Checklist to Select the Best Cancer Insurance Plan

When the term medical insurance is introduced, general health care insurance takes precedence in the minds of most people. However, if you are seeking to get insurance as an anticipatory cushion to fall back on in the event of getting diagnosed with cancer, you should choose a cancer insurance plan instead of a general health care plan. Today, general healthcare policies offer comprehensive financial coverage for most life-threatening conditions like various kinds of cancers; however, they don’t usually cover the expenditure incurred for the entire treatment course. For an individual with ordinary income, cancer treatment could upend their delicate financial balance.

Cancer insurance plans are drawn exclusively to offer financial assistance to policyholders depending on the policy’s nature. The coverage includes consultation, hospitalization, surgeries, and other remedial therapies like chemotherapy and radiotherapy.

The life assured may be looking for the best cancer care plan for the following reasons

○ They may already be diagnosed with cancer

○ They may have a cancer history

○ They may be vulnerable to hereditary cancer

○ Their lifestyle habits may make them susceptible to cancer( eg. tobacco use).

Cancer insurance policies offer the insured the assurance of affordable care through the most precarious point in their life. So, what are the critical selection criteria that should make your cancer policy checklist?

● Eligibility

In the US, Cancer plans under the Affordable Care Act cover the medical expenses of cancer patients, cancer survivors, and the ones who have a higher risk of getting cancer. Under the act, insurance companies are prohibited from denying coverage or increasing charges due to pre-existing conditions.

However, it is imperative to cross-check the terms and policies of the insurance to ascertain whether you are eligible to obtain an insurance policy with the company.

● The payout policy

Cancer Insurance companies usually make payouts based on the severity of the condition. Each company has its own stipulations and terms to define the maximum amount they are willing to pay out during various stages, i.e., pre-cancer, initial diagnosis, treatment, surgery, etc.

Ensure that your cancer insurance plan suits your interests and covers the expenses you seek to get reimbursed. Depending on the company and the policies, some cancer insurance plans allocate lump sum payout to insured going through various stages of the treatment. Insurance plans may also offer free cancer check-ups or waive off premium while undergoing treatment.

● Reputation

The reputation of an insurance company gives an insight into their treatment of the life assured. Along with the company’s goodwill, you should also analyze their claim settlement rates. The claim settlement ratio is the total number of claims settled by the company against the total number of claims received during a financial year. It would help if you always prioritized an insured with a higher claim ratio to ascertain fair settlement.

The overall performance of the insured can be gauged through the company’s

○ Customer care terms

○ Extend of coverage

○ Highest assured sum and policy regarding payout

○ Efficiency in processing the claims and making payouts (the faster the better)

○ Deductible ratio

○ Policies on no-claim bonus

○ Terms regarding renewability, etc

An ideal cancer insurance plan should invoke a sense of security in the insured by providing the maximum benefits and financial aid.

● Cost-effective

Your cancer insurance plan must be a lucrative investment that yields you more benefits than merely giving you medical coverage for the monthly premium. It would be best if you compared a variety of costs(eg: deductibles, out-of-pocket costs, copays, coinsurance) offered by various plans before selecting one compatible with your financial situation.

Other aspects that must check off your cancer insurance plan selection list include

○ The in-network hospitals and doctors/specialists

○ Medicines covered and costs offered

○ Treatments and therapies covered, etc.

Contacting veterans in the field who can guide you through the policies, plans, and stance of various companies will rake in the advantage of a more profound insight that can help you arrive at the final decision.

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