The most dreaded disease, Cancer knocks at our doors in quite an unexpected way.  If you visit a cancer hospital, the most often heard story is the patient and family were living a peaceful contented life.  One fine day, you or your family or friends became one of the ten lacs cases diagnosed and looking for treatment for lung, esophageal, oral, breast, or cervical cancer. ICMR expects the cancer cases to multiply up to 70 lacs in the next three years. So the time has come to give away the notion that paying for cancer coverage is a waste of money. 

Cancer coverage becomes necessary due to the high cost and long-duration cancer treatment. The individual and family definitely need financial protection to overcome this unpredicted medical event. The tool of financial risk management (FRM) offers comprehensive solutions to overcome unique risks. Cancer is a unique risk and this risk could be balanced by investing in health insurance.  It is a non-negotiable investment, as well being and health of individuals and families cannot be compromised.  

High-Quality Treatment 

Access and quality care are two significant concerns in addressing the high-priority disease of cancer.  As an affected individual suffering dreadful disease more than the availability of care, the confidence that he/she can utilize cancer care defines access to care.  Timely intervention in high-quality cancer care is a necessity. Immediate care can prevent the advancing of disease and the shortening of life due to delays. 

In India, the patient becomes eligible to claim the amount of insurance only after 90 days of disease diagnosis. It is better to invest in cancer coverage to increase access to high-quality care. It will help to avoid waiting times in the crucial phases of treatments. 

Personal Finances 

The investment in cancer coverage gives the patient a lumpsum cash benefit to cover expenses towards chemotherapy, surgery, and radiation. The insurance companies also support the patient in overcoming the loss of income, repayment of loans, and adapting to changing lifestyles. The monetary support for the critical illness could help the patient and family to focus on the treatment in such a life-threatening scenario.  As an investment, the premiums paid, give the investor tax benefits under the provision of 80D. 

Financial Planning

Financial security has become an essential part of life goals. Financial planning helps in taking control of life. Contingency planning is one of the important aspects of financial planning that secures you in every which way.  As medical costs are on the upswing, medical insurance specifically cancer coverage can cover the cost as your funds come under severe strain during a health emergency. You invest in a cancer coverage plan taking help from a professional advisor. So, financial crises arising out of the sudden detection of cancer can be averted.

Peace of mind  

Peace of mind is the biggest takeaway from investing in critical care insurance. There is clear evidence to show that health insurance reduces “stress and cortical levels. The insured person and family could feel mentally relaxed.  They could attend to medical interventions rather than feeling financial pressure. Psychosocial support may be provided to the family members as cancer devastates emotional relationships. Psychological support in the form of counseling and family therapy will help in the handling of “feelings and reactions” arising out of the medical condition of the patient. 

Be Aware  

As we become aware of the need to cover this World Cancer Day on February 4, we may understand various features of lifelong cancer coverage to avail financial protection and other benefits.   The fearful disease could be defeated only by immediate treatment. The investment in cancer coverage done as a result of financial planning will prevent the possibility sudden financial burden on your finances. So, investment in cancer insurance can ensure high-quality treatment, financial support, and long-term peace.

This blog was edited by Mr. Vidya Kamat