Remember when you were a kid, and you couldn’t wait to grow up and go to college, start a career, and live your dream? But then reality bust the myth! You are now consumed with bills, maintaining a work-life balance, and living with family, and you frequently wonder how your parents did it all by themselves. Let’s face it: being an adult isn’t all that exciting. One more thing that always concerns you – the health of you and your loved ones, which is why you think of getting health insurance.
Do you know that your cancer insurance policy changes as you get older?
Like any other life insurance policy, personal health insurance premiums are determined by various factors, including the policyholder’s age, coverage, family history, work profile, pre-existing diseases, gender, and marital status. Age is the most crucial factor in determining health insurance premiums among the factors mentioned above. Thus, to have the most appropriate policy that will cover all of your medical needs without disrupting the status quo of the bank balance, you should consider purchasing health insurance at a young age.
Why You Need A Cancer Insurance Plan
Cancer insurance is essential since the expense of recovery is not cheap, and it will have a long-term influence on your life savings and family’s financial situation. The average cost of cancer treatment ranges between Rs 5 – 10 lakhs, and not everyone can afford it. Furthermore, even the best health insurance policy may not cover all cancer-related expenses, and even if it does, there are criteria for coverage at different stages of the disease.
Cancer insurance is worth considering if:
- You are the sole bread-winner in the family.
- You have a cancer family history that transcends your generations.
- You do not have enough savings to cover hefty medical expenditures.
- If you believe, you are at a higher risk of developing cancer owing to environmental or other factors.
- Your standard health insurance policy does not provide adequate coverage.
Reason Why Premium Changes With Increasing Age
While you may not feel the need for health insurance at a young age, you will realize you have made the right choice when you get the proper coverage.
After all, why wait until you’re old and start catching diseases?
Choosing a health insurance plan like ABSLI Cancer Shield Plan at a young age to ensure your emotional, bodily, and financial security in the present and future is always a better option as you never know what will happen tomorrow.
Do you need more reasons? Let’s have a deeper look at the reasons why premium changes with increasing age:
Increased Health Risks: When compared to mid-old adults or senior citizens, young folks are less likely to experience health problems or require medical attention. The risks to one’s health and the likelihood of hospitalization due to illnesses, injuries, and medical disorders increase with age. As a result, an insurer would charge a more significant premium for the identical coverage provided to a young individual to cover such risks.
Critical illness risk: As people age, they become more vulnerable to acute diseases like stroke and cancer. As a result of this factor, one may be required to pay a high premium.
Pre-existing conditions: The longer a person waits, the more likely they will have a pre-existing medical condition before the coverage is issued. Other reasons that can cause a high premium include pre-existing conditions and a family medical history.
Soaring Medical Expenses: As a result of medical inflation, healthcare prices, including medical treatment and surgery, are increasing. With each passing year, you would require a more considerable sum insured to pay your medical bills, directly affecting the premium rate.
To quantify these reasons, here’s an example; a Rs 10 lakh health insurance plan would cost roughly Rs 1,500 in premiums per year for someone 25 years old, whereas the same policy would cost more than Rs 6000 for someone 40 years old with co-morbidities.
What Are The Advantages Of a Cancer Insurance Plan?
Managing Hospital Expenses: It is undeniable that the number of cancer cases and the expense of medical expenditures will rise. In terms of figures, medical spending accounted for over 30% of cancer treatment costs. Furthermore, cancer patients are 2.5 times more likely to become bankrupt than non-cancer patients. Cancer insurance functions as an unsung hero, taking care of all medical expenses.
Cover For Sole Bread-Winner: If you believe, due to family medical history, or suspect, that you may be infected with the terrible disease, you should consider investing in it, especially if you are the family’s single breadwinner. Prevention is always preferable to cure.
Financial Support For Family: Who doesn’t want some financial support for their family members and their hospital bills, especially while dealing with a severe condition that can create a hole in your pocket? Since this procedure can be emotionally and financially draining, you should consider purchasing a cancer insurance plan to cover most of your financial needs and ease some financial difficulties.
Amidst all the benefits, here’s one exception: It is one of the worst parts of cancer insurance where not every type of cancer is covered. For instance, skin cancer falls under this exception (not every insurance company offers a claim for this type). Also, claims are not receivable if STDs, HIV, or AIDS cause cancer, either directly or indirectly.
Moreover, claims for cancer caused by pre-existing medical illnesses, congenital conditions, or biological and chemical exposure are also not covered.
Here Are Some Cancer Insurance Plans That You Can Consider
Digit Cancer Insurance Policy
Digit Cancer Insurance is a health insurance coverage covering all medical expenditures associated with cancer, from diagnosis to treatment. It addresses six forms of cancer: stomach, breast, ovarian, lung, prostate, and throat cancer. Under this insurance, 25% of the money covered will be paid at the early stage diagnosis and 100% at the significant stage diagnosis, coupled with income benefits for the following ten years.
- It includes a ten-year income guarantee.
- Option to select between cancer hospitalization and cancer benefit policy
- Opportunity to choose between a flat sum insured and a rising sum insured option.
- The advantage of Premium Waiver
- Survival time ranges from 7 to 30 days.
Bajaj Allianz Critical Illness Insurance
Bajaj Allianz Severe Illness Insurance protects you and your family from the financial consequences of ten critical diseases, including cancer. On cancer diagnosis, the plan pays out the entire Sum insured. It also includes severe disorders such as the first heart attack, major organ transplant, coronary artery bypass surgery, stroke, renal failure, and so forth.
- Protection against ten major illnesses
- Coverage for the entire family
- Survival time of 30 days
- Tax advantages
- The in-house staff settles claims more quickly.
Aditya Birla Activ Safe Cancer Protection
Activ Secure by Aditya Birla Cancer Secure is a health insurance policy that offers financial security to cancer patients. The strategy addresses all three phases of cancer: early, major, and advanced. This plan pays 50% of the Sum insured at the early stage, 100% at the major stage, and a total of 150 percent of the Sum covered upon identification of the advanced stage.
- Payment in lump amount for all three stages of cancer
- Survival time of 7 days
- A wellness coach is an alternative.
- Bonuses added together
- Tax advantages
- A second e-opinion option is offered.
- Protection for the entire family
ABSLI Cancer Shield Plan
ABSLI Cancer Shield Plan is a type of health insurance that provides financial stability to people living with cancer. The plan covers both early and advanced stages of cancer by covering 30% of the Sum Assured upon diagnosis of an early stage of cancer and the remaining 70% upon further diagnosis of a major stage. If a major stage is detected in the first test, you are entitled to 100% Sum Assured.
- Payouts in early and major stages of cancer
- Premium Waiver Benefit
- The policyholder can avail the income benefit for the next five years; a monthly income equal to 1% of the Sum Assured on Illness would be paid out.
- Tax advantages
The main point of purchasing cancer insurance on time is to cover unanticipated cancer treatment medical expenses while keeping your finances intact. If you are young, you should consider purchasing cancer insurance right away.
Also, before spending money on any cancer plan, spend some time investigating which option is best for you and your family.