Checklist to Select the Best Cancer Insurance Plan

The average cost of cancer treatment in the USA is near $150,000, but this is a vague number. The average cost of cancer treatment is impossible to calculate as various types of cancers require different treatment and drugs. Speaking of drugs, a single injection could cost you anything from $50-$1000.

These are only the medical costs, there are other problems in the loop like unstable mental health, loss of job, specific food requirements, lost work hours, tiredness due to drugs and ailments etc. Overall, a safe and specific insurance cover is necessary to fight and win.

What is cancer insurance and what does it cover?

So, it is like all your other policies or insurances, but, it is specific to cancer. You can get benefitted after you’ve been diagnosed with cancer. As cancer treatment requires many stages, like visiting the hospitals routinely, Chemotherapy, surgeries and other check-ups, the cancer insurance policy helps in covering up the financial costs for the same.

What does your cancer insurance not cover?

According to an Economictimes Wealth report, “The biggest drawback is that such plans cover cancer only at an advanced stage. While the plan may cover your first heart attack and entry-stage kidney disorders, and even pay for dialysis, it will pay for cancer only if the malignant tumour shows uncontrolled growth, with invasion and destruction of the normal tissues- and an advanced stage”.

Also, your cancer insurance policy won’t cover the secondary charges and any other difficulties faced. The financial help only covers cancer treatment.

Some benefits of purchasing the best cancer insurance:

1) Insurance is available for almost every type of cancer.

2) Lumpsum amount paid in case of a cancer diagnosis.

3) Some insurances also cover monthly income in certain conditions.

4) Tax rebates are offered.

5) Premium discounts are available for policies over a certain amount.

Some drawbacks of purchasing a cancer insurance policy:

1) Usually does not cover skin cancers.

2) Does cover the financial costs; if cancer arises from a sexually transmitted disease.

3) Does not cover the financial costs; if cancer arises due to a congenital condition, nuclear or chemical contamination, radioactivity or any other non-therapeutic source.

Points to remember while choosing the best cancer insurance policy:

1) Coverage for different stages: The best cancer insurance would cover all stages of cancer from minor to major. Some insurances do not cover the early stages and some don’t cover the last stages of it, it is necessary to ask the policy-giver about the coverage.

2) Stage-Based payout: Ideally the best cancer insurance policy should pay 25 per cent of the amount at the stage of diagnosis or early stages and should pay 100 per cent of the amount at the last or major stages. It is necessary that the insurance covers all stages and pays a specific amount at every stage.

3) Duration: The best cancer insurance should cover a longer period. The ideal duration for a policy should be 80 years, as, cancer can strike at any stage. Do not invest in policies that offer cover for 30-40 years only.

4) Waiver of Premium: As you know, a cancer patient cannot work during treatment. The stages of diagnosis, chemo, and other treatments are very painful and tiring for the patient and hence, working for wages becomes very difficult. The best cancer insurance policy must waive off the premium until the treatment ends and the patient is fit to work.

5) Income benefit: As we mentioned earlier, a cancer patient cannot work during long treatment periods, and other members of the family are busy helping with the patient and the house. It becomes necessary for the best cancer insurance to include a monthly income for the patient at least till the treatment continues.

6) Tax benefits: Another important trait of the best cancer insurance policy is that they provide tax benefits on the premium. Discuss this issue clearly with the policy-giver before purchasing a policy.

Conclusion

In conclusion, cancer can strike any day and you need to be fully prepared for it. Most cancers are not lethal and can be fully treated if diagnosed on time and the treatment is good.

Buying the best cancer insurance policy, in these regards, becomes very necessary for the safety of you and your family.

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