Factors to Consider Before Buying Cancer Insurance

Cancer is a serious illness, and the financial burden can be tough. Picking the right insurance in the Philippines can be confusing, but here's the good news: there are ways to find a plan that works for you! Let's explore what to consider before you buy.

1. Coverage Scope

Look for a policy that covers a wide range of cancer types, treatment methods, and associated costs like hospitalization, medication, and even alternative therapies.

2. Payout Structure

Understand whether the plan offers a lump-sum payout or reimburses specific medical expenses. Lump-sum can provide more flexibility.

3. Waiting Periods

Be aware of any waiting periods before the policy kicks in, which can typically range from 30-90 days

4. Financial Stability of the Insurer

Make sure the company is reliable! Check online reviews and ratings to see if they have a good history of helping people with claims.

How much does cancer insurance cost

Cancer insurance in the Philippines can vary in cost depending on several key factors. The insurance company you choose plays a role, as different companies offer different prices.  Your desired coverage level also impacts the price. Basic plans, typically covering treatment costs between ₱500,000 and ₱1,000,000, usually range from approximately ₱6,000 to ₱20,000 annually. These plans might be a good starting point, but if you want more comprehensive coverage, like help with hospital stays or aftercare, expect the cost to climb up to ₱100,000 a year. Even your age and health can influence the price, with younger and healthier individuals generally paying less.

Remember, price isn't the only factor to consider. Some plans have waiting periods before coverage kicks in, and adding optional features for enhanced coverage will increase the overall cost.

Here's the key: shop around and compare prices from different companies! Consider both affordability and the scope of coverage offered by each plan. Finding the right balance between these factors ensures you get a plan that perfectly fits your needs and budget. Some companies even offer monthly payment options to make the premiums more manageable.

Cancer insurance can be a valuable tool for financial protection. By researching and comparing options, you can find the best plan for you and your family, giving you peace of mind and the ability to focus on your health if needed.