Important Reasons To Buy Cancer Insurance

The field of health insurance plans is quite a vast one. There are many options available nowadays, and one such option is the cancer insurance policy. This policy came into existence mainly because of the rising number of cancer patients all across the world. The cost of cancer treatment is something not all can afford. But, with the presence of cancer insurance policies, now even people from the low income group can get the best cancer treatment facilities.

The main purpose of cancer insurance policies is to lower down the amount of expense one has to bear in the form of hospital bills, chemotherapy, blood transfusion, nursing care, surgery, etc. The drugs required in the process of cancer treatment are really expensive. So, for a middle class person, shelling out such huge amount of money can be a major issue. Overall, there are many reasons why you might want to spend your money on this kind of policy. Let’s take a look at some of them.

  • Rising number of cancer cases

In today’s times, the number of cases related to cancer is rising tremendously. If your family has a history of cancer cases, it is absolutely important for you to protect yourself and your family members with a cancer insurance policy. The cost of cancer treatment can be very high, and if you do not want to end up spending your savings on its treatment, you should buy a policy right now. But, before buying a cancer insurance policy, it is important for you to know that if a person already has cancer symptoms then he/she will not be eligible to buy one.

  • Financial backup

When it comes to availing medical treatment in the private hospitals, it usually involves a lot of expenses. The cost of cancer treatment in the private hospitals can reach up to 25 lakh. So, if you do not have enough savings in your bank account then managing the finances can become a big problem for you. Even if you have the required amount of money in your savings account, shelling them out entirely would not be a wise move. In the end, you will end up spending all your savings, which in turn will land you into financial crunch for several years.

For this reason, it is better to have a cancer insurance policy in your pocket. It can provide you a lump-sum amount for the treatment, and you do not have to worry about arranging the finances. Most of the cancer insurance policies also cover expenses like- home care, travel expenses for visiting doctors in other cities/states, day care services, medicine bills, etc. In this way, you will have a proper backup plan for such unwanted situations.

  • Rising cost of cancer treatment

Owing to the rapid rise in the number of cancer cases in India, the cost of cancer treatment is also getting higher and higher. For those who do not know, there are several factors that play a major role in determining the cost of cancer treatment. The most important factor is related to the stage at which the cancer disease is being diagnosed; there are three stages in this case, which are- early, major, and advanced/critical. The treatment cost can take a huge toll on your savings.

Apart from savings, you also have to spend thousands of rupees on monthly basis for the treatment process. This is where a cancer insurance policy can help you out in a massive way. It can cover all sorts of medical expenses related to the treatment. On monthly basis, a certain amount of money is paid by the policy for a specific number of years. As a result, it becomes easier for the family of the patient to manage their finances. So, even when the main member of the family is undergoing cancer treatment, his family does not have to struggle with the finances.    

  • All types of cancer

When we talk about cancer insurance policies, we usually mean all types of cancers, such as breast cancer, lung cancer, brain cancer, etc. But, you have to make these things clear at the time of purchasing a cancer insurance policy. Some cancer insurance policies also allow you to include other rare type of cancer diseases. The premium would go up in that case.

So, those were some of the reasons that make cancer insurance policies so beneficial and important today’s times. Getting diagnosed with a deadly disease like cancer is definitely a matter of big concern for a middle-class family. Nowadays, there are many insurance companies available in this product category. You can compare their cancer insurance policies and measure their pros and cons. In this way, you will end up purchasing the right cancer insurance policy for your loved ones.