Cancer is a disease that can have a significant influence on one’s physical, mental, and financial well-being. Having cancer insurance can help you avoid the skyrocketing medical costs that come with it. A cancer insurance policy is a specialized policy that helps you deal with the treatment costs related to cancer.
As a supplemental insurance policy, it reduces the out-of-pocket cost related to cancer diagnosis and treatments that comprise hospitalization, chemotherapy, radiation, surgery, blood transfusions, medical care, and the expenses of the prescribed drugs.
While no one wants to think of themselves or their loved ones battling a serious disease like cancer, it is a possibility that we must prepare for. Most of all, it is crucial to have a financial plan which can take care of the medical expenses in a time of need. Let’s understand the reasons why you need a cancer insurance policy:
Cancer Runs in Your Family Case History
One of the most compelling reasons to purchase cancer insurance is because it runs in your family. Having a family history of cancer raises your chances of being diagnosed with cancer later in life. As a result, purchasing a cancer insurance policy is a wise decision.
Cancer Insurance Plans Cover Up All Sorts of Cancer
You can acquire coverage for a variety of cancers with a cancer insurance policy. As a result, you can benefit from a broad range of coverage at a low cost. However, you should always double-check the types and stages of cancers covered. This is because some cancer insurance policies exclude certain malignancies as skin cancer and cancers caused by sexually transmitted infections.
Your Savings are Protected
You won’t have to spend all your savings on cancer treatment if you have a good cancer insurance policy in place. Even during difficult times, you can rest assured that your hard-earned savings will be reserved for goals in life such as a child’s education, marriage, paying off loans, etc.
Expensive Treatment Costs for Cancer
The stage of cancer, the length of treatment, and the type of treatment are all factors that influence the cost of treatment. A single chemotherapy session, for example, can cost anywhere from 65k to 1 lakh. A cancer insurance plan will cover all of these costs while also protecting your financial future.
In recent times, India has witnessed a spike in the number of cancer cases. For the year 2020, the projected number of patients with cancer in India was 1,392,179. The rising number of cases as well as the cancer treatment costs indicate that there is a need for a solid financial plan to combat the fatal disease. All of this makes it more crucial than ever to invest in a cancer insurance coverage.
Provides Substitute for Loss of Income
If you are diagnosed with cancer, you may be unable to attend work and fulfil your professional obligations, resulting in the loss of your monthly income. Some insurance companies provide income benefits to compensate for such a loss. This benefit is a percentage of the money assured and serves as a regular source of income to help you meet your financial obligations. This keeps you financially stable and protects you from liabilities.
Cancer insurance can help with not only the hospital fees related with the treatment, but also with other costs associated with cancer care. Other costs covered by a cancer insurance plan include out-of-pocket fees and alternative therapies. As a result, having cancer insurance on your side might provide you with much-needed financial security.
Apart from this, you are also eligible for tax benefits when you purchase a cancer insurance policy. Under Section 80D of the Income Tax Act, 1961, you may be eligible for a tax deduction of up to Rs.25,000. Senior citizens, on the other hand, may be eligible for tax deductions of a higher amount.
There are different types of cancer insurance plans available today with a different set of benefits to suit diverse needs. Most importantly, before you opt for a plan like this, it’s vital to understand that a cancer insurance policy can’t be the substitution for a health insurance plan. So, assess your health history and financial profile well before deciding and choose reputable insurance providers like Care Insurance who can be trusted with your needs.