Medical insurance has changed over the years. There are several types of health insurance policies with different diseases covered. Some policies are especially for specific diseases namely heart policy, cancer policy and many more. The policies like critical illness cover several diseases including cancer, heart attack and so on. More often than not, people get confused between cancer insurance and critical illness insurance. So, let us see how they differ from each other.
- Critical Illness
In health insurance policies, the plans refund your expenses of hospitalization. After getting hospitalized, all the medical expenses are covered under those policies and are paid directly to the hospitals. In critical illness policy, a lump sum amount is paid to the patient if he’s being diagnosed with the disease covered in the policy. Generally, this policy covers the following diseases
- Heart attack
- Multiple sclerosis
- Organ transplant
- Coronary artery bypasses surgery
However, when you buy critical illness insurance, there are certain things you need understand.
- The amount paid by the insurance company will be lump sum which you can use it to pay bills, debts, treatment expenses, make lifestyle changes needed for the treatment.
- The premium for critical illness insurance is less than general health insurance. The critical illness insurance covers only predetermined diseases which make its premium minimum. However, the policyholder should remember that he/she is allowed to make just one claim throughout the policy so that he/she gets higher coverage.
- The waiting period for the sum to receive is predefined in the critical insurance.
- When you are choosing the sum assured, you need to consider the future inflation in treatment expenses and severity of the disease.
- Cancer Policy
The cancer insurance policy is specifically designed to manage the risks and hazards related to cancer. It helps the policyholder to deal with costs of cancer treatment and offer financial support.
Cancer is a severe disease and it not only affects the patient, but it takes a toll of finance and family’s mental framework. One way to ease this trouble is to opt for the cancer policy. The cancer protection plan gives a comprehensive cover against cancer and provides the family with a much needed financial support.
Benefits of cancer policy
- Payment of lump sum amount on the diagnosis of cancer.
- Discounts available on the premium for the sum assured above a certain amount.
- The sum assured will increase annually in case of no claim. (10% per year)
- The premium will get waivered in case of early-stage cancer.
- The policyholder will get monthly income up to specific years in case of significant cancer.
It should also be noted that these benefits are not available in case of STDs and payouts under cancer insurance receive tax benefits.
So, both critical insurance, as well as cancer insurance, are helpful in future. One must choose according to his requirements. You will find several options in Cancer insurance online so you can select the best from them.