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How to Decide if Cancer Insurance Is Worth the Cost?

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Cancer is a diagnosis that, sadly, affects millions of people every year, but the good news is that this disease is no longer perceived as strictly terminal. As there are numerous technological advancements in the field of medicine, a growing number of people with cancer are managing to survive and become healthy once again. Apart from that, there are also cancer insurance policies that promise to help cancer patients, under specific conditions, of course, so keep on reading to learn more about them. Here’s everything you need to know about cancer insurance and is it really worth the cost, so keep on reading!


First of all, what is cancer insurance?

Before we actually start going into details about cancer insurance, you should learn something more about this concept that is gaining momentum all across the world these days. Contrary to what many people probably think, the truth is that cancer insurance isn’t designed to replace traditional health insurance. Instead, it complements the health insurance policy and covers the treatment-related expenses that aren’t covered by it. The majority of cancer insurance policies will give patients a lump sum of money (a single payment), which can be used for both medical costs and everyday living expenses. It’s good to know that such a policy goes into effect only when the insurance company gets the documentation of your cancer diagnosis. 


Who is eligible for cancer insurance?

The most important thing you need to know before purchasing a cancer insurance policy is the fact that you can’t be diagnosed with a certain type of cancer and then apply for a policy. Besides that, people who are eligible for cancer insurance can’t have a pre-existing condition that can result in cancer. If that’s the case with you, it’s highly likely that your application will be denied.  Also, people who have been previously diagnosed with and treated for cancer aren’t eligible candidates for getting a cancer insurance policy. The same goes for patients who have HIV, as this disease carries a greater risk of different types of cancer


What do you need to know before getting cancer insurance?

There are many things you need to be aware of before you make a final decision, and the first thing is your cancer risk. For example, if you have a family history of cancer, you should probably opt for a cancer insurance policy and complement your regular health insurance. The same goes for people who have a genetic predisposition for cancer (BRCA2 mutation). Also, you should bear in mind that two policies often don’t double the coverage, which means that if one policy excludes a particular treatment, it is likely that the other policy will exclude it as well. Of course, it doesn’t mean that you should overlook the benefits of cancer insurance policies. These have become widespread all over the globe recently, so if you want to get covered for early, intermediate, and late-stage cancers, you should probably get the best cancer insurance in Singapore as soon as possible. Apart from being very affordable, it’s auto-renewable at the same time, which is exactly what everyone with a high risk of cancer should have. 


What does this type of insurance cover?

As mentioned above, a lot of cancer insurance policies cover both medical and non-medical expenses; however, these details depend mainly on the insurance company in question. Some of the most common medical expenses include lab tests, various treatments, extended hospital stays, and even procedures such as stem cell transplants. On the other hand, child care costs, home health care, dietary restriction aids, and many more are some of the most common non-medical expenses a cancer insurance policy is likely to cover. As for carcinoma in situ (CIN) diagnosis, patients usually receive a reduced payout – about half of what they may receive with a cancer diagnosis. This is because CIN is referred to as the earliest stage of cancer present only in the cells where it started, that hasn’t spread to nearby tissues. 


Is cancer insurance worth the cost?

Obviously, cancer insurance isn’t the same thing as life insurance, so this is the first thing you need to take into consideration. This means that you can pick the policy you want and therefore pay for it either on a monthly or yearly basis, depending on your location, age, and many other factors. If you already have health insurance, you’ll pay anywhere from $10 to $100 every month, in addition to your regular health insurance program. And what does that mean? Well, it means that you can always find a cancer insurance policy that works best for your budget and specific situation. Of course, if cancer runs in your family, you should definitely choose a policy that offers better conditions and coverage. Knowing that any cancer treatment will be covered by insurance will undoubtedly bring you peace of mind.


As you can tell, there are so many useful things you need to know about cancer insurance and the benefits of getting it. So, if you’re thinking about buying this type of insurance and you don’t really know how to make the right decision, all you need to do is to stick to our tips. We’re sure that our guidelines will help you accomplish this task with success!

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