Do Critical Illness Plans Have an Edge Over Cancer Specific Health Plans?
The statistics have proven that the incidences of cancer in the country are increasing at an alarming rate. Besides the growing incidences of cancer, the exponentially increasing cancer treatment costs are another cause of worry. While one cannot predict the future, you can certainly plan for it. That’s when health insurance policies come into the picture. However, choosing from different types of health insurance plans such as Critical Illness Plans and Cancer Insurance Plans can be confusing. In order to understand which is better for covering cancer treatment costs, you must understand the features of both the plans.
A critical insurance plan is a specially designed health insurance plan which provides a lump sum benefit for specific illnesses which are not covered under regular health insurance plans. While cancer is covered under most critical illness insurance plans, it has a few downsides when it comes to cancer treatment coverage such as: -
- • If you are diagnosed with cancer during the waiting period, your critical illness plan will be terminated.
- • Critical illness policies do not cover early stages of cancer. If an individual is diagnosed with cancer, he/she will have to wait until the cancer advances to make any claim.
As you can see, critical illness policies are not really viable when it comes to cancer treatment coverage. Therefore, purchasing a cancer insurance plan is advisable, especially for those who have a greater risk of developing cancer. Here’s how a cancer care insurance plan aids your cancer treatment: -
Covers Early Stage Cancer
Unlike the critical illness plan, a cancer insurance plan will provide coverage for all stages of cancer. All aspects of cancer treatment such as surgery, chemotherapy, radiotherapy and various other treatment expenses will be covered under cancer insurance. Given the high cost of cancer treatments, financial assistance is of utmost importance. If you have a cancer insurance plan, you need not worry about the expenses and focus solely on your recovery.
Continuation of Policy
Another important reason why a cancer cover is better, is the continuation of policy. The continuity factor is an important aspect because cancer is a disease which may recur at any time. A critical illness cover will cease to exist once the claim is made, so you won’t be able to make any more claims if cancer recurs. On the other hand, a cancer insurance cover continues to exist even after you make a claim.
Clearly, a cancer insurance plan has several advantages over a critical illness plan when it comes to cancer treatment. However, as a buyer, you need to consider other factors such as your risk of developing cancer before making the final call as a cancer insurance plan only covers one disease.