Cancer is most certainly a life altering diagnosis. Some life changes are obvious and immediate; others are subtle and take time to develop. But, the financial blow due to loss of income and treatment expenses is apparent in all cases and can be lessened with cancer insurance.
Cancer insurance is a relatively new policy which serves to provide you with financial support for both medical and non-medical expenses. As with other types of insurance, it is subject to premiums that are determined by the risk associated with the disease. It is designed to reduce the cost of cancer but not all people need insurance against it.
Who Needs Cancer Insurance?
If you have a strong history of cancer in your family, then it makes sense to get covered. Cancer insurance, however, is more an add-on insurance. It is not a comprehensive health insurance and as such, is not meant to replace your basic cover. If your current policy already includes cancer care insurance, then it wouldn’t make sense to double up on cover either.
First and foremost, you should consider a basic or comprehensive coverage for you and your family. Some policy upgrades will benefit you with cancer care and be more cost effective than adding on a separate insurance for cancer care. So be sure to study all your options, as duplicate coverage can be very expensive and unnecessary.
What Cancer Insurance Covers
Coverage varies, obviously, based on the provider and your policy. Generally though, cancer insurance offer benefits that are medical related such as those associated with health care, wellness tests and treatments; and non-medical related such as assistance for transportation, meals, home care, child care and loss of income. Most however, does not cover cancer-related illnesses that may result from treatments such as infections, diabetes or pneumonia.
Note that these days, often cancer treatment is given on an outpatient basis, in which does not fall under hospital care and consequently may not be covered by some policies. Many also place limitations such as maximum payouts and time limits (waiting period or maximum payout period).
Evidence from health exams and tests often need to be submitted to the insurance provider to verify that you are not currently diagnosed with cancer. Upon approval are you then qualified. Similarly, cancer evidence is needed before any necessary financial support is carried out.
Why Buy Cancer Insurance?
Cancer insurance can bridge the gap between conventional health insurance plans that do not cover cancer care. Even so, be sure to note what the cancer insurance policy does and does not cover as they may not cover the full extent of issues related to cancer. Do not treat it as a substitute for comprehensive coverage, which it is not.
With some better policies you may get a lump sum payment and can decide exactly how to spend it where you see fit – whether it is for medical expenses, to pay off debts, or a recuperative holiday with the family.
Either way, cancer insurance helps reduce the financial stress (hence some emotional as well) through one of the most difficult times in your life and your family’s. It helps protect you and your loved ones from the financial impact of cancer, so that you can focus more on your recovery.
