Cancer, the one disease that everyone is familiar with, everyone is scared of but still can’t do much about. There are steps that one can take to prevent cancer to a certain extent, but if it does strike, there is no way out of it but hospitalized medical treatments that cost an extortionate amount of time, energy, and last but not the least- money. These treatments can be very expensive and it is always better to plan ahead in order to ensure that you or your family don’t have to deal with the extra burden of medical costs while having to deal with the stress of a family member being down with a condition this serious.
One way to go about it is to invest in a cancer-care insurance plan. The biggest advantage that a cancer care plan brings to the table is the coverage offered at all stages of cancer, be it early stage or advanced. Getting a cancer care plan also helps you cover the medical expenses without having to go through any waiting period. If you have gone through the entire list of benefits that a cancer care plan can offer but still have doubts regarding its viability, then here are a few options and their pros and cons that you can consider.
1. Health insurance
One of the most common alternatives to investing in cancer specific health insurance is to invest in a basic health insurance plan. Here are the pros and cons of going for a health insurance plan as an alternative to cancer care plans.
– The biggest advantage of health insurance is obviously that it covers a part or whole of the medical expenses if you or a member of your family has to undergo any medical procedures.
– Some health insurance plans also offer daily benefits for each day of hospitalization or lump sum amount if the hospitalization exceeds a certain number of days.
– Other benefits offered by some health insurance policies include free health checkups, consultations and much more.
– Health insurances can be way more expensive and the premiums are generally on a higher side as compared to a cancer specific policy.
– Some health insurances may not offer full benefits on later stages of cancer.
– Regular health plans generally have much longer waiting periods for payout on diseases like cancer as opposed to an exclusive cancer care plan.
2. Investing in financial assets
Whether it is real estate, stocks or mutual funds, you always want to invest in financial assets that can give you good returns and a financially secure future. People often take this into consideration when thinking about a cancer care policy and how they may not need one if they have a strong financial portfolio. Here are the pros and cons of this approach:
– Compounding returns, with your money building on itself and helping you earn more.
– You have a control over the policies you want to select and how you want to invest your money and what kind of growth you want.
– Locking in your money into a financial asset that can’t be easily liquidated might end up putting you in a spot of bother if there is a case of cancer in the family that needs urgent treatment.
– With the returns being variable, you can’t really rely on the amount being exactly as much as expected, leaving you exposed to the risk of getting severely short changed.
3. Personal savings
People often feel that saving up enough should help them get through the tough times financially even if there are emergency medical procedures to be taken care of. Let’s take a look at the pros and cons taking this route as an alternative to cancer care.
– Immediate access to the funds in case of an emergency
– No dependency on anyone to settle the hospital bills
– Personal savings fund may not be enough, especially in cases of cancer since the treatments can be fairly expensive.
– The interest rate on personal saving funds is not enough to beat the medical inflation rates, so this is definitely not a long term solution.