Cancer can take a toll not only on your health but also on your finances. Having cancer insurance is not just an option, but has now become a need in every household. Understanding your insurance well, especially your health insurance can save you from last-minute hassle and insurance claim-related issues. Cancer insurance acts as a safety net to meet Cancer treatment expenses.
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In this blog, we will discuss what cancer insurance is and how to make careful decisions when selecting a cancer insurance plan.
What is Cancer Insurance?
A cancer insurance plan is a health insurance covering expenses and uncertainties associated with cancer. It lessens the burden of treatment expenses and frees you from worrying about unexpected costs.
While no one wishes to face a cancer diagnosis, it’s important to recognize that it can affect anyone, regardless of family history or lifestyle.
What Types of Cancer are Covered in Insurance?
Not all types of cancers are covered by your cancer insurance. Make sure you read the policy documents carefully before buying a plan. Generally, these cancers are covered:
- Lung cancer
- Prostate cancer
- Stomach cancer
- Ovarian cancer
- Breast cancer
- Cervical cancer
- Hypo larynx cancer
These policies typically offer coverage for various stages and types of cancer, helping to ease the financial burden on the patient and their family. While deciding on a cancer insurance policy, make sure to review its coverage, the stages of cancer that it covers etc. Make sure to see other benefits like diagnostic tests, detection screenings and follow-up treatment.
In a cancer insurance case, the Delhi High Court imposed a Rs 50,000 fine on New India Assurance Company Ltd for causing "harassment and mental agony" to a cancer patient by denying her insurance claim. The patient, who has stage-IV breast cancer, had a policy worth Rs 44.5 lakh and claimed Rs 11 lakh for her chemo-immunotherapy treatment.
The insurance firm argued the claim exceeded the policy’s sub-limit, but the court ruled this limit didn't apply to her treatment. The insurance ombudsman had already directed the firm to settle her claim, which the firm failed to do, prompting her to seek court intervention. The court ordered the firm to clear the claim within four weeks.
This case highlights the importance of understanding the terms of a cancer insurance policy.
Conclusion
Although there are various factors you must consider while deciding your cancer insurance policy, the most important is knowing your policy well. Understanding the specifics of cancer and life insurance is crucial. Whether it’s the benefits of cancer care coverage or the affordability of term life insurance, reviewing policies and obtaining quotes are essential steps. This ensures finding the right, cost-effective protection for individual needs, promoting financial security in the face of life’s uncertainties.
Additionally, being aware of the claim settlement process, insurance claim-related issues, and claim rejection services is vital for effectively managing health insurance claims and avoiding potential obstacles.
If you ever come across such issues, feel free to consult an expert and get their opinion.
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