Wednesday, January 26, 2022
HomeBusinessDo health insurers have specific products for cancer patients? 

Do health insurers have specific products for cancer patients? 


Is there any insurance for cancer sufferers or these who have previously been diagnosed with cancer or have been dealt with for it?

—Name withheld on request

 

Illness administration products are rare in India. Traditionally, insurers have been hesitant to difficulty even usual wellness insurance coverage products to people who have experienced a major vital illness. Nevertheless, of late, some insurers are experimenting with products and solutions for individuals with certain ailments this sort of as cardiac or cancer troubles. Some standalone health and fitness insurers have specific solutions for cancer clients. This would work very similar to a normal wellness insurance. So, it will not protect pre-current ailments together with cancer for a precise waiting period of time. The principal benefit of this strategy is that it is significantly far more probable to get issued to a individual with a background of cancer, than a regular well being insurance approach.

 

I keep one particular well being insurance. I will be hospitalized. I do not want to make a claim on my insurance coverage now on the other hand, if it occurs once again soon after 3-4 many years, I will go for a claim. I want to do this to safeguard the bonus accrued on my insurance policies, I do not want to forego my bonus coverage now. Am I performing anything mistaken?

I want to know if I will nevertheless be required to inform the insurer of this hospitalization and treatments?

In the year 2025 (I will still be shelling out my rates) what will occur when I make a assert on my insurance for the identical remedy/ailment? Will my claim be turned down since I did not inform the insurance company now about it?

—Name withheld on ask for

 

In contrast to in a motor insurance, the no-declare reward in health and fitness coverage is made available by advantage of better sum assured, and not reduction in quality. Fairly than try to predict upcoming claims and match that with no-assert bonuses, you should just buy a larger sum certain via a top rated-up insurance plan. A different selection is to boost the sum confident in your current policy on renewal. A lot of insurers provide this facility without having more underwriting. Another cause why you should not keep back from filing a assert is that no-declare bonuses in health and fitness insurance normally does not develop into zero when you make a claim. So, in circumstance of a assert, your reward will arrive down by 1 stage. These a loss would be restored in the next 12 months, if there is no declare. Unless of course the healthcare expense of the hospitalization is very minimal, my recommendation would be to file a claim. Insurers usually need you to disclose all professional medical situations in advance of policy issuance. There is no particular prerequisite to notify the insurer about healthcare concerns soon after you have bought the insurance policies, if you do not intend to make a claim.

Abhishek Bondia is principal officer and managing director, SecureNow.in.

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