based on your present financial condition and the likelihood of being diagnosed with cancer. It is not required to have a cancer insurance plan as well as a comprehensive health insurance plan to get double coverage for cancer and non-cancerous disorders. Cancer insurance plans contain a “coordination of benefits” clause that allows them to work with other health insurance policies. This section excludes the benefits provided by other health insurance programs. So, before choosing a cancer insurance plan, you should be aware of the policy’s coverage and exclusions.

Benefits:

1. Coverage against various types of cancer

Most insurance companies now give coverage for various types of cancer. However, the claim would be rejected if cancer is caused by a sexually transmitted disease such as AIDS or HIV. If you have a pre-existing diagnosis, you won’t be able to get cancer insurance. Cancer coverage also differs from insurer to insurer; the following cancers are generally covered:

• Lung Cancer
• Breast Cancer
• Prostate Cancer
• Stomach Cancer
• Ovarian Cancer

2. Raise in Sum Assured

Some insurance providers will also enhance the sum assured if you do not make any claims during the policy. In general, insurers increase the sum insured by 10% for each year without a claim.

3. Premium Waive off

One of the primary advantages of a cancer insurance plan is that the policyholder can continue to use it even after being diagnosed with early-stage cancer. Some insurance companies will waive rates for three to five years if the tumor is detected early.

4. Income Benefit

Cancer insurance provides an income benefit option in which, if an earning member of the family is diagnosed with cancer, the insurance company distributes a lump payment at various intervals over a specified period to compensate for the loss of income. In the event of the cancer patient’s death, the family will continue to receive income benefits for a specified number of years, subject to specific terms and circumstances. The nominee gets the monthly income.

Conclusion

Cancer has become a massive concern for many people as cases continue to rise. In addition to causing severe pain and emotional stress, the cost of its treatment is nothing short of a nightmare. Therefore, getting cancer insurance is a great help that prevents you from going bankrupt if you are ever diagnosed with cancer. Additionally, it significantly lowers the stress of undergoing cancer treatment by giving patients the psychological support of knowing they have the means to survive this condition.