Cancer Insurance: Is It Worth It?

Cancer insurance is gaining a lot of popularity these days. This is mainly because the cases of cancer are on the rise. This is a sad modern-day reality. Thankfully, due to advances in the medical field, cancer can be controlled and curbed. But to receive the correct treatment, you need money. Not only is the treatment expensive, but getting to the hospital may also be a costly affair. For example, people from across the country go to Mumbai to the Tata Memorial Hospital for their cancer treatment. Travelling to Mumbai, putting up in the city, etc all cost money. Having cancer insurance cover at such a time proves to be helpful. Take a look at this article to know what the benefits of cancer insurance plans are and why they are worth it.

Reasons Why a Cancer Cover is Worth It

Here are the main reasons why you must consider investing in a good cancer insurance policy for yourself and your family members:

• Financial Backup

One of the biggest and the most vital cancer insurance benefits is that the plan offers financial support at a difficult time. When you are diagnosed with cancer, it is a financial and emotional setback not just for you, but also for your entire family. If you are the only breadwinner of the family, your illness can impact the financial wellness of all the family members. Also, the stress of the treatment and your health condition can bring forth stress and anxiety among all your near and dear ones. Having to worry about money would just be a lot of added stress that is completely unnecessary at such a time. To stay away from it, you need a cancer insurance plan. This is a very valid reason why a cancer insurance policy is so worth it. Keep this in mind and buy a good cancer policy right away.

• Comprehensive Coverage 

The cancer insurance plans offer comprehensive, wholesome health covers. You get lump-sum amounts of money that you are free to use in any way you wish. This proves to be comprehensive in nature as you can utilize the money to your best advantage. If you wish to travel abroad for your treatment, the amount can be used to purchase the tickets. Then, if you wish to pay off your home loan and not leave behind any financial liability for your loved ones, you can use the money to clear all the dues. The comprehensive coverage allows you to plan your finances and makes it a lot easier for you and your family. This is another excellent reason that proves that a cancer insurance policy is totally worth it.

• Tax Benefits 

Everyone looks to save their hard-earned money. This is why tax saving is done on a priority basis. However, saving tax effectively is always a challenge. If you are seriously looking to save tax, consider getting a cancer insurance plan. A cancer plan is a health insurance plan. This is why you stand to get an income tax benefit of up to INR 2500. This provision is available under Section 80D of the Indian Income Tax Act.

Quite evidently, the points mentioned above wholeheartedly prove that buying a cancer insurance plan is totally and completely worth it!

Choosing the Correct Cancer Policy in India

There are many options available when it comes to health insurance for cancer patients in India. The cancer insurance plans are good, but you need to choose the most appropriate cover to ensure you stay covered in a wholesome manner. Here are some tips to help you choose wisely:

• Analyze Your Needs

The first step is for you to understand what your needs are. If you are at a higher risk for cancer, you will surely need a good cancer cover. This can happen if you have a family history of cancer or if you have been exposed to radiation or other chemicals. Cover yourself from any eventuality by investing in a good cancer insurance plan.

• Fix a Budget

Cancer insurance plans are available at a variety of prices. The premium of a policy depends on the scope of coverage, the volume of coverage, the policy period, etc. While you would surely like to have the best and the most comprehensive cancer insurance cover, you have to choose a policy that you can afford. Make a budget and see how much you can pay as a premium each year. Then, choose a suitable plan within your budget.

• Do Your Research

As stated, there are different plans with different covers. Do your research and find a good plan from a good insurer. The plan you buy should have some great features. The plan should also be taken from a good and reliable health insurance provider who has a high claim settlement ratio. 

• Compare 

Never buy health insurance without comparing. The same holds true for cancer insurance policies too. There are many options available, so you should definitely compare and then make a purchase. Doing so will allow you to make a good and informed choice. You will also be able to find the best plan at the best rate.

• Buy Online

It is always a good idea to buy your cancer insurance cover online. When you buy the plan online, you make an affordable choice. This apart, you also get to make an unbiased choice. There is no insurance agent involved and so you buy the plan safely and securely from the insurance provider directly.

Keep the above-mentioned tips in mind when you choose the ideal cancer cover policy and you will have the best possible plan with you.

The Bottom Line

As you can clearly see from the points mentioned above, it is indeed worth it to buy a cancer insurance cover. Go for the plan if you don’t have one already. Keep yourself and all the members of your family safe from all kinds of hardships, especially financial hardships if you get detected with a form of cancer later on.