Difference between cancer insurance and health insurance

Rita’s family had diligently paid premiums for several years and enjoyed health insurance benefits for several years, including coverage for medical check-ups. However, when her father was diagnosed with minor stage cancer when she was 20 years old, it was a shock for the family to learn that their health insurance benefits would not provide adequate coverage for his treatment. Upon approaching their insurer, the family learnt that several different types of insurance policies were available in the market now, of which cancer insurance was one. A cancer insurance plan was best purchased in addition to a basic plan which offered health insurance benefits.

With several types of insurance policies being sold under the same roof now, it is often difficult to assess which are essential while others may be avoided. In addition to cancer insurance and the basic health insurance policy, several insurers also offer coverage against critical diseases which act as insurance in case of cardiovascular diseases or terminal diseases too.

While it may become difficult to differentiate between the different types of insurance plans available for persons, it is best to understand the structural difference between them before opting for the plan best optimised according to individual requirements. Read on to learn the difference in structure between cancer insurance and health insurance policies.

  • Health insurance benefits are usually restricted to basic medical and hospitalisation expenses incurred by the insured. The insurer will either cover the expenses incurred or provide facilities for cashless treatment. These kinds of plans are ideal for meeting the rising expenses associated with hospitalisation, medication, treatments and diagnosis for minor illnesses. On the other hand, types of insurance which offer coverage against terminal diseases; such as the cancer insurance plan, will provide more extensive coverage. Cancer insurance covers all expenses incurred by the insured in case they contract cancer. Not only does it provide coverage throughout the period of illness, but a cancer insurance plan also provides a regular income to the insured during the post-operative care phase.
  • A basic health insurance policy covers only the actual medical, surgical and hospitalisation expenses incurred by the insured. This kind of plan may place limits on the expenses incurred by the insured, as well. However, the different types of insurance plans such as the cancer insurance policy provide coverage straight from the time of diagnosis as well as a regular income post treatment as well. A cancer insurance policy will cover expenses incurred regardless of whether the cancer is detected at a minor stage, major stage or if it progressing from the minor to major stage. The benefits available at each of these stages differ in terms of the compensation paid, however.
  • Health insurance benefits are best understood in the context of rising costs of medication, hospitalisation and overall healthcare costs. A basic healthcare policy should be purchased to act as coverage in case of minor diseases or illnesses. These policies need to be renewed every couple of years. However, a cancer insurance plan is among those types of insurance plans that provide specialised coverage. These plans are usually intended for long term coverage as well, since they can span a period of 20 years. A cancer insurance plan can be purchased in addition to a basic health insurance policy, since it provides additional, specialised care that is not available with a basic health insurance. Buying only a cancer insurance plan is not adequate either, since it will be unable to provide coverage for basic medical and healthcare expenses.

It is essential to browse through different types of insurance policies to gain an understanding of what is on offer and also assess personal requirements in relation to them. While a basic health insurance policy has become essential with the rising costs of accessing healthcare, a cancer insurance policy can come in useful if the insured contracts the dreaded disease. The Future Generali Cancer Protect Plan enables the insured to choose between a lumpsum payout at the time of diagnosis or lumpsum cover with an income benefit, wherein they receive an income of 2% of the cover amount per month over a period of 60 months. Premium payments are also waived off for a period of 3 years, thereby ensuring the insured is not burdened with any additional financial crunches.