25 Frequently Asked Questions on Cancer Insurance: A Comprehensive Guide

Posted on: Mar 18, 2024 | 3 mins | Written by: None

25 Frequently Asked Questions on Cancer Insurance: A Comprehensive Guide

Cancer is a significant health concern in India, with millions of people being diagnosed with the disease each year. Due to the high prevalence and treatment costs associated with cancer, many individuals opt for cancer insurance to protect themselves financially. Cancer insurance is a special type of insurance that provides coverage in addition to your current health insurance policy. Since the cost of cancer treatment and related expenses may not be adequately covered by a regular health insurance plan, having cancer insurance can be very useful. According to reports, in India, one in nine people is likely to develop cancer in his/her lifetime. Lung and breast cancers are seen to be the leading sites of cancer in males and females, respectively. A study published by the National Cancer Registry Programme stated that the incidence of cancer cases is estimated to increase by 12.8 per cent in 2025 as compared to 2020.

According to predictions, there could be a significant economic and emotional burden on people if they don't receive proper cancer treatment. Therefore, having cancer insurance can be critical, especially if you have a family history of cancer. To help you make an informed decision, we have answered 25 frequently asked questions about cancer insurance, providing valuable insights and guidance on this important topic.

Read on to learn about cancer insurance.

1. What is cancer insurance?

Cancer insurance is a specialized type of health insurance that provides financial protection specifically for the diagnosis, treatment, and management of cancer. It offers coverage for various medical expenses related to cancer care, including hospitalization, surgery, chemotherapy, radiation therapy, medications, and supportive care services. If you wish to get cancer coverage you can check the plans with HDFC ERGO’s iCan cancer cover. With iCan, you get full protection against cancer inclusive of in-patient, out-patient, and daycare expenses and other benefits like CritiCare Benefit where a lump sum benefit of 60% of the sum insured over the base cover if given to the person diagnosed with cancer of specified severity. It also offers Family Care Benefit- a lump sum benefit of 100% of the sum insured over the base cover if the insured is diagnosed with advanced metastatic cancer and recurrence of cancer.

2. How does cancer insurance differ from regular health insurance?

While regular health insurance provides coverage for a wide range of medical conditions and treatments, cancer insurance is designed to offer focused coverage specifically for cancer-related expenses. It provides additional financial protection against the high costs associated with cancer diagnosis and treatment, complementing existing health insurance coverage.

3. Who should consider purchasing cancer insurance?

Cancer insurance is suitable for individuals who want additional financial protection against the potentially devastating costs of cancer care. It is particularly relevant for individuals with a family history of cancer, those at higher risk due to lifestyle factors or environmental exposures, or those seeking peace of mind and comprehensive coverage for cancer-related expenses.

4. Can cancer insurance be purchased as a standalone policy?

Yes, cancer insurance can be purchased as a standalone policy, offering dedicated coverage for cancer-related expenses. It can also be available as a rider or add-on to existing health insurance policies, providing enhanced coverage specifically for cancer care.

5. What does cancer insurance cover?

Cancer insurance typically covers a wide range of medical expenses associated with cancer diagnosis, treatment, and recovery. This may include hospitalization, surgery, chemotherapy, radiation therapy, targeted therapy, immunotherapy, medications, diagnostic tests, consultations with oncologists and specialists, supportive care services, and rehabilitation.

6. Are there any waiting periods associated with cancer insurance?

Yes, most cancer insurance policies have waiting periods before coverage becomes effective. These waiting periods may vary depending on the insurance company and policy terms. It's essential to understand the waiting periods and any other exclusions or limitations in the policy document.

7. Can cancer insurance be purchased after a cancer diagnosis?

In most cases, cancer insurance cannot be purchased after a cancer diagnosis. Insurance companies typically require applicants to undergo medical underwriting and disclose their medical history, including any pre-existing conditions. Individuals who have been diagnosed with cancer may not be eligible for cancer insurance or may face significant limitations and exclusions.

8. What is the maximum coverage amount offered by cancer insurance policies?

The maximum coverage amount offered by cancer insurance policies varies depending on the insurance company and policy terms. Coverage amounts may range from a few lakhs to several crores, allowing individuals to choose a coverage level that meets their needs and budget.

9. Are there any age restrictions for purchasing cancer insurance?

Age restrictions may vary depending on the insurance company and policy terms. While some cancer insurance policies may have minimum and maximum age limits for purchasing coverage, others may offer coverage without age restrictions or with limited age restrictions. It's essential to check the policy terms and eligibility criteria before applying for coverage.

10. Are pre-existing conditions covered under cancer insurance?

Pre-existing conditions may not be covered under cancer insurance, especially if they are related to cancer or cancer-related conditions. It's essential to review the policy terms and exclusions to understand which pre-existing conditions are covered and which are excluded from coverage.

11. Are there any survival period requirements for cancer insurance claims?

Some cancer insurance policies may have survival period requirements, which specify the minimum duration that the insured individual must survive after the cancer diagnosis to be eligible for benefits. Survival period requirements may vary depending on the policy terms and conditions.

12. Can cancer insurance be purchased online?

Yes, many insurance companies offer the option to purchase cancer insurance online through their websites or mobile apps. Online purchase allows individuals to compare policy options, calculate premiums, and complete the application process conveniently from their homes or offices.

13. How are premiums determined for cancer insurance?

Premiums for cancer insurance are determined based on various factors, including the age of the insured individual, coverage amount, policy term, medical history, lifestyle factors, and family medical history. Younger individuals with no pre-existing conditions may qualify for lower premiums, while older individuals or those with higher coverage amounts may pay higher premiums.

14. Can cancer insurance be renewed annually?

Yes, cancer insurance policies can typically be renewed annually, subject to the insurance company's renewal terms and conditions. Renewal ensures continuity of coverage and ongoing protection against cancer-related expenses.

15. Are there any tax benefits associated with cancer insurance premiums?

Yes, premiums paid for cancer insurance may be eligible for tax benefits under Section 80D of the Income Tax Act, of 1961. Policyholders can claim tax deductions on premiums paid for health insurance, including cancer insurance, subject to specified limits and conditions.

16. What happens if a cancer insurance policyholder changes insurance companies?

If a cancer insurance policyholder decides to switch insurance companies, they may be able to port their existing policy to the new insurance company without losing continuity of coverage. Insurance portability allows policyholders to transfer their policy benefits, coverage, and waiting periods to the new insurer, subject to portability guidelines and conditions.

17. Can cancer insurance be purchased for family members?

Yes, cancer insurance can be purchased for family members, including spouses, children, parents, and siblings. Many insurance companies offer family floater cancer insurance plans that provide coverage for the entire family under a single policy, offering convenience and comprehensive protection.

18. Are alternative and complementary treatments covered under cancer insurance?

Some cancer insurance policies may offer coverage for alternative and complementary treatments, such as Ayurveda, Homeopathy, Naturopathy, Yoga, and Traditional Chinese Medicine, as part of the overall cancer treatment plan. It's essential to review the policy terms and coverage options to understand which alternative treatments are included.

19. What documents are required to file a cancer insurance claim?

To file a cancer insurance claim, policyholders typically need to submit various documents, including the claim form, medical records, diagnostic reports, treatment receipts, prescriptions, hospital bills, discharge summaries, and any other relevant documents as specified by the insurance company.

20. Can cancer insurance benefits be used for overseas treatment?

Some cancer insurance policies may offer coverage for overseas treatment, allowing policyholders to seek medical care abroad if necessary. However, coverage for overseas treatment may be subject to specified limits, conditions, and prior authorization requirements. It's essential to check the policy terms and coverage options before seeking overseas treatment.

21. Are there any exclusions under cancer insurance policies?

Yes, cancer insurance policies typically have exclusions, which specify the conditions, treatments, and expenses that are not covered under the policy. Common exclusions may include pre-existing conditions, certain types and stages of cancer, experimental treatments, cosmetic procedures, and non-medical expenses. Alternatively, you can also get a critical insurance cover that covers cancer treatments too, in most cases. However, be sure to check the exclusions for the same as well.

22. Can cancer insurance benefits be claimed multiple times?

Yes, cancer insurance benefits can typically be claimed multiple times for different cancer diagnoses or recurrences, subject to the policy's terms and conditions. Policyholders may receive benefits for each covered cancer diagnosis or recurrence, providing ongoing financial protection against cancer-related expenses.

23. Can cancer insurance policies be customized to suit individual needs?

Yes, many insurance companies offer the option to customize cancer insurance policies to suit individual needs and preferences. Policyholders can choose from various coverage options, riders, and add-ons to tailor the policy to their specific requirements, ensuring comprehensive protection against cancer-related expenses.

24. What happens if a cancer insurance policyholder passes away?

In the unfortunate event of the policyholder's demise, some cancer insurance policies may offer death benefits or survivor benefits to the nominee or beneficiary designated by the policyholder. These benefits provide financial assistance to the policyholder's family members or dependents, offering support during a challenging time.

25. How can individuals apply for cancer insurance?

Individuals can apply for cancer insurance by contacting insurance companies directly, visiting their websites, or consulting licensed insurance advisors or agents. The application process typically involves filling out an application form, undergoing medical underwriting, and providing relevant documents as required by the insurance company.

Conclusion

Cancer insurance offers valuable financial protection and peace of mind for individuals and families facing the challenges of cancer diagnosis and treatment. By understanding the key features, benefits, and considerations associated with cancer insurance, one can make informed decisions when selecting the right policy to safeguard their health and financial well-being. Remember to compare policy options, review policy terms, and seek professional advice to choose a cancer insurance plan that meets your needs and priorities.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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