Choosing an insurance plan for cancer treatment might appear similar to choosing a general health insurance plan on the surface, but some differences must be considered.  These differences will dictate how effective your insurance for cancer treatments will be at the time of your need. Here are the 5 things you should know:

1. Assess your cancer risk profile: Cancer is a category of over 900 distinct varieties, the risk factors of which vary greatly. Some like breast cancer have strong genetic components while others like blood cancer don’t. Similarly, your consumption habits (smoking, drinking, food etc.) all have a relation to the type of cancer you might be susceptible to. Hence it is important that you do your risk profiling with the help of a medical practitioner before you start looking for insurance for cancer treatments.

• Determine your financial risk profile: Before you choose an insurance for cancer treatment you need to assess your financial risk profile. This is in form of what are your earning sources, what is your existing insurance cover, what is your family profile etc. One very important factor that is missed while deciding insurance for cancer cover is the earnings disruption that is likely to happen when a person is getting treated for cancer. Typical Cancer insurance plans cover for treatment but if you want to cover for the loss of earnings while in treatment you need to consider Critical Illness plans too.

• What treatments and which hospitals: Cost of treatment for cancer varies according to the hospital and doctors you choose, as well as the treatment type. Generally, the more cutting edge and advanced treatments the more expensive it is, requiring higher sum assured insurance for cancer treatment. A common problem at time of buying insurance for cancer treatment is that customers are focused on the costs, but when faced with reality they want the best possible treatment for themselves and their loved ones. We cannot bear to see our loved ones in pain. However, that also means that your insurance cover should be in sync with your aspirations. You must determine the type of treatment that you will actually be undergoing should you have the misfortune of getting cancer.

• How to minimize cost of insurance for cancer treatment: In an ideal world, insurance for cancer treatment should have a limitless sum assured. But there needs to be a balance between the risk and the premium you pay. Insurance is a game of probability hence you need to strike the balance between the amount of insurance for cancer treatment that you want and what you can afford. One way to minimise costs is to opt for Deductibles (you pay up to a certain amount first and the insurance company pays later) and Copay (where you agree to pay a certain percentage of the bill alongside the insurance company). These arrangements can significantly reduce the costs of insurance for cancer treatment.

• Select a suitable insurance plan: While shopping for insurance for cancer treatment, don’t go by the simple Sum Assured and price metric. Dig deeper and find out what it is that the plan does and does not cover, what are the sublimits, waiting periods etc. All of these are important elements in an insurance plan.

• Additional Benefits in Cancer Insurance plan: Insurance for cancer treatment should not restrict itself only to hospitalisation. One very important protection against cancer treatment costs is to regularly undergo screening tests and detect cancer, if and when it happens, in the early stage. This helps reduce not only the financial costs of cancer treatment but also is less painful and boosts the chances of recovery significantly. Hence your search for Insurance to cover the cost of cancer treatment should include a plan which helps you with the costs of screening and diagnostic tests as well.

 One of the most effective forms of lowering your cancer treatment costs is to proactively look after your health. There are some risk factors like genetics, over which you have no control. However many lifestyle risk factors are completely within your control. Factors like smoking, excessive alcohol, obesity and a lack of physical activity are also important. So, while you shop around for insurance to cover cancer treatment, please also focus on lifestyle changes to cut the cancer risks.