Health insurance is one of the most important yet underutilized financial benefits in India. Various survey reports indicate that while most people understand it’s importance, they are usually dependent on their own savings and income for major treatments. This is especially true for the older generation.
It often happens that our parents lose the health coverage from the employer when they retire. Even before the retirement, this health cover is barely enough to take care of hospitalization expenses, let alone treatment cost of something as expensive as cancer.
Cancer insurance is one of such health covers which can offer complete financial protection against the healthcare costs of life-threatening diseases.
Why Should You Buy Cancer Insurance?
There is more than one reason. But the single biggest reason is about convincing them to spend money on it. Parents especially when they’ve spent a fortune on ensuring their kids’ future, tread cautiously when they are nearing retirement. Convincing them to spend money on insurance, where the benefit will be paid contingent on the small possibility of diagnosis, is next to impossible.
But that does not mean we should leave them unprotected. Any such affair, which is as costly as a cancer treatment, can derail their retirement plans.
Plus, you need not worry about the expense since it will save more tax for you every year. You can claim an additional deduction up to Rs. 50,000 (up to Rs. 25,000 for insured below 60 yrs. of age) under section 80D on the premium amount paid.
- The Cost Factor
The cost of cancer treatment is very high. Your parents who have already retired will naturally not be able to bear the burden. Cancer, critical illness is not only a warning to one’s earning or saving capacity, but it can also throw you into a debt trap.
The sickness is expensive. Considering the exponential rate of cancer and the cost incurred in the treatment for the same; it is recommended to have a plan that shields your parents. The treatment can be exceedingly pricey if the illness is not diagnosed properly in the initial stage. They will also not want you to spend. In such cases having a support plan will help them bear the expenses of the treatment.
- Coverage all Stages of Cancer
The cost of the treatment will depend on the stage of cancer. Cancer-specific insurance policies cover all stages of cancer. But for this, you need to select the cancer policy carefully.
- The option of the Second Opinion
Insurers who offer cancer insurance plans, often have a panel of experts on cancer. An insured person can avail the benefit of the second opinion from this panel, which consists of very experienced medical professionals in the field. It is wise to get multiple points of view before committing to a large expense needed for cancer treatment.
- Strength to fight even in your absence
Due to work commitments, you may be posted in a different city or maybe even a different country. If you buy an insurance plan for your parents that support in cancer and if unfortunately, any of your parents have to be bear the brunt of cancer then the policy will be a major strength for them.
- Covers almost all cancers
The best part about these cancer policies is that they cover almost all types of cancers. Only skin cancer and cancer due to sexually transmitted diseases are not covered.
- Lead a Long and Healthy Life
Parents have the tendency to avoid visits to doctors for diagnosis. However, as it happens, early diagnosis is quite helpful in the treatment of various diseases including cancer. Insurance can make them more open to consultation and timely treatment.
- Best Treatment is Possible
Since they know that the treatment cost will be borne by the insurance company they will not hesitate to take the best treatment. Remember that in the absence of policy there are chances that they will try mediocre medical treatments.
- Waiver Benefits
Cancer insurance policies usually offer premium waiver in case of early diagnosis of the disease. The plan only pays a part of the total available benefit upon the diagnosis in an early stage. The remaining benefit continues without the need for additional premiums until the maturity of the policy.
Cancer can affect anyone, anytime. Your parent’s health is your major concern specifically when they age. Well, it’s always better to sense cancer in the early hours, as before time detection increases chances of survival. Furthermore, the cost of treatment in the initial stage is lower as compared to the advanced stages. Having financial support would undeniably go a long way in handling the financial burden related to the disease.