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Cancer is becoming one of the most prevalent serious diseases worldwide. According to the World Health Organization estimates, in 2022, more than 14.1 lakh new cases of cancer were reported in India and more than 9.1 lakh deaths occurred due to this disease.
A healthy lifestyle and regular exercise can reduce the risk of disease, but it is also important to be prepared for unexpected circumstances. Many factors increase the risk of cancer, including genetics and outside influences such as pollution and diet.
Cancer Insurance can provide the necessary financial support during such challenging times. Let’s find out why cancer insurance is important and how it can help you stay prepared.
Financial impact of cancer
Cancer not only presents a serious health threat but also places a severe financial burden on patients and their families. The economic impact of cancer care can be enormous and may even affect access to treatment.
Let us analyse some out-of-pocket expenditure (OOPE) data for cancer treatment:
In 2022, the average cost of inpatient cancer care was 6,549 per month, while the average cost of outpatient care ₹8,811 per month. Households were spending 37% and 49% of their monthly consumption expenditure on inpatient and outpatient cancer care, respectively. Recent data from a 2023 study indicates that the average OOPE was 8,053 per outpatient consultation and Rs 39,085 per hospitalization.
The financial impact of cancer is expected to grow further in the future, with cancer cases estimated to rise by 12% by 2025. This increase is likely to put further pressure on the financial resources of patients and their families.
How can cancer insurance help?
A Cancer Insurance Plan Patients may be helped to fight cancer in the following ways:
1. It provides comprehensive protection against various types of cancers
Cancer insurance policy offers comprehensive protection against various cancers including breast, prostate, colon, lung and many other cancers. This type of insurance is designed to cover all stages of cancer, whether the patient is in the early stages or battling the advanced stages of the disease.
Apart from covering a wide range of cancers and its stages, cancer insurance plans also offer the added benefit of cashless hospitalization. This ensures complete financial protection and convenience, allowing patients to focus on their treatment and recovery.
2. It offers high sum insured to tackle all kinds of costs
The cost of cancer treatment can be very high and does not just include hospitalization. The expenses may include medications, surgery, rehabilitation, post-operative care, and many other related costs. Given the extensive nature of these treatments, cancer patients and their families can face a lot of financial stress.
A Cancer insurance plans are designed to address this financial burden by providing high sums insured. Adequate coverage ensures that patients have access to the funds required for comprehensive cancer treatment. With high sums insured, these plans help cover a wide range of expenses, from initial diagnosis and treatment to ongoing care and rehabilitation.
Patients with a cancer insurance policy do not have to spend money out of pocket. This allows a person to focus on their recovery instead of worrying about the high cost of their treatment.
3. It offers a lump sum payment on first diagnosis
Cancer insurance policies provide a lump sum payment upon the initial diagnosis of cancer. As soon as the policyholder receives a confirmed diagnosis from a licensed medical professional, they are eligible to make a claim.
The lump sum payment is designed to provide patients with financial flexibility and autonomy. It allows patients to manage their finances according to their individual needs and preferences. This means that the money can be allocated for a variety of purposes, including the cost of chemotherapy, radiation, surgery, and other medical procedures. It can also be used to cover everyday costs such as hospital visits, ambulance fees, and other expenses incurred during treatment. Additionally, it helps to compensate for lost income if the patient has to take time off from work or stop working altogether due to their illness.
Lump sum payments ensure that patients are not only financially prepared for the direct costs associated with cancer treatment, but also have sufficient funds to meet any additional financial expenses during their treatment.
4. It is affordable
Cancer insurance is a cost-effective way to secure enough money for cancer treatment, without the hassle of long-term savings. It may take years to accumulate the same amount through personal savings or investments. However, cancer insurance gives you the convenience of an immediate lump sum payout when you need it the most.
Cancer insurance premiums are designed to be affordable, making it easy for most people to incorporate it into their budget. This allows you to be prepared for a potential health contingency without compromising on your other financial goals.
to sum it up
Cancer insurance is an important safety measure in today’s world. While doctors and scientists are working diligently to eradicate cancer, it still remains a major health threat. Protecting yourself with cancer insurance is an important measure to ensure financial security against this deadly disease. Therefore, you should be prepared for unexpected health problems and buy cancer insurance as soon as possible.
Disclaimer: This article is a paid publication and does not have the journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content of the article/advertisement and/or the views expressed herein. Hindustan Times shall in no way be responsible and/or liable for all that is stated in the article and/or the views, opinions, declarations, affirmations etc. expressed therein.
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