Benefits of Cancer Insurance Plans
Buying a cancer insurance plan in Thailand has several benefits, including:
Multiple Cancer Stages Coverage
Cancer insurance plans in Thailand cover multiple stages of cancer, including the early and advanced stages. This means that the policyholder can receive financial assistance at any stage of cancer treatment.
Lump Sum Payout
In case of a cancer diagnosis, a lump sum amount is paid to the insured to cover the treatment expenses. This lump sum amount can be used to pay for hospitalization, chemotherapy, surgery, radiation therapy, or any other medical expenses related to cancer treatment.
Sum Insured Enhancement
If there are no claims during the year, the sum insured increases by a pre-specified percentage. This ensures that the policyholder's coverage increases over time, providing better financial protection against cancer treatment costs.
Monthly income is paid out for a specified number of years, subject to certain conditions, such as in the case of a major cancer diagnosis. This ensures that the policyholder can continue to meet their daily expenses while undergoing cancer treatment.
Continuum of Coverage
Cancer insurance cover under several plans does not cease after the first diagnosis of the disease. This means that the policyholder can continue to receive coverage even if they have been diagnosed with cancer before purchasing the policy.
Why Do You Need a Cancer Insurance Plan?
Buying a cancer insurance plan in Thailand is essential because of the high cost of cancer treatment. Cancer treatment is usually a long-term process that involves multiple rounds of chemotherapy, radiation therapy, surgery, and hospitalisation. The cost of cancer treatment can be significant, and without adequate health coverage, it can be challenging for patients and their families to cope with the financial burden.
Furthermore, even the best health insurance policy may not cover all cancer treatment-related costs. Most health insurance policies have conditions for coverage at different stages of cancer. Cancer insurance plans, on the other hand, provide comprehensive coverage for cancer treatment at any stage.
Exclusions of a Cancer Insurance Plan
While cancer insurance plans in India provide comprehensive coverage for cancer treatment, there are certain exclusions that one should be aware of before purchasing a plan. The following diseases or medical conditions are usually not covered under a cancer insurance plan. Skin cancer is usually not covered under a cancer insurance plan as it is a non-life-threatening cancer that can be treated with surgery in most cases.Cancer caused by sexually transmitted diseases, HIV, or AIDS is not covered under a cancer insurance plan.Cancer resulting from congenital conditions or pre-existing conditions is not covered under a cancer insurance plan.Cancer resulting from biological, nuclear, or chemical contamination is not covered under a cancer insurance plan.Cancer caused due to contact with radiation or radioactivity from any non-diagnostic or therapeutic source is not covered under a cancer insurance plan.
Note: These are general exclusions, and specific exclusions may vary between insurers.
How Does Cancer Insurance Differ from a Critical Illness Insurance Plan?
Unlike cancer insurance plans, a critical illness insurance plan pays for expensive treatments of a range of listed critical diseases like stroke, major organ transplant, paralysis, cardiac arrest, multiple sclerosis, kidney failure, total blindness, deafness, and some life-threatening cancers.
Critical illness plan also pays a lump sum benefit to the insured after he/she is diagnosed with a covered critical illness. However, most critical illness insurance plans cover cancer only at an advanced stage. For instance, a critical illness plan will pay for cancer if a malignant tumour exhibits uncontrolled growth, with invasion and destruction of normal tissues at an advanced stage. It also does not cover any complications arising from cancer.
Additionally, a critical illness plan does not waive off future premiums or increase the sum insured on every claim-free year. Moreover, if the policyholder shows cancer symptoms within the first 90 days (usually the stipulated waiting period in most policies), the plan ceases to exist.
When Should You Buy Cancer Insurance?
You should consider buying a cancer insurance plan if:
You have a family history of cancer
If you have a family history of cancer, you may be at a higher risk of developing cancer yourself. In such a case, it is recommended to purchase a cancer insurance plan.
You believe that you have a higher risk of developing cancer due to environmental or other reasons
If you work in an environment with a higher risk of exposure to carcinogens or have habits like smoking, which increases your risk of developing cancer, you should consider buying a cancer insurance plan.
You do not have adequate savings to pay large medical bills
Cancer treatment can be expensive, and without adequate savings, it can be challenging to pay for the treatment costs. In such a case, purchasing a cancer insurance plan can provide the necessary financial protection.
Your regular health insurance policy does not have sufficient coverage
Most health insurance policies have conditions for coverage at different stages of cancer, and they may not provide comprehensive coverage for cancer treatment costs. In such a case, buying a cancer insurance plan can provide additional coverage.
You are the only earning member
If you are the only earning member of your family, purchasing a cancer insurance plan can provide financial protection in case of a cancer diagnosis.