Health Insurance Cover for Chemotherapy

Posted on: Mar 14, 2023 | | Written by:

Health Insurance Cover for Chemotherapy

Published on March 14, 2023. EST READ TIME: 4 minutes

When someone gets diagnosed with cancer, their world turns upside down as they grapple with the shock and fear of what lies ahead. But as you begin to explore your options for treatment, you quickly realise that the cost of cancer care in India can be exorbitant, with a single chemotherapy session alone costing anywhere from Rs 3,000 to Rs 50,000. The thought of managing these expenses while also fighting for life can be overwhelming. So, does health insurance cover chemo? The good news is that with the right health insurance plans, one can access the care he/she needs, including chemotherapy, without having to worry about the financial burden.

Is cancer treatment covered by insurance?

Most regular health insurance plans cover only the hospitalisation expenses related to cancer treatment. They do not cover the entire cost of treatment and other non-medical expenses. Also, the sum insured by the standard healthcare policy may not be adequate to cover cancer treatment. Being expensive, cancer treatment can be hard on the pocket and wipe out a person’s entire savings. If diagnosed with cancer, buying a critical illness insurance plan or a policy designed specially to cover all the costs related to cancer treatment is advisable.

The sum insured of critical illness insurance is relatively high to cover costs of surgery, ambulance, medicines, doctor consultations, etc. Upon diagnosis, the insurer provides a lumpsum amount irrespective of the cost of treatment. The payout can be used for both medical and non-medical expenses, such as paying off debts and mortgages.

Need for insurance for cancer treatment

With advancements in medical science and technology, cancer can be cured if detected early. However, the treatment can take a long time and is also expensive, involving multiple tests, surgeries, radiation, chemotherapy sessions, etc. Although most health insurance policies cover cancer, they have certain limitations. So, buying a critical illness plan or cancer insurance is crucial, which provides coverage for all medical and non-medical expenses.

The cost of chemotherapy in India can vary from city to city. It also depends on factors like the patient’s age, type and stage of cancer, post-treatment needs, type of hospital, etc. However, the average cost of chemo is around Rs 18,000, with the minimum and maximum costs ranging from Rs 3,000 to Rs 50,000. This will include expenses such as admission, lab tests, X-rays, ECGs, room rent, doctor’s fees, etc.

Does health insurance cover chemotherapy?

Does insurance cover chemo is a question that comes to mind when diagnosed with cancer. Yes, critical illness insurance or a cancer-specific plan covers all the costs associated with cancer treatment, including chemotherapy.

How to Pick a Good Health Insurance Plan for Cancer?

To pick a good health insurance plan for cancer, here are certain factors to consider:

1. Cancer treatment is expensive, so you should look for a plan with a high sum insured. The treatment can continue for years and can dent your savings in the absence of an adequate sum insured.

2. When the sum insured is high, the premium will also be high. So, look for a plan with affordable premiums. Compare plans offered by different insurers on the basis of coverage and features and select the one that is cost-effective.

3. The insurance plan must cover multiple stages of cancer and should also offer long-term coverage. This way, you will be financially protected with the same premium for a more extended period.

4. Check the insurer’s claim settlement ratio before buying the policy. A high claim settlement ratio indicates the company’s ability to settle claims. You can check the reputation and performance of the company from online customer reviews and ratings.

Conclusion

With the ever-increasing rise in healthcare costs, health insurance has become a necessity today. However, it is important to pick a plan that offers you sufficient coverage in times of need. If any of your family members have a history of being diagnosed with cancer, buying critical illness insurance or cancer insurance is extremely vital. Before buying the plan, ask your insurer about the policy, including questions like does insurance cover chemo or does health insurance cover chemo because your base plan will not be adequate to pay for cancer-related treatments. The critical insurance plan will not only cover the cost of treatment but will also take care of non-medical expenses.

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

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IRDAI’s Guidelines on Standardization of Critical Illness in Health Insurance