Cancer insurance is the specific type of insurance made only for cancer patients. people with higher risks of cancer often buy this. cancer insurance has many pros and some cons too. all of them are mentioned in detail here.
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Pros and cons of cancer insurance
Cancer is a very horrible disease. Cancer treatments are very expensive. And the rate of cancer survivors is low because of the high medical costs. Not everyone can afford such expensive treatment. The expenses start from the cancer diagnosis. All the cancer diagnostic tests are very expensive.
All these tests are more expensive than the normal health checkup tests. Hence buying cancer insurance is a necessity for the cancer patient.
Here are cancer insurance pros and cons that you should keep in mind before finalizing a cancer insurance policy. Other than these pros and cons you should always compare the policy price of the different companies.
The policy price and the benefits vary from company to company. It will a smart choice to contact the policy seller before buying a policy.
What is cancer insurance?
In the context of an insurance policy, there is cancer insurance that is meant to cover all the medical costs of a cancer patient. This insurance is different from the normal health insurance plans. Although there are many pros and cons of cancer insurance policies. This insurance comes under critical illness insurance plans. Cancer insurance is like any other insurance. Hence it is easily available.
Type of insurance
As a matter of fact, here there are several types of health insurance plans available today. Some of them are as follows.
- Senior citizen health insurance
- Personal accidents cover health insurance
- Heart attacks stroke insurance plans
- Maternity insurance
- Critical illness insurance
- Family member health insurance
All these insurances are subcategories of primary health insurance.
Pros of cancer insurance
Everything comes with pros and cons. Here is the list of the type of coverage that cancer insurance gives. All these benefits are covered in a cancer insurance policy.
- Covers all surgery expenses.
- Lump-sum benefits are provided by the insurance company when you take the policy after being diagnosed with cancer.
- You can choose any hospital. There will be no condition for choosing a particular hospital.
- All chemotherapy covers under the insurance.
- We can able to cover travel expenses. In case, your disease demands you to travel far away. Then all the travel expenses will be on your cancer insurance policy.
- Tests including blood tests, X Rays, MRI, and CT scans will be covered under your cancer policy.
- All drug prescriptions will be covered under this.
Cons of cancer insurance
With all the above benefits, cancer insurance has some drawbacks too. However, the drawback is almost negligible in front of the benefits. Some of the drawbacks are as follows:
- The plans are affordable. But still, they will add some extra expense to your monthly budget.
- You will pay for something unpredictable.
So, these are the only cons of cancer insurance. It is not certain that cancer will happen to you. So, in that case, the policy EMIs will become a burden on your budget. With some changes in your expenses, you can adjust the cancer insurance in your monthly expenses.
Cancer treatment cost
The average cancer cost is around $15000. However, with the insurance, you have to pay only $4500. Without cancer insurance, it is almost impossible for an average-income person to afford all the expenses. Hence, it becomes very important to have cancer insurance.
If at any point you are doubting cancer via genetics and all. Then I will suggest you buy cancer insurance. Because of all the pros, it is impossible to neglect this thing. Do you know? More than 70 percent of cancer expenses are covered under insurance.
Importance of cancer insurance
Most of the time cancer is diagnosed at the very last stage. And hence the patient could not survive. In another case, the disease is diagnosed early. But, the patients do not afford the treatment expenses. Which results in a low survival rate for cancer patients.
Cancer insurance can save many lives. Hence it becomes very important. But before buying cancer insurance, always compare plans from different companies. Do not just stick with one policy. Try different policies. Either contact a policy seller or dig on the internet a little about the different company prices for cancer insurance.
In conclusion, cancer is a very dangerous disease. Like other things, cancer insurance also has some pros and cons. However, the cons are very less in comparison to the benefits of cancer insurance. Always select yearly cancer insurance. Do not go with the lifetime cancer insurance policy. Because you can always change a yearly policy company according to your budget. But this will not be possible in the life policy.