Benefits Of Cancer Health Insurance

A growing number of people are being diagnosed with cancer in recent times. After China and the USA, India ranked 3rd in the WHO's ranking for cancer prevalence, based on the number of new cases reported each year.1 While there are advanced treatments for this disease, the associated costs can be a major concern for many - deterring them from accessing the appropriate treatment.

This is where cancer insurance comes in. It is health insurance for cancer patients that provides them with a much-needed financial lifeline - enabling them to access the necessary treatments that may otherwise prove too costly.

What are the benefits of cancer insurance? Let's find out!

Benefits Of Cancer Health Insurance

Financial Protection

If you get diagnosed with cancer, it provides financial protection by providing a lump sum benefit. This lump sum can help you cover the significant costs of cancer treatment, such as hospitalisation, surgery, chemotherapy, radiation therapy, and medications. It also provides you peace of mind alleviating your financial worries - as you navigate the difficult journey of cancer.

Flexibility In Utilisation

Some plans in India offer a lump-sum payment upon diagnosis of cancer, regardless of the actual cost of treatment. This ensures that the financial burden of treating cancer is taken off your shoulders, allowing you to focus on recovery. It also gives you the flexibility to use the funds according to your own needs, whether that be to cover medical bills, co-pays, deductibles, second opinions, experimental treatments, home care, rehabilitation, or even for non-medical purposes. So, it provides more control over your care, allowing you to make the best decisions for your health without worrying about the financial burden.

Coverage For Various Cancer Stages

Some plans provide coverage for cancer at all stages, from the earliest stages to the most advanced. This can be critical in helping you get the treatment you need in a timely manner, which can make a big difference in your long-term prognosis. It also offers coverage for a range of cancer types, including breast cancer, lung cancer, prostate cancer, and so on.

Compensates For Loss Of Income

In the event that you are diagnosed with cancer, you may be unable to attend work or fulfil your professional obligations, and you may eventually lose your income. Having no revenue would make it difficult to pay for medical bills and other expenses, as well as support your family. Some insurance providers offer income benefits to compensate for such losses. This benefit gives you a certain percentage of the sum assured and acts as a regular stream of income to meet your and your family's financial needs. Additionally, this ensures that you have enough money to sustain your lifestyle and take care of the things that matter to you, even in the midst of your treatment journey.

Tax Benefits*

As per applicable terms and conditions, you are eligible to claim tax deductions on premiums paid under the cancer insurance plan.

Additional Benefits

Cancer insurance plans in India may offer wellness benefits, second medical opinions, post-treatment coverage, etc. All of these benefits can help to ensure that you have comprehensive coverage for your unique needs.

Want To Buy Health Insurance For Cancer?

If you are at a higher risk of developing cancer due to factors like family health history, environmental factors, or lifestyle choices such as smoking or tobacco use, it can be wise to buy a health insurance cancer cover. With ABSLI Cancer Shield Plan (UIN: 109N103V03), you have a health insurance plan that provides financial coverage for every stage of cancer.

Wrapping up!

As cancer treatments become more sophisticated and expensive, cancer health insurance plans can help cover the costs associated with treatment and other related expenses. In the event you are diagnosed with cancer, it can be a major source of financial security for you and your family - as you face the difficult task of battling the disease. It helps to ensure that your spirit and resilience are greater than any challenge that comes your way.

Sources

[1]https://www.business-standard.com/article/current-affairs/real-cancer-cases-up-to-3-times-higher-than-reported-in-india-report-122101100923_1.html