Things to know about Heart and Cancer Insurance Plans
Nowadays, it is not very uncommon to hear about the diagnosis of cancer or heart diseases. Somewhere while adapting to our fast-paced world of fast food and fast cars, we have chosen binge-watching on Netflix instead of an evening walk. Alternatively, we opt for the sweet music of the elevator over the sweat from the climb. While a burger here or there may not be a reason to worry, the disturbing reality is that even those who appear to be living seemingly active lifestyles are found to be affected by these disorders. Maybe it’s the pollution or the increased prevalence of obesity and hypertension in the population, both of which are the common risk factors for these two significant ailments. Still, cancer and heart diseases are the two illnesses that claim maximum lives around the world. That means; you are more vulnerable to these diseases than you imagined.
That’s right, and also quite believable, unfortunately. The World Health Organization reports that cardiovascular diseases (CVDs) are the leading cause of death worldwide, followed by cancer. Cancer accounts for one in every six deaths in the world. Going by the above statistics, it is a sensible decision to buy health insurance specially designed for combating these diseases. It also overcomes the limitations of comprehensive health plans in tackling both these specific and high-risk illnesses.
What are Heart and Cancer Insurance Plans?
As the name suggests, Heart and Cancer Insurance plans are a type of long term health insurance specially designed to aid the insured in battling cardiovascular diseases and cancer. They also double up as a life cover in the evemt of death during the policy term. These plans are becoming widely popular nowadays due to the rampant spread of sedentary lifestyles.
Things You Should Know About Cancer & Heart Insurance Plans
Here are a few things everyone must know about cancer and heart insurance plans. After all, a precaution policy for CVDs and Cancer is cheaper than the cost of their treatment.
- You have to pay no co-payment & have the freedom to choose your hospital
One of the most critical features that Heart and Cancer Insurance plans have to offer is the freedom to select a hospital of your own choice. The insurer does not have any affiliations with a few selected hospitals and thus provides you with a slightly higher level of comfort. There is also no co-payment which means you would not be forced to pay a part of the expense incurred during the treatment. You will get the total amount that you chose to insure yourself with. Overall, these features make the plan distinct from the rest of the health insurance plans available in the market.
- It is a Two-in-One Protection Plan
Heart and Cancer Insurance plans can cover only one or both the ailments. Covering just one illness can be economical if you want to buy a health insurance plan for a pre-existing condition or have a high vulnerability to a specific illness. However, if you wish to purchase health insurance as a precautionary measure against expensive treatments, it is a smarter choice to opt for the two-in-one plan. Since both of these ailments can occur unexpectedly, it would undoubtedly be a wise decision. ICICI Pru Heart/Cancer Protect Plan is a plan that falls into this category and is worth a serious look.
- It is a Long term plan with High-value payouts
As mentioned earlier, Heart and Cancer Insurance plans are long term plans. A customer can decide the duration for which they want to buy the plan. It could be either for 10, 15, or 20 years. These plans allow the insured individual to cover themselves for more than 75 lakh rupees. This ensures security in case of a shocking diagnosis and allows financial stability so that the patient is not constrained to be debt-ridden.
- It is better suited than a Mediclaim policy!
“Is a Mediclaim policy sufficient?”
If you were confused about whether you genuinely need an insurance plan, especially for CVDs and Cancer, the answer to this question should be sufficient to compel you to give it a thought. Mediclaim policies are only meant to safeguard you against costs that you might incur in case of hospitalization due to ailment or accident. They do not consider long term Pre-hospitalization and Post-hospitalization expenses and have an incredibly restrictive nature when it comes to treatment costs for Heart diseases and cancer.
Many people believe that the significant costs incurred for the treatment of these two illnesses would be hospital bills, but that’s not true. Recovery from Cancer and CVDs means not only battling the disease on the hospital bed but also in the real world, both before getting hospitalized and sometimes, even after it.
The estimated average cost of chemotherapy for an individual ranges from five to twenty-one lakh rupees, although it depends on the stage of cancer and the number of Chemotherapy sessions needed. A lot of people complain about the insufficiency of their Mediclaim policies in compensating these costs. Similarly, for heart diseases, statin therapy, or other lipid-lowering therapies also prove to be expensive.
Heart and Cancer Plans can help you by providing you with the lump-sum amount that you are covered with. These plans understand that sometimes Cancer and CVDs means fighting a long battle and prepare you to fight for them with a dependable amount to fall back on.
- It is cheaper than a health insurance plan!
Heart and Cancer Insurance plans are relatively cheaper as compared to comprehensive health insurance policies. This is primarily due to the wide range of health conditions that comprehensive policies cover, unlike heart and cancer insurance which can only be utilized with a specific diagnosis of either cancer or heart disease. However, just because these plans cover only heart diseases and cancer does not mean that these plans are not worth it. Cancer and CVD treatments render many in debt or under severe financial strain. The cost of treatment is incredibly high, and no one can afford to gamble away the hard-earned savings of their life, especially when the prevalence rate of CVDs and Cancer is exceptionally high.
- You will be Saving while buying Heart and Cancer Insurance Plans.
Recovery Expenses and outrageous hospital bills might not be the only money you save while buying Heart and Cancer Insurance. There are two more ways you manage your finances by getting covered under these plans.
As per existing Income Tax laws, the costs that you incur towards paying your premium may qualify for deduction under Section 80D of the Income Tax Act, 1961. Moreover, you can also save extra by thinking ahead. It is a well-known fact that the price of getting insured becomes more and more expensive the older you get, and these plans are no different. Therefore, one should buy a heart and cancer insurance at a young age to save more. It is also a fact that the latest trends show a rise in heart attacks in young people. An advisable decision would be to start planning now for any future medical emergencies. After all, no one is entirely safe from these ailments in today’s world.
- One step closer to becoming genuinely self-reliant
One thing is for sure, after getting a Heart and Cancer Insurance, you will become a little less worried about quitting or losing your job, especially if your employer’s downsizing practices in the midst of the pandemic gave you nightmares about the uncertainty.
You can lean back while making free decisions, without anything holding you back. This insurance will cover a significant portion of unexpected diseases that could strike someone and render them enslaved and dependent on their employer’s insurance policy.
However, another important consideration is that your employer’s group insurance plan might not even be able to cover a fraction of the expenses incurred due to Cardiovascular Diseases and Cancer. This is why it is necessary to get a Heart and Cancer Insurance even if you feel secure at your job! You will also feel more relaxed about the upcoming challenges in life because of your preparation and early-planning. Health Insurance always provides a sense of security to the individual and his/her loved ones.
After all, you cannot put a price tag on peace of mind.
What exactly does your Heart & Cancer Insurance protect you against?
You can cover all your expenses and choose the treatment you want for yourself.
Following costs are generally covered;
- An expensive PET scan;
- Biopsy;
- Chemotherapy;
- Radiation Therapy;
- Heart Bypass Surgery;
- Hospitalization costs;
- Medicines and supplements.
On diagnosis of a CVD or Cancer, you will get the entire amount up to which you are covered under the insurance.
To conclude, Heart and Cancer insurance plans offer excellent benefits and an increased sense of security if you were diagnosed withheart disease or cancer. They are specially tailored to maximize the ease of treatment of the insured individual and could prove to be a good investment for the future. While battling Cancer or Heart disease, you want to make sure that it is the only battle you are fighting. Heart and Cancer Insurance plans make sure of that.
The battle against dreaded diseases is hard enough. Just be stronger!
