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How Much Can Cancer Cost You and How Do You Be Prepared?

How Much Can Cancer Cost You and How Do You Be Prepared?

There is no doubt that cancer is one of the most dangerous and expensive illnesses. The cost of cancer treatment is rising at an alarming rate. Moreover, there has been a significant rise in the cancer rate over the years. While the advancements in cancer treatments have lowered the death rate, financial demands can be very challenging for most families. In such a situation, a cancer insurance policy proves to be a strong financial asset.

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Why it is important to have cancer insurance

As the chances of being diagnosed with cancer are increasing, you need an effective way of fighting its financial demands. It is important to have the right insurance to be prepared for it.

  • Monetary security

Apart from chemotherapy and radiotherapy, cancer treatment may require surgery as well. These are costly treatments and the inflation rate is surely going to make it even more expensive in years to come. With insurance, you will have the financial security to fight cancer.

  • Coverage

The most important part of any cancer insurance policy is the coverage. You need to buy an insurance policy that provides cover for the most common types of cancer. You can find an affordable insurance policy, but make sure that the coverage is not compromised. You also need to know that skin and a few other forms of cancers are excluded from most insurance policies.

  • Sum assured

The cancer health insurance policy comes with the facility of a lump sum payment. If you are ever diagnosed with an early stage of cancer during the tenure period then 20-25% of the sum assured is paid out to you. During later stages of the illness, the remaining of the sum assured will be paid to you. A few insurance companies offer free cancer check-up during the policy tenure.

  • Steady income source

Some insurers offer steady income benefits to you in case of loss of job due to cancer. A pre-decided percentage of the sum assured is paid to help you maintain a regular source of income.

  • Tax benefit

If you are a cancer insurance policyholder, you can avail of a tax deduction up to INR 25,000 as per Section 80D of the Income Tax Act. If you are a senior citizen then you get a higher deduction.

Types of cancer covered under insurance

The cancer health insurance offers cover for these forms of cancer:

  • Lung cancer
  • Ovarian cancer
  • Breast cancer
  • Stomach cancer
  • Prostate cancer
  • Hypopharynx cancer

Why is a cancer insurance policy better than a critical illness cover?

The critical illness insurance cover is a comprehensive cover for many serious healthcare expenses. Some forms of cancer are also covered by critical illness cover. It pays you a lump sum for treatment and other related expenses. However, it is offered only for patients with advanced stages of cancer. Only a cancer insurance policy covers your expenses from the earliest stages.

It is scary to be diagnosed with cancer, but modern treatments have improved drastically. With financial support and a little courage, you can win over cancer.

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