When we think of a critical illness, the first one to come to mind is the dreaded C-word. The sad truth today is that cancer is one of the biggest killers and we all know someone who is suffering through the disease.
According to the Singapore cancer society, about 39 people are diagnosed with cancer every day in Singapore, and, 1 in 4 people may develop cancer in their lifetime.
The good news is, with early detection and advancement in medical technology, survival rates are increasing. However, cancer treatment is expensive as the treatment is extended over a longer period of time.
This is where health insurance and critical illness cover come in as serious options in fighting against any form of critical illness.
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So how can one cope with the costs of cancer treatment?
When it comes to battling cancer financially, health insurance is the first line of defence. MediShield- the insurance give to every Singaporean and PR provides financial help to an extent.
It covers hospitalization up to B2/C wards in public hospitals. Chemotherapy and some types of radiotherapy are also covered, subject to individual limits.
But, if you want your own trusted doctor and can afford better wards, consider going in with Integrated Shield plans
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Differences between Health Insurance and a Critical Illness plan
However, critical illness cover acts differently.
Where health insurance pays for medical bills, critical illness plans are designed to pay out a lump sum so as to ease your burden and by providing you with money when you really need it.
Unlike health insurance, where the idea is to reimburse your medical bills and pay for hospitalisation expenses, a critical illness plan will pay the decided amount once your diagnosis reaches the terms of your contract.
This amount is yours to use, as you wish.
Thus, a critical illness plan acts as an additional financial cushion during the particularly painful ordeal of battling cancer.
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What about a cancer-specific insurance covers?
A cancer-specific insurance policy will be of particular interest to you if you have a family history of cancer.
A basic and typical cancer-specific policy will cover all types and stages of cancer. In some cases, these are specifically available for man and women
Most plans help by providing a percentage of money once you are diagnosed early and then will pay the whole amount if your disease progresses.
This structure of payout can be beneficial in helping you manage the costs of fighting cancer as well as reduce anxiety and stress.
Some cancer-focused plans offer a more holistic approach and provide coverage for after-treatment costs such as home care nursing, post-treatment medication, reconstructive surgery, and more.
Cancer-focused policies differ in benefits from insurer to insurer so you may want to compare plans before you purchase one.
There are two major differences that give cancer-specific policies an upper hand:
1. Cancer-specific insurance policies offer pay-outs that take into account unpredictability
They offer a payout at the end despite paying a percentage of the amount in case of early diagnosis.
2. The level of coverage that this offer is different.
Cancer-specific insurance policies offer a holistic coverage. They reimburse, provide a payout, as well as cover post-treatment costs.
Thus critical illness covers for cancer are a sensible and efficient choice and worth considering.
