Cancer is a word that strikes fear in the hearts of many people, and for good reason. It is a disease that can strike anyone, at any time, and can cause immense physical, emotional, and financial suffering. In Singapore, cancer is one of the top causes of death, with more than 9,000 new cases diagnosed every year. Given the high incidence rate of cancer, it is important to have a cancer insurance in Singapore that covers the cost of cancer treatment.
In this blog post, we will discuss why cancer insurance is a must-have in Singapore.
Comprehensive Cancer Protection Coverage
While medical insurance policies cover the cost of cancer treatment, they may not always provide comprehensive coverage against cancer-related expenses. This is where cancer insurance comes in, offering a range of benefits tailored to the specific needs of cancer patients. One such benefit is comprehensive cancer protection coverage.
With this coverage, you receive a lump-sum payout upon diagnosis of cancer, which can help cover costs such as medications, surgeries, hospitalization, and outpatient treatments. Additionally, some policies offer coverage for complementary treatments like acupuncture and traditional Chinese medicine, enabling you to explore a variety of options in your cancer treatment journey. Given the high prevalence and cost of cancer treatment in Singapore, having comprehensive cancer protection coverage can provide much-needed financial security and peace of mind during a difficult time.
Help to Reduce Financial Burden of Cancer Treatment
Cancer insurance can help alleviate the financial stress of cancer treatment by providing financial support for medical procedures, hospitalization, and other associated expenses. Moreover, some cancer insurance policies also provide benefits for early-stage cancer treatment, which can help individuals who cannot afford full coverage policies. Thus, having cancer insurance is a must-have for Singaporeans to ensure that they are receiving quality cancer treatment without worrying about the financial burden it may bring.
Cover Pre-existing Conditions
Singapore has seen a steady rise in cancer diagnoses over the years, and many individuals may already have pre-existing conditions at the time of purchasing insurance. Cancer insurance policies that cover pre-existing conditions offer individuals a sense of reassurance, knowing that they are still protected even if they are diagnosed with cancer due to an underlying health condition. It is crucial to read the policy's terms and conditions carefully to understand the extent and limitations of such coverage.
Additional Benefits Such as Income Protection
With cancer insurance, policyholders can receive a lump sum payment or regular benefits to replace their lost income, allowing them to focus on their recovery without financial stress. This additional benefit can provide peace of mind and the necessary financial support during a challenging and stressful time. Furthermore, some cancer insurance policies offer policyholders the option to add a rider for additional income protection to their coverage, providing even greater financial stability during what can be a difficult period in one's life.
Tax Relief Benefits Available
The government of Singapore provides tax relief benefits to individuals who purchase cancer insurance, as it is recognized as a legitimate form of health insurance. These tax relief benefits are offered under Section 34D of the Income Tax Act. If you are a payer of income tax in Singapore, you can claim a tax relief of up to $5,000 per year if you have purchased cancer insurance. This benefit is applicable even if you have not made any claims during the financial year. Not only does cancer insurance provide peace of mind in times of need, but it also offers a range of financial and tax benefits that make it an ideal investment for individuals and families.
With the high incidence of cancer and rising medical costs, cancer insurance has become a crucial tool in Singaporeans' arsenal to protect themselves and their families. The financial support provided by cancer insurance can ease the burden of medical expenses and ensure patients receive the best possible care without worrying about money. It's always better to be prepared for the unexpected, and having cancer insurance is undoubtedly a wise decision to make for peace of mind and protection.