A new cancer immunotherapy drug has been unveiled. This offers hope to millions worldwide. However, any innovative therapy often tends to be costly, putting it beyond the reach of ordinary citizens. While we can celebrate medical advancements, remember that cancer doesn't just impact health; it drills a hole into your finances. In India, where medical costs are rising rapidly, a cancer diagnosis and ensuing treatment can be financially unsettling, to say the least, for most families. This is where cancer insurance emerges as a beacon of hope.
Rising Cost of Cancer Treatment
The burden of cancer is a growing concern for the middle class. From diagnosis to treatment and beyond, the financial costs linked to the deadly disease can quickly escalate. This puts a lot of pressure on individuals and their families.
The average cost of cancer treatment has been rising at a fast clip. For instance, in 2000s, it averaged around ₹1-2 lakhs. By 2020, the same cost had soared to nearly ₹5 lakh. For some types of cancers, costs are even more. This whopping increase means that even a well-to-do family can struggle to afford quality care in certain cancer treatments.
Beyond the direct costs of treatement, there are numerous indirect expenses associated with cancer. These include diagnostic tests, travel expenses for treatment at specialised centres/hospitals, accommodation costs for out-of-town patients and accompanying relatives, and post-treatment care.
Understanding Cancer Insurance Plans
Cancer insurance serves as a crucial financial buffer. It is designed to assist individuals and families in managing the substantial costs associated with cancer treatment. It offers either a lump-sum payout, or regular income upon diagnosis, irrespective of actual medical expenses incurred, or a combination of both. This financial flexibility allows beneficiaries to use the funds for medical bills, alternative therapies, or daily living expenses as needed. There are no strings attached to the use of funds.
In India, cancer insurance is available through two main types of plans: Critical Illness and Cancer-Specific. Critical illness plans cover a variety of critical illnesses, including cancer, providing a lump-sum payout upon diagnosis. On the other end of the spectrum, cancer insurance plans focus exclusively on cancer. They arguably offer more extensive coverage to different cancer types and their stages.
There are many benefits of cancer insurance. Firstly, the lump sum payout provides immediate financial relief upon diagnosis. So, this can be used to cover expenses such as surgery, chemotherapy, radiation, medications, hospitalisation, and even experimental treatments.
Additionally, some plans provide income replacement if cancer affects one's ability to work. In short, this financial benefit ensures ongoing financial support for your family. Many policies include premium waiver options post-diagnosis. This is useful as the policyholder no longer has to pay future premium payments, while securing coverage throughout treatment and recovery.
Ultimately, cancer insurance offers peace of mind by providing essential financial protection during a challenging time. By choosing an appropriate plan, paying regular premiums, and following the claims process upon diagnosis, individuals can secure crucial support. This allows them to focus on health and recovery without the added burden of where will money come from.
Dispelling Common Misconceptions about Cancer Insurance
Here are some common myths about cancer insurance and real picture.
"I have term insurance." Term insurance is valuable, but it only pays out upon death. Cancer treatment requires immediate funds for living expenses and often uncovered costs like experimental therapies or specialised care. Cancer insurance is as important as term life insurance. Ideally, have both plans.
"I have health insurance." Health insurance plan is essential, but it might not cover all cancer-related expenses. Cancer insurance boosts your coverage, paying a lump sum directly to you for any purpose, including costs your health plan may not cover. All this, without any questions asked.
"Cancer insurance is expensive." Affordable plans exist. Consider your budget and risk tolerance. A policy can make a world of difference during a cancer diagnosis. This will offer peace of mind and that's priceless.
"I'm young and healthy, so I don't need it." Cancer cells don't emerge after asking your age. While the risk increases as you get older, young people are too getting diagnosed with cancer. Keep in mind, early detection and treatment are key to winning this battle.
Choosing the Right Cancer Insurance Plan
Selecting the right cancer insurance plan involves consideration of several key factors outlined below.
Coverage: Assess potential treatment costs, including surgery, medication, hospitalisation, and rehabilitation. Choose a sum assured that adequately covers these expenses so that you have a financial cushion for unforeseen costs. Don't go for a small cover just to save on premium.
Waiting period: Understand the initial waiting period, during which claims may not be payable. Opt for a plan with a shorter periods to ensure coverage is available faster.
Policy term: Consider your age, family history, and financial goals. Choose a policy term that is in sync with your individual needs and offers protection for a suitable duration.
Premiums: Compare premiums from different insurers. Consider the ones with higher claim settlement ratio, which indicates their reliability in paying out cancer insurance claims.
Act Now, Buy Cancer Insurance
As medical science advances, the good news is that the fight against cancer is becoming more hopeful than ever. On the other hand, with the promise of new treatments comes the need for solid financial preparedness.
Cancer insurance can be a crucial weapon in your financial toolkit. The sum will provide a safe haven that allows you to focus on healing and recovery. When you are fighting cancer, you need to be without the added burden of overwhelming medical bills.
Protect yourself and your loved ones with a cancer insurance plan today. Explore comprehensive cancer insurance options and secure your financial future against the uncertainties of life.
