No matter how much money you earn or your success, your financial well-being depends on your mental and physical well-being. This includes dealing with and ensuring financial security when treating not only chronic or acute illnesses but also critical illnesses such as cancer, kidney failure, heart ailments, etc.
Each of these ailments can be dangerous and have a long-lasting impact on the physical and mental health of the individual suffering; thus, proper care from the right medical professionals is required as soon as possible. In 2024, with several advances in technology and investment in medicine, it is possible to treat these ailments, but the procedures are quite expensive. Even with some individuals being eligible for subsidies, the process might be out of reach for many and thus can hamper their health.
This is why it is critical to obtain a reliable health insurance policy to cover expenses and get the best care for those who are the most important to us: our loved ones.
What is health insurance?
Health insurance is a contract between an insurance provider and a policyholder in which, in exchange for a premium, the insurer provides compensation, reimbursement, or a cashless settlement for medical expenses incurred by the policyholder.
While health insurance can be a lifesaver, especially in times of need, it is essential to note that health insurance policies do not only have limitations in the form of exclusions but also do not provide protection for risks and events which are not covered in the policy document.
This is why, whether the individual is suffering from a pre-existing condition or is more susceptible to critical illnesses such as cancer, diabetes, or kidney failure, it is essential to opt for a specialised critical illness insurance or cancer insurance policy to avail of the benefits of the policy.
What are the types of health insurance?
There are several types of health insurance policies for an individual to opt for depending on their specific needs.
- Individual health insurance: Covers just the policyholder/purchaser
- Family health insurance: Covers the entire family of the policyholder, including dependent children, parents, and spouse
- Critical illness insurance: A critical illness policy covers several different critical illnesses, which can result in significant expenses
- Senior citizen health insurance: This type of insurance is for individuals over the age of 65
- Top-up health insurance: This insurance plan is beneficial to get additional coverage on top of the existing policy
- Personal accident insurance: This plan covers the policyholder’s medical expenses when dealing with an accident
- Mediclaim- This type of plan deals with the specific medical expenses incurred during the hospitalisation of the individual
- Group Health Insurance: This type of plan is offered to groups of individuals getting together for a common objective, such as being employees of an organisation, members of an association, or potentially users of a bank’s services
- Disease-specific (Corona, Cancer): This plan offers specialised coverages for diseases such as cancer and COVID-19 and specific events such as maternity.
What is the difference between cancer insurance and critical illness insurance?
As an individual seeking the best critical illness insurance India or the best cancer insurance plans, it is essential to know and assess the differences between the two to avail the right coverage for their needs. Whether it is the scope and extent of coverage or its benefits, here are the key differences between the two types of insurance:
Cancer insurance policy
A cancer insurance policy is a dedicated policy that provides comprehensive coverage for various types and stages of cancer. In case of cancer diagnosis, the insurer will provide a lump-sum payout that can be used for any related expenses. This type of policy is highly specific and addresses the unique challenges and expenses associated with cancer treatment.
A cancer insurance policy typically has a lower premium than critical illness insurance, which is more generic and deals with several critical illnesses. A cancer policy is ideal for individuals with a family history of cancer or those who wish to secure themselves due to the potential risk of cancer.
Critical illness insurance
On the other hand, a critical illness policy covers several serious illnesses, including cancer, by offering a much wider net of coverages such as kidney failure, heart ailments, etc. Similarly, this plan provides a lump-sum payout upon diagnosing any covered critical illness and enables individuals to deal with a wide range of expenses.
This type of plan is suitable for individuals who have a long family history of illnesses and wish to secure themselves from this potential, as well as for those who wish to get comprehensive coverage to ensure their health and financial well-being in the future. Due to the scope and extent of coverage, the premiums can be higher depending on the specific insurer.
Conclusion
Whether you are looking for the best critical illness insurance India or the best cancer insurance plans, it is essential to do your research and find the right insurance provider for your specific needs. If you wish to look for a reliable insurer who can secure your health and financial well-being from cancer and any other critical illness, consider Stashfin. A leading name in the finance industry, Stashfin’s foray into the insurance field offers more support and care to its customers by going a step further.
So, if you wish to seek a reliable insurance policy and provider, consider Stashfin.