Do You Get Hospital Cash Benefits In A Cancer Insurance Plan?

Cancer Insurance Plan

A cancer insurance plan provides coverage for various cancer types at different stages. Now a question might have popped up in your mind; I already have a health insurance plan, then why should I purchase a cancer cover?

Usually, cancer treatments are highly expensive; hence, the sum insured by health insurance plans may not be enough to cover it. Therefore, you require another plan designed exclusively to cover various requirements of cancer. 

A cancer insurance plan works differently from a regular health insurance plan. Unlike a regular health insurance plan, the premium of a cancer insurance plan remains the same throughout the plan period. Suppose the insured gets diagnosed with cancer; then the insurer will pay the sum insured in a lump sum without submitting any medical or hospital bills.

You can use this sum for cancer treatment at any hospital or treatment type of your choice. The insurer will never ask you how you have spent this insurance amount. However, other advantages, like hospital cash benefits, ambulance expenses, etc., are not included in the coverage of a cancer insurance plan.

Some of the benefits of cancer insurance are:

  • If the insured person is diagnosed with an advanced stage of cancer, s/he will get the entire sum insured. on the other hand, if the disease is at an early stage, then they get a percentage of the sum insured. This percentage will be pre-fixed and varies from one insurer to another. So read the policy document carefully before purchasing a plan.
  • No need to look for a network hospital. On diagnosis of cancer, you will get a lump sum amount. Here, you’re free to select the hospital, doctor and type of treatment. You can even undergo the therapy in a country of your choice. No-copayment limit is applicable in a cancer insurance plan.
  • The insurance cover will continue even after the diagnosis of early-stage cancer, but there will be a difference in the sum insured. For instance, Mr. X purchased cancer insurance at age 35, and the sum insured is Rs.20 lakh. Unfortunately, at 45, he was diagnosed with early-stage cancer. As per the policy terms, he is eligible to get 25% of the sum insured, i.e., Rs.5 lakh. Even after receiving this amount, his policy will continue, but the sum insured will be only Rs.15 lakh.
  • Most insurers provide a waiver of premium for a stipulated period on the diagnosis of early-stage cancer.
  • Several insurers offer an increase in the sum insured every year.
  • The premiums paid towards cancer insurance are eligible for tax deduction under Section 80D of the Income Tax Act. 

Hospital cash benefit plan

Many times, the coverage of a regular health insurance plan is not enough to meet various expenses while you’re hospitalised. Hospital cash insurance plans are designed to bridge this gap. If you have hospital cash insurance, you’ll receive a fixed amount daily during hospitalisation, which you can use to meet your miscellaneous expenses. You can buy a hospital cash insurance plan as a rider to your regular health insurance policy or a standalone cover. Hospital Cash Cover is a standalone hospital cash insurance plan with a one-year plan period and maximum coverage of Rs.30,000. This plan covers both in-patient and daycare procedures, and the maximum number of days you can avail of this benefit is one month during a plan period.

Health Prime

If you’re looking for a health insurance plan with full of features that meets the current-day requirement of medical care, then the Health Prime plan is for you. With Health Prime in place, you don’t need to spend too much money if a sudden health issue arises. This comprehensive membership plan helps you to save up to Rs. 10,000 on your health expenses. Benefits of Health Prime are:

  • Consultation with doctors

Health Prime members can avail of free video or tele-consultation with verified doctors. There is no upper cap on the number of times you can consult doctors in a plan period. However, physical consultation is not covered under this plan.

  • Discounts on medicines

The Health Prime plan offers a 10% discount on medicines to its members at all major hospitals across the country.

  • Lab tests

Members of the hospital insurance policy can avail of convenient lab testing at major diagnostic centres such as Metropolis, Thyrocare, Dr Lal Pathlabs, NM Medical, Suburban Diagnostics, etc.

  • Radiology and pathology tests 

The plan offers a 10% discount to the member of Health Prime on all radiology and pathology tests at its network hospitals and labs.

You can purchase the Health Prime plan online without undergoing medical tests. You need to share only basic information in the online application and also can pay the premium through any online payment mode.

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