Q. My wife, who is 37, was recently diagnosed with breast cancer. She does not have any insurance. Is it too late to buy cancer insurance for her?
Being diagnosed with cancer can be a difficult experience both emotionally and financially, as health insurance may not cover all the expenses related to cancer treatment. Cancer insurance is specially designed to help cover the costs of cancer treatment and related expenses. However, it is important to note that cancer insurance is typically purchased before a cancer diagnosis, as it is intended to provide financial support in the event of a future diagnosis.
Given that your wife has already been diagnosed with breast cancer, it may be challenging to find a cancer policy that covers her pre-existing condition. However, it's still worth exploring some of the options.
Cancer-specific policies
A few companies (like Star Health Insurance) do provide cover to persons diagnosed with cancer. However, before you apply, you must study the eligibility criteria and be aware of out-of-pocket costs like co-payment and sub-limits.
Government-run programmes
In India, there are various government-run schemes like the Prime Minister's National Relief Fund, the National Health Insurance Scheme, and the Rashtriya Arogya Nidhi. Please check with your local health department or social services agency to know the options your wife is eligible for.
Medical fund
Creating a medical fund is an excellent option that is in your control and not dependent on any outside agency. Medical funds are important especially for people who have some chronic illness or require ongoing medical treatment. These expenses can quickly add up and become overwhelming. You can determine how much corpus you are likely to need and then choose to invest in some liquid funds.
While obtaining insurance coverage for your pre-existing cancer could be difficult, there are options you can explore. Do seek guidance from a financial advisor or an IRDA-certified insurance intermediary, who can help you choose the most suitable option and also help create a medical fund.
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