Cancer is one of the fastest-growing health threats in the world. Some factors that contribute to the higher number of cancer cases are increasing pollution, urban lifestyle, stress, and eating habits, among many more. Some reports indicate that the number of cancer patients is increasing exponentially not only in the world but in India as well. When you considerthe increasing costs of even the most basic medical treatments, besides health issues, cancer also poses a financial problem.
There is no better occasion than National Cancer Awareness Day to give thought to the illness and the widespread effects it has. The day was announced in September 2014, with the purpose of promoting the prevention and early detection of various forms of cancer. This article aims to prepare readers for the physical and financial effects of a cancer diagnosis and how the IL TakeCare Insurance & Wellness app offered by ICICI Lombard can help you tackle them.
Why you need insurance coverage for cancer?
Many people assume health insurance can only be useful if you end up getting sick or injured. So, if you are going to be well, then why should you pay money to cover an issue that might not arise in the first place? With this narrative being increasingly common, people are often confused aboutwhetherthey should or should not buy health insurance for cancer.
If you think objectively, buying cancer insurance coverage from reputed insurers like ICICI Lombard should be an easy choice. With increased instances of cancer across various demographics, having insurance coverage and the various support features that they offer ensures that you will not have to burn through your savings or borrow money if you do end up being diagnosed with the illness. It is better than realisingthat you actually need it when you receive a diagnosis. However, before buying such coverage, you should understand it thoroughly and decide the specifics of the coverage you need.
Understanding cancer insurance offered by ICICI Lombard
If you or someone close to you has ever been hospitalized, you must have a good understanding of how important it is to be protected against any illness. In fact, you may already have some type of medical coverage for yourself and/or family members. However, like many others, you might have a general healthcare policy. Health insurance coverage for cancer is different from your regular medical coverage.
With regular health insurance, you go to a doctor or hospital for treatment. You opt for cashless treatment at the hospital. This is through a call, an email, or through your insurance app like ILTakeCare if you have a policy from ICICI Lombard. The insurance company settles the hospital bills. This means there is a direct payment for the service you have received. General healthcare insurance covers routine care and preventive measures.
As a result, people often confuse these two types of coverage. Many people buy general healthcare insurance in hopes to cover cancer and other major illnesses under it. Hence, you need to give special consideration to cancer coverage.
Types of cancer insurance coverage
Whether you pick ICICI Lombard or other providers, there are different types of cancer insurance coverage options to choose from. Each option has specific benefits and exclusions. Here are the different kinds of cancer insurance coverage available to you:
Critical illness cover: It is an add-on in which the insurance company pays a lump sum if the insured is diagnosed with a serious illness as specified in the insurance policy.
Standalone Cancer Insurance: It is a specific cancer insurance plan that covers mild to severe stages of a cancer diagnosis. It can be used for medical expenses, hospitalization expenses, and also income compensation during the treatment period.
Things to keep in mind while buying cancer coverage
- Choose higher coverage
The average cost of cancer treatment is between INR 5 to 6 lakhs, due to various cycles of chemotherapy, bone marrow examination, PET scan, endoscopy in singapore, and radiation therapy. It seems likely that the costs will only increase in the future. Hence, you should take inflation into account while deciding your coverage amount when you buy health insurance. Choosing a lower coverage amount can leave you exposed to financial risks.For example, ICICI Lombard offers cancer coverage through its critical illness cover built into their complete health insurance plan. This way getting adequate cancer coverage gets easier.
- Choose a plan that covers all stages of cancer
Choose a plan that offers step-based payments that are sufficient for your treatment. Most cancer insurance plans cover mild and severe stages of cancer. Cancer insurance plans usually offer 25% of the sum assured. This is paid in low-grade cancer conditions such as carcinoma in situ (excluding skin and prostate). For major diseases such as lung cancer, breast cancer, colon cancer and kidney cancer, you will receive 100% of the insurance amount.
- Look for longer coverage periods
Before finalising cancer insurance, it is important to consider the coverage period. Check the plan that covers the maximum age. Most cancer insurance policies cover you until the age of 80. The longer the insurance plan’s validity, the longer the risk is guaranteed to be covered. While health insurance can help you with the financial problems caused by cancer, the physical trials are an entirely different thing. Hence, it is better to prevent or catch the illness early. You should regularly be on the lookout for any symptoms. Moreover, you should regularly consult a doctor about cancer and any other illnesses you might be at risk of. Taking out the time to make and attend appointments is extremely difficult due to a hectic lifestyle. Instead, you can book a tele-consultation through ahealth insurance app like ILTakeCare Insurance App from ICICI Lombard.This allows you to book an appointment with a doctor through its Teleconsultation feature. Such an app can also provide you with the tips and measures you should take to avoid illnesses like cancer.