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In this article, we’ll learn the differences between a regular health insurance plan, health insurance plan , and a cancer insurance plan. Let’s get started.
- Definition Normal Health Insurance Plan – A regular health insurance plan covers the hospitalisation charges and other medical expenses that the policyholder may incur due to a medical emergency. However, such plans usually exclude the treatment of critical illnesses such as cancer, kidney failure, heart attack etc. from the scope of its coverage.Critical Illness Plan – As the name suggests, a critical illness plan is designed to cover the treatment of certain critical illnesses mentioned in the policy document. Usually, the list of critical illnesses covered by such policies include cancer, kidney failure, heart attack, major organ transplant, sclerosis, stroke, coma, total blindness etc. These illnesses are usually not covered by the regular health plans.Cancer Insurance Plan – A cancer insurance plan is a dedicated health insurance plan which is designed to provide a financial cushion to the policyholder against the treatment of cancer. Such a plan provides comprehensive coverage against the medical expenses incurred by the policyholder for the treatment of all stages of cancer i.e. pre-stage, early stage, and major stage.
- Reason to Buy A regular health insurance plan should be purchased by every individual to safeguard himself/herself from the exorbitant medical costs that he or she may incur due to a medical emergency. Such a plan offers benefits such as cashless hospitalisation and coverage against all types of medical expenses including doctor’s fees, diagnostic tests, ambulance charges, medicines etc.On the other hand, a critical illness plan or a cancer insurance plan is necessary to protect the policyholder from sky-high costs related to the treatment of certain life-threatening diseases. Therefore, if you have a family history of critical illnesses, you must buy a critical illness plan to ensure optimum protection of your heard-earned wealth.
- Insurance Term A regular health insurance policy usually comes with a term of 1 year and hence, it needs to be renewed annually. Whereas, a critical illness plan or a cancer insurance plan comes with a validity of prolonged terms such as 15 to 20 years.
The Final Word Having only a regular health insurance plan may not be enough to safeguard your finances against the treatment of critical illnesses such as cancer, kidney failure, heart attack, stroke etc. Therefore, it’s wise to procure a critical illness plan and a dedicated cancer insurance plan to ensure optimum protection of your wealth against the risks of sudden and unexpected medical emergencies.
DISCLAIMER
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.