10 Things to Consider When Buying Early Cancer Insurance In Singapore

Cancer is one of the main reasons for death in Singapore. According to statistics, one out of every four people is diagnosed with cancer in their lifetime. If you run the numbers, you will find that around 30% of the total deaths happen because of this disease. This information is enough to be concerned about how cancer is affecting the lives of Singapore people.

When it comes to the treatment part of it, there are now many ways to get treated, and there are a lot of hospitals that are treating cancer patients, but what about the treatment costs? Cancer treatment takes a lot of time, and it can get very, very costly. Some patients even spent more than 70 thousand dollars on cancer treatments. That is an astronomical amount, and how is a normal average person supposed to have so much money on short notice? That’s exactly where early cancer insurance in Singapore comes in.

Things to keep in mind regarding cancer treatment insurance

As we have been discussing, the cost of cancer treatment is a lot. But what most people do not realize is that the cost is increasing every day. Soon what you pay today for cancer treatment might be half of what you will need to pay later on. This becomes a very big problem for the people of Singapore. Hence this is why Cancer insurance plans have become so famous in Singapore. People can see that cancer is one of the highest reasons for death in the country, and even if people don’t die, they sure get diagnosed with it. Hence people are taking precautions early on by doing whatever they have in their power. Such a precaution is taking cancer insurance to make sure if the dreadful day ever comes, they will have enough financial backing to fight it; the rest is up to the doctors and the person’s body.

Now some people do not even know what cancer insurance is. So, to help them understand better and make sure the rest of the people also know everything there is to know about cancer insurance, we have compiled a few must-know things, like:

1. Cancer insurance is not the same as medical insurance: Cancer insurance is like a type of Critical illness insurance. As critical illness insurance, what cancer insurance does is that it pays you a lump sum of money. Now you will receive this lump sum of money only when your diagnosis and cancer stage matches your plan. So after they pay you the lump sum of money, you can do whatever you want to do with it. You can use it for your hospital bills, doctor’s appointment bills, and so on. On the other hand, medical insurance works completely differently. Medical insurance will only cover the cost of surgery or consultation, and so on. You will only receive a part of what you spent regarding your health.
2. All types of cancer are covered in the plan: More than 100 different types of cancer are known to mankind. But you do not need to worry about that. Any cancer insurance you take will cover every type of cancer. All you will need to do is confirm your diagnosis, and that’s it; you will get your money.
3. The policy is straightforward: When you expect payment from normal medical insurance, the procedure can get quite complex. There are things like cash value, non-guaranteed amounts, guaranteed amounts, and so on. When it comes to cancer insurance, there is no such thing. You get diagnosed; you will get the money you are promised, that’s it.
4. It is quite affordable: Cancer insurances are generally pretty affordable. The premium can be as low as 100 dollars a year. The premium totally depends on your age and your risk factor. So it is always advisable to get Cancer insurance early when you are young.
5. Plans can be different: The basic structure of cancer insurance is pretty basic; you get diagnosed, you will get the money. But the point where it differs is that the stage of cancer you are diagnosed in. Some plans will give you the money when you are diagnosed only for a particular stage, and if you are in an earlier stage, you won’t get the money. Some plans, on the other hand, will give you money at whichever stage you are in. So make sure to research and compare.
6. Waiting period: There’s a traditional waiting period for any type of insurance. Usually, after you enroll for insurance, you will need to wait for some time before applying for a claim. If you are diagnosed with a disease before the waiting period is over, you will not get any money.
7. Age factor: With insurance, age plays a major role. As you grow older, your insurance renewal changes decrease, and the premium amount increases. So it is always advisable that you take up your insurance at an early age.
8. Special plans: Some cancer insurance plans might come with special plans too. Special plans mean plans made for day senior citizens or women, which come with extra perks. Always check with the company you are buying your insurance from whether they have any special plans for which you are eligible or not. Also, if you are younger and get early cancer insurance, there are many benefits for you.
9. Budget: This is a very important discussion. You need to see which plan you can afford. There will be various plans each company will be offering you, and the main difference between them will be the difference in the premium and the payout you will be receiving as a result. So choose a plan which fits your budget. Taking insurance early can result in lower premiums and higher payouts.
10. Insurance value: It is considered that generally, your insurance should pay you a sum that is equivalent to your one-year salary. When you are recovering and cannot work, you do not have to worry about expenses.

Conclusion

For people in Singapore, it is extremely important to get cancer insurance, specifically early cancer insurance. As we have seen, you get a lot of benefits when you buy insurance early. So buy insurance like hlas maid insurance Singapore and make your future secure!