What is the Right Time to Buy Cancer Insurance?

Cancer, just hearing the name of this disease, can send chills down your spine, and for no good reason.

According to a report released by IARC (International Agency for Research on Cancer), cancer is a massively growing global threat. This was backed up by hard data – there were 19,292,789 new cases in 2020, and a total of 5-year existing cases were around the 50,550,287 mark. The IARC also mentioned that one in six women and one in five men globally get diagnosed with cancer during the course of their lives.

This is why buying cancer insurance might need to be considered a necessity going forward.

Introduction to Cancer Insurance

As the name suggests, cancer insurance is a type of insurance that provides cover and helps mitigate the expenses associated with cancer treatment. At times, people get confused when it comes to a cancer insurance policy. It is not a primary health policy but a separate insurance plan that provides coverage only against cancer treatment-related expenses.

It certainly makes sense to purchase cancer insurance if you have a history of cancer in your family. It is always better to be safer than sorry, isn’t it? Additionally, it can also help in filling gaps that may exist in your existing policy vis-à-vis cancer.

However, it is crucial to understand that a cancer insurance policy only comes into effect if you get diagnosed with cancer and not any other critical illness. Besides, you can only make a claim for cancer insurance if the waiting period is surpassed.

What Does Cancer Insurance Cover?

  • In-patient hospitalisation, pre- and post-hospitalisation expenses.
  • Daycare treatment wherein the patient does not have to be admitted for more than 24 hours.
  • Cover for ICU, ambulance, and OPD (outpatient department) expenses.
  • Radiotherapy and Chemotherapy cover.
  • Annual health check-up, second/expert opinion consultation, and recovery counselling costs.
  • Pre and post-hospitalisation expenses for organ donors.

The Right Time to Buy Cancer Insurance

Cancer insurance can be complicated and confusing to understand. Unsurprisingly, there are numerous questions in the minds of people when it comes to cancer insurance. One of the most significant being, what is the right time to purchase it? According to Jesse Slome, Director, American Association for Critical Illness Insurance, “The right time to consider a cancer insurance policy is when you are in good health.”

Unfortunately, it is not as simple as that. Several other factors come into consideration as well. The right time also depends upon your current financial conditions, your mindset, risk-taking ability, and the type of insurance policy you want to purchase.

Reasons to Buy Cancer Insurance

History of Cancer in Your Family

One of the primary reasons for purchasing cancer insurance is that there is a history of cancer diagnosis in your family. This is because having a history of it might increase the chances of diagnosis.

Extravagant Costs of Cancer Treatment

With the rise in cancer cases over the past few years, there has also been an exponential rise in the costs of cancer treatments. The costs depend on a few factors such as stage of cancer, duration of treatment, hospitalisation costs, and amount of insurance cover available. Cancer insurance policies will help you in combating these huge expenses and in safeguarding your life financially.

Inadequate Financial Backup for Emergencies

As mentioned above, the costs of cancer treatment are high and can make you debt-ridden. Having cancer insurance in place adds a safety net to your financial stability and deals with the medical expenses arising out of the treatment.

Furthermore, if you are diagnosed with cancer, some insurance plans provide you with insurance coverage for a fixed duration to assist you during your treatment. Apart from this, few insurance providers also cover non-medical expenses like dietary restriction aid, home healthcare, and childcare.

Safeguard Your Life With Cancer Insurance

Being diagnosed with cancer can be a nightmare, keeping the treatment and the expenses in mind. It also takes a massive toll on the mental health of you and your family. Thus, buying cancer insurance is an immense benefit that can come to your aid in such difficult times and can be the key difference between bankruptcy and financial stability.

Most importantly, the support of an insurance provider who is reliable in such a difficult time can make a significant difference. So, make sure you go for reputable insurers such as Care Health Insurance to ensure your financial needs are appropriately met under a medical emergency.