- DetailsWritten by PolicyBazaar -
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Modified 24 May 2017
A health insurance policy is supposed to support you financially as well as morally in the event of a medical emergency. Despite offering reimbursement for medical bills and annual health check-ups, you (being a policyholder) are eligible for cashless hospitalization at the network hospitals of your insurer. Coverage for critical illnesses is also offered by several insurers with a wide range of illnesses.
Some insurers provide coverage for 15 illnesses while some others cover up to 30 illnesses in a single insurance policy. Based on your requirement, you can explore multiple policies online and shortlist a few out of them. With the technological advancement, you can now buy health insurance online just as you do online shopping from the comfort of your home. All you have to do is download the mobile application of your insurer or a web aggregator and explore the available options to end up purchasing the best plan in your budget.
Critical Illness Insurance
With the ever-changing lifestyle of individuals, people these days are more prone to critical illnesses, such as heart attack, kidney failure, cancer, etc. Today, you can easily find policies offering coverage against heart and cancer-related critical illnesses. Such policies also provide life coverage, in case the policyholder dies during the policy term. Thus, if you’re looking forward to purchasing a health insurance policy, Heart and Cancer coverage is a necessity in today’s age. Some primary factors that make heart and cancer insurance mandatory include lifestyle diseases, workplace concerns, frequently eating out, smoking and drinking habits, financial stress, etc.
The Financial Setback – Effects of a Critical Illness
The treatment cost of a critical illness is primarily higher in comparison to the treatment of a disease that requires hospitalization. Well, based on the particular disease and its stage of treatment, a person might have to shell out his/her lifelong savings, typically ranging from 2.5 lakhs to up to 20 lakhs for the treatment of six months of Cancer. Likewise, a heart surgery could also cause an expense of a few lakhs subject to the hospital and location.
Tackling Illnesses with High Incidences
There are times when you can be financially prepared for medical emergencies. These are times when you are already aware of the existence of some kinds of a critical illness. During a medical emergency, you must act smart and manage your finances wisely, i.e. choose your hospital carefully.
You could save for an ailment that you knew would affect your health severely. Oncologists say that most of the cases of diabetes and other lifestyle disorders and other environmental factors lead to diseases like Cancer in approx. 80 to 90 percent.
What Options are available?
Heart and Cancer (H&C) insurance policies are like other long-term insurance policies, which remain active and offer coverage for up to 20 years. Also, the coverage offered goes up to 75 lakhs for heart diseases or cancer under a single plan. Also, the entire sum assured for the disease (heart or cancer) is paid to the nominee, in case the policyholder dies during the policy term.
How do These Plans work?
These insurance policies are custom-tailored and are for serving specific needs of heart or cancer patients, especially to conquer the rising financial costs. Some policies offer the option of coverage for one or both the diseases. The coverage for the particular disease at various stages (initial, middle, and critical) is provided by offering a sum assured as the lump sum to the patient (i.e. the policyholder).
The biggest plus of these policies is that you don’t have to go to a network hospital. In other words, you can go to a non-network hospital too and your insurer is liable to reimburse your claim, based on your diagnosis report submission.
|You may like to Read: How To Choose The Best Cancer Insurance Policy In India|
The Bottom Line!
Keeping in your mind the rising hospitalization costs and growing lifestyle diseases, you must consider a heart and cancer insurance policy for specialized care of yourself. You can purchase the most suitable plan for yourself at your own convenience. You also get tax benefit under section 80D of the Income Tax Act, 1961. However, make sure you read the policy wording carefully before purchasing the policy of your choice.
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