Tips to select right insurance cover for the 'deadly disease': World Cancer Day 2023
World Cancer Day: In India, cancer continues to rank among the top five causes of death. People who have a family history of cancer should have dedicated cancer coverage because of the high costs associated with treatment.
Every year on February 4, World Cancer Day is observed to raise awareness of cancer, a global health problem affecting millions of people. Cancer remains one of India's leading causes of death, and its treatment is quite expensive.
However, the good news is that in India, hospitalization costs associated with cancer treatment are frequently covered by health insurance, which may result in lower costs.
However, these policies may not cover all costs associated with cancer, which may add up to a significant sum. As a result, insurance professionals advise customers to select specific cancer insurance plans that provide greater treatment coverage.
In an exclusive interview with CNBC-TV18.com, Ankur Nijhawan, CEO of AXA France Vie India Reinsurance Branch, stated, "One must have specific cancer coverage given the high costs of cancer care and treatment, especially if there has been a family history of the disease."
Cancer insurance is a special kind of policy that helps people who have been diagnosed with the disease after the free look-up period specified in the terms and conditions of the purchased cancer insurance policy.
How do you select cancer insurance coverage?
Consider costs When choosing an insurance policy's coverage level, one should take into account the cost of diagnostic tests, chemotherapy, a biopsy, and any other possible treatments.
"This will assist in lowering the potential costs incurred as a result of the disease and any financial stress it may cause. The policy's exclusions and restrictions, which are frequently ignored, should also be reviewed. "Before signing up for a plan, it is essential to thoroughly read the policy and comprehend its terms and conditions because some plans may restrict certain treatments," Nijhawan told CNBC-TV18.com.
Cancer coverage can be purchased as a premium-based addition to a standard policy when purchasing health insurance. Since standalone cancer policies can have high premium rates, this may make it more affordable.
"In insurance policies, having a separate sum insured for cancer, separate from the general sum insured, can also help customize the coverage to meet the needs of the policyholder," Nijhawan stated.
Examine the inclusions and exclusions. According to Nijhawan, it is essential to keep in mind that insurance plans designed specifically for cancer may include a predetermined list of cancers that are covered, as determined by the insurance provider.
"It is essential to thoroughly review the exclusions list prior to enrolling in a plan to ensure that any health concern is not excluded. He told CNBC-TV18.com, "It is advisable to consult the insurance provider with any questions you may have in order to find the best solution for you and your family."