By Dr. Santosh Puri, Senior Vice President – Health Product & Process | Tata AIG General Insurance
Cancer, a formidable adversary in the realm of health, casts a profound and far-reaching impact on individuals, families, and societies worldwide. The grim reality of cancer’s impact is evident by the loss numbers revealed in 2020, which was a staggering global depletion of 10 million lives. Closer to home, in India, the Indian Council of Medical Research states that cancer cases will touch a whopping 15.7 lakhs by 2025, as compared to 14.6 lakhs in 2020.  International agency for research on Cancer, WHO, indicate approximately 9 lakhs annual deaths accounting to cancer in India in the year 2022.
Consolation in this devastating situation are the improved techniques of cancer treatment and their effectiveness that has evolved over the past decades. Introduction of new age tech enabled therapies and multidisciplinary innovations have increased the effectiveness of treatments. But access to these quality and new age treatment technologies are not only expensive but, in many cases, it is recurring.
Cancer can have a multifaceted impact on the person suffering from the disease. Physically it can cause discomforts like fatigue, pain, nausea, vomiting etc. Mentally, it can cause anxiety, depression and other cognitive difficulties and emotionally, it often leads to fear, stress, and feeling of isolation. The relentless nature of this disease, marked by its intricate web of challenges, addresses the dire need of security against such unprecedented challenges.
How Health Insurance plan(s) can be used for complete protection against Cancer expenses
With the disease already taking a toll on physical, mental and financial health, the need of the hour is a comprehensive health insurance that acts as a safety net against these burdens. A comprehensive coverage for cancer care will address all concerns related to the disease. An all-round care and protection against whooping medical expenses of hospitalization, post treatment care, support during recovery, financial care for liabilities and most importantly preventive checkup which may help in early diagnosis. A good health insurance plan will look into the entire spectrum, leaving no space for financial vulnerability. The importance of a comprehensive health insurance plan for cancer care cannot be overstated.
4 major aspects of primary importance in Cancer care are:
- Preventive Care
The golden rule in case of Cancer treatment is diagnosis of cancer at earlier stages. Early/ timely detection of cancer can mostly be associated with lesser aggressive treatment, lower medical expenses, better prognosis and also, in many types of cancer it also means reduced mortality. Having a health insurance plan which offers a preventive care and health check-up is of utmost importance.
- Medical Care
Access to quality healthcare is the second most important aspect of cancer care planning. A health insurance policy that offers sufficient coverage, provides second medical opinion, cover cost of consumables, out-patient expenses and provides access to tertiary care hospital, especially oncology centers, shall be preferred.
There are products offering coverage not just in India but also across the globe which ensure access to new age treatment methods that are very crucial in diagnosis and treatment of Cancer.
Apart from these, insurance policies that cover other associated expenses such as cost of physiotherapy, transportation and hotel accommodation expenses may also aid in reducing the out-of-pocket expenses of the insured.
- Emotional care
The psychological toll of a cancer diagnosis is immense and the financial stress further exacerbates the emotional burden. Cancer can lead to a wide range of emotions like fear, worry, stress, anxiety, sadness, depression and anger. However, getting a little professional support through psychiatric counseling, palliative care for cancer, rehabilitation etc. are crucial to maintain or improve emotional well-being for cancer patients and caregivers.
- Financial Care
Cancer treatment is notorious for its huge cost, but it is not just the cost of treatment which erodes lifetime of saving. Other ancillary expenses including out of pocket expenses and liabilities which are left undealt with during the course of treatment also adds to the huge expense and worry.
Benefit based health insurance products are designed to cater to such needs. Benefit products pay a lump sum amount on the diagnosis of a covered cancer even at early stages.
A balanced combination of indemnity and benefit-based health insurance plans can provide additional financial protection beyond the ambit of a standard health insurance. It covers the wholesome needs of a customer ranging from preventive care, medical care, emotional care and financial care. Benefit based plan will help to combat other financial liabilities (such as loan, education of children etc) which may get impacted due to the onset of cancer.
One should also evaluate the other aspects of the insurance like; premium charged for the coverage, deductibles applied on claims, co-payments to be borne by the insured, deductions against consumables, sub limits etc. Striking a balance between affordability and comprehensive coverage is crucial. Consider the long-term cancer care planning in line with increasing healthcare cost, introduction of new age advanced treatment and access to global care. Along with the payable premium one must also consider the brand reputation of the insurer. Additionally, explore options for flexible payment plans or discounts based on specific criteria.
Source: Deccan Herald
