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Health insurance coverage for cancer Five things you must be aware of

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In India, most medical insurance policies will cover hospitalization costs associated with cancer treatment in either the basic policy or as additional riders.

Although a debilitating disease, cancer can be treated in the event of a timely diagnosis due to the rapid advancements in medical technology and science. It’s not surprising that treatment can be lengthy and costly because it requires numerous diagnostic tests and surgery, radiation therapy, or chemotherapy sessions. It is, no doubt, a strain on the patient and family members. The majority of problems with finances can be eased by buying health insurance plans that provide cancer coverage.

Here are the top five points to consider when searching for coverage for cancer in health insurance:

  1. Standalone Cancer Insurance v/s Regular Health Insurance. The majority of India’s traditional health insurance policies provide coverage for hospitalization costs for cancer treatments, either as part of the basic policy or as part of additional riders.

However, these plans might not be able to cover any non-hospital costs and can increase by an enormous amount, especially in the event of treatment for cancer. Another option is to choose cancer insurance plans that offer more excellent coverage specifically for the treatment of the disease.

  1. Lumpsum Payment v/s Reimbursement: The amount due by the insurer may be a lump sum fixed for a single time payable at the time of diagnosis (as found in the majority of policies for insurance against cancer) in addition to a reimbursement for the actual costs paid.
  2. Types of cancers Coverage Health insurance plans don’t provide coverage for all types of cancer by default. Specific insurance plans for cancer would include a list predetermined in the policy of insurance firms. It is crucial to review for exclusions to ensure that any personal cancer of significance is not excluded from protection.
  3. Stages of cancer covered: The stages in which cancer is covered could differ between plans. Additionally, certain insurance companies provide the amount to be paid at each stage of diagnosis, which is essential to keep in mind.
  4. Limitation of Coverage/Benefit The other vital thing to consider is whether the plan you choose requires the copayment (i.e., to be paid by the person who purchased the policy) on the expense of chemotherapy or sub-limits, i.e., an upper limit on the amount due from the insurance provider.

A further desired policy benefit is to have the Restoration (also known as Reinstatement) Benefit (refurbishment of Sum Insured upon raising medical claims) for the same type of treatment since cancer treatment can require multiple medical interventions.

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