Top questions to ask when securing cancer insurance
Cancer not only takes a toll on one’s physical and emotional health but also one’s financial health. While cancer-related care has advanced significantly in the past couple of years, the unfortunate reality is that diagnostic tests, treatment plans, and hospital settings all contribute to overall costs and money-related stress – that is, unless the patient has cancer insurance.
As the name implies, cancer insurance is a very popular type of insurance that is specifically designed to cover the expensive cost of cancer care. It takes the financial pressure off cancer patients and their families, affording them sufficient health coverage and enabling them to focus solely on their speedy recovery. With that said, not all cancer insurance policies were created equally, and it’s important to secure the right one that meets your needs.
In this Pacific Prime Latin America article, we’ll take a closer look at some of the questions you should ask when securing cancer insurance.
Note: Please refer to our insurance glossary for reference.
1. What is the policy type and pay-out specifics?
Health insurers offer several types of cancer insurance, such as exclusive cancer insurance policies, cancer add-ons with basic health insurance policies, or critical illness policies with cancer coverage. The variation also doesn’t end there, as you’ll need to consider the pay-out specifics. Benefit policies offer the sum insured upon a cancer diagnosis and passing of the survival period, while indemnity policies allow you to claim cancer treatment charges. What you opt for will depend on your health and lifestyle needs.
2. How about those with prior cancer history? Any waiting period you need to know about?
If you’ve had a history of cancer before, you need to disclose this to the insurer. Chances are, your application is likely to be rejected because of the high risk involved. It’s better to know sooner rather than face unwanted surprises further down the line. Further to this, you should also check whether there are any waiting periods on the plan. Your policy may not come into force until you complete the waiting period, so choosing a policy with a shorter waiting period is wise.
3. Is the coverage level acceptable? Are there any exclusionary clauses?
Cancer care can often be long-term, and treatment expenses typically comprise of pre- and post-hospitalization expenses, the cost of drugs, specialist fees, and more. So make sure that the coverage level is acceptable to you based on your particular risk factors. This includes whether or not the policy covers high-end treatments and all stages of cancer. What’s more, you should also be aware of any exclusions in the policy. For example, some policies may not cover pre-existing conditions or may have limitations on coverage for certain types of cancer.
4. Does the policy enable you to access a large provider network? Is the claims process relatively straightforward?
The availability and quality of medical providers in the insurance network is another important factor to consider. Ideally, you’ll want to choose a policy that gives you access to top-rated cancer treatment facilities and physicians. In addition to this, the last thing you want when accessing cancer care is to worry about a bureaucratic and paper-heavy claims process. As such, it’s crucial to check how the claims process is. It’s a good idea to check the insurance company’s reputation and track record for claims processing.
Bonus points: While you’re looking into the reputation of the insurance company regarding claims processing, consider also looking into their online customer reviews, customer service standards, and more.
5. What premiums can you expect to pay? Will the premium increases be stable?
And last, but certainly not least, you need to consider the cost of cancer insurance. While you need to ensure that the policy provides adequate coverage when compared to the cost of treatment, you’ll also need premiums to be affordable and within your budget. Make sure you compare the benefits and costs of different policies, and don’t forget to ask about premium increases each year. After all, you’re in it for the long haul and erratic premium increases (or even refusals to renew the policy) are something you want to avoid entirely.
Get in touch with Pacific Prime Latin America for all things health insurance!
Whether you’re looking for cancer insurance or any other type of health insurance, you’ve come to the right place! As a global health insurance brokerage, with over two decades of industry experience, Pacific Prime Latin America works with only the most reputable insurers. We also have a team of expert and impartial insurance advisors that can offer personalized advice, a tailored plan comparison, and help you select the right plan for your needs and budget.
Rest assured, we live by our motto of “simplifying insurance” and make sure you understand the ins and outs of your chosen policy. In addition to this, we also provide a number of value-added services to support you throughout your insurance journey. This includes form filling assistance, hospital recommendation, insurer liaisons, claims support, renewal assistance, and a whole lot more.
Contact us to get started today!
With over 5 years of experience in the field, Suphanida spends the majority of her day synthesizing complex pieces of insurance-related information and translating this into easy-to-understand, engaging, and effective content across a variety of media such as articles, infographics, whitepapers, videos, and more.
Suphanida is also responsible for planning and publishing three whitepapers released annually by Pacific Prime: The State of Health Insurance Report, The Cost of Health Insurance Report, and The Global Employee Benefits Trends Report. Additionally, she handles the LinkedIn profiles of Pacific Prime’s Founder and CEO, as well as Global HR Lead.
Suphanida’s strengths lie in her strong research and analytical skills, which she has gained from her BA in Politics from the University of Warwick and Erasmus Mundus Joint MA in Journalism from Aarhus University and City, University of London.
Being of Thai-Indian origin and having lived, studied, and worked in Thailand, the UK, and Denmark, Suphanida also has a unique, multicultural perspective that helps her understand the struggles of expats and globetrotters.
Outside of work, she enjoys traveling to new places and immersing herself in different cultures.
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