Past one decade has seen significant changes in the healthcare industry of India.
This is evident from the fact that the total spend on healthcare has been around
5% of the GDP in 2013 and expected to maintain the similar level during 2016 as
well. Every year around billions of dollars are being spent alone on the research
on finding the best treatment for critical diseases. However, with the arrival of
state-of-the-art technology and more effective medicines to counter critical diseases,
the critical care treatment has seen a steady rise in the past few years.
This is evident from the fact that the total spend on healthcare has been around
5% of the GDP in 2013 and expected to maintain the similar level during 2016 as
well. Every year around billions of dollars are being spent alone on the research
on finding the best treatment for critical diseases. However, with the arrival of
state-of-the-art technology and more effective medicines to counter critical diseases,
the critical care treatment has seen a steady rise in the past few years.
Critical illness treatment
The burgeoning middle class and the lower middle class, which jointly forms
a major chunk of India’s population are worst affected by this. With this steady
increase in the cost of critical illness treatment in India, Indians are finally waking
up to the fact that buying a health insurance is unavoidable.
a major chunk of India’s population are worst affected by this. With this steady
increase in the cost of critical illness treatment in India, Indians are finally waking
up to the fact that buying a health insurance is unavoidable.
Like most of them, you too might be one of those who think that you have your
health risks covered when you buy a specific health insurance policy and opt for a
health risks covered when you buy a specific health insurance policy and opt for a
comprehensive critical illness cover. Usually the critical illness plans claim a cover
on major illnesses or medical conditions such as heart attack, stroke, kidney failure
etc. But have you ever checked if it covers the deadliest of them all, cancer?
on major illnesses or medical conditions such as heart attack, stroke, kidney failure
etc. But have you ever checked if it covers the deadliest of them all, cancer?
Whether or not your health insurance policy will redeem your expenses at any stage
if you were to be detected with a critical disease such as cancer? In all
probability you might not have even given it a thought as the very mention of
cancer can send a shiver down your spine. Is it overcautious then to think of an
insurance policy, which is specifically dedicated to cancer even if you are perfectly
healthy today? Let’s find some answers.
if you were to be detected with a critical disease such as cancer? In all
probability you might not have even given it a thought as the very mention of
cancer can send a shiver down your spine. Is it overcautious then to think of an
insurance policy, which is specifically dedicated to cancer even if you are perfectly
healthy today? Let’s find some answers.
Rising incidences of cancer
Have you ever wondered how you will cope if you ever contracted this dreaded
disease? It has been found that one in eight men and one in nine women develop
some form of cancer during his or her lifetime. Most cancers are caused by the
genetic changes that can happen anytime during a person’s lifetime as he or she
ages. Even environmental factors such as tobacco, smoke or radiation can be a
cause for cancer to happen.
disease? It has been found that one in eight men and one in nine women develop
some form of cancer during his or her lifetime. Most cancers are caused by the
genetic changes that can happen anytime during a person’s lifetime as he or she
ages. Even environmental factors such as tobacco, smoke or radiation can be a
cause for cancer to happen.
Leading cause of death
Reports suggest that cancer is the leading cause of death in India with about
1.5 to 2 million cases at anytime, out of which 7 lakh new cases are added every
year with 3 lakh deaths. Studies by reputed organisations such as WHO suggest
that by 2026 with an expected increase in life expectancy, the cancer burden will
increase to about 14 lakh cases per year, which is exactly the double of the current
figures. The number of new cancer cases in India is expected to increase by 70% by
2035. Therefore, instead of believing in a myth that cancer cannot happen to you, it
is better to be prepared in case it does happen to you unfortunately.
1.5 to 2 million cases at anytime, out of which 7 lakh new cases are added every
year with 3 lakh deaths. Studies by reputed organisations such as WHO suggest
that by 2026 with an expected increase in life expectancy, the cancer burden will
increase to about 14 lakh cases per year, which is exactly the double of the current
figures. The number of new cancer cases in India is expected to increase by 70% by
2035. Therefore, instead of believing in a myth that cancer cannot happen to you, it
is better to be prepared in case it does happen to you unfortunately.
High treatment cost
Even though the government has taken steps to provide cancer medication at
subsidised prices, still a back of the envelope treatment cost analysis shows that
even in the early stages of cancer, i.e stage one or early second stage for head and
neck, breast, lung, GI may cost anything between Rs 10 and Rs 12 lakh. Besides the
actual cost of medication, various other factors like over the counter medication,
prescription medication, specified dietary supplements, nursing care needed at
home, logistical cost involved while visiting the doctor, accommodation cost for
self or the person accompanying if visiting a hospital outside the city, one off
purchases like wigs, hair pieces, head coverings also add to the staggering cost
of the treatment. What is even more alarming that around 10-30% of the treatments
fail or a relapse occurs in the first stages of cancer, which almost doubles the
treatment expenditure in some cases.
subsidised prices, still a back of the envelope treatment cost analysis shows that
even in the early stages of cancer, i.e stage one or early second stage for head and
neck, breast, lung, GI may cost anything between Rs 10 and Rs 12 lakh. Besides the
actual cost of medication, various other factors like over the counter medication,
prescription medication, specified dietary supplements, nursing care needed at
home, logistical cost involved while visiting the doctor, accommodation cost for
self or the person accompanying if visiting a hospital outside the city, one off
purchases like wigs, hair pieces, head coverings also add to the staggering cost
of the treatment. What is even more alarming that around 10-30% of the treatments
fail or a relapse occurs in the first stages of cancer, which almost doubles the
treatment expenditure in some cases.
Unlike other diseases, early stage cancer patients might not require a hospitalisation
and are treated more on an outpatient basis. That means that they have to regularly
visit the oncologist while the treatment is on and follow the post treatment cycle of
heavy medications, which definitely disturbs the routine professional life of a person.
Study suggests that most cancer patients face financial stress, sometimes hardship,
by having to deal with massive extra costs, as well as a huge drop in income for
many patients at a time when they are going through the severe physical,
emotional and psychological impact of a very serious illness. A strong mechanism
is, therefore, needed to take care of your financial well-being while you undergo
the cancer treatment and even after that.
and are treated more on an outpatient basis. That means that they have to regularly
visit the oncologist while the treatment is on and follow the post treatment cycle of
heavy medications, which definitely disturbs the routine professional life of a person.
Study suggests that most cancer patients face financial stress, sometimes hardship,
by having to deal with massive extra costs, as well as a huge drop in income for
many patients at a time when they are going through the severe physical,
emotional and psychological impact of a very serious illness. A strong mechanism
is, therefore, needed to take care of your financial well-being while you undergo
the cancer treatment and even after that.
Read between lines
There are chances that you have opted for a health insurance policy to ensure your
financial protection, but have you have ever thought if it is enough in case of a
critical disease such as cancer? Some of you who are prudent enough might have
even opted for a critical illness cover in a health insurance policy. But how many
of you are aware about the definition of ‘critical’ stated in such policies. Such
policies might give you temporary relief but are applicable only in the advanced
stages of critical diseases such as cancer. Therefore, it becomes necessary to go for
cancer-dedicated policies which are specially designed to suit the unforeseen
financial needs that the dreaded disease might bring along.
critical disease such as cancer? Some of you who are prudent enough might have
even opted for a critical illness cover in a health insurance policy. But how many
of you are aware about the definition of ‘critical’ stated in such policies. Such
policies might give you temporary relief but are applicable only in the advanced
stages of critical diseases such as cancer. Therefore, it becomes necessary to go for
cancer-dedicated policies which are specially designed to suit the unforeseen
financial needs that the dreaded disease might bring along.
Cancer-dedicated policies that are offered by a handful of insurers today offer 25%
of the sum assured to the policyholder on the diagnosis of the disease that takes
care of the expenses at the initial stages. The amount is credited to the insured
person’s account immediately and all his future policy premiums are waived
till the end of the policy term.
of the sum assured to the policyholder on the diagnosis of the disease that takes
care of the expenses at the initial stages. The amount is credited to the insured
person’s account immediately and all his future policy premiums are waived
till the end of the policy term.
Under unfortunate circumstances where cancer is detected in more than one organ,
20% of the sum assured is given for the treatment of each organ. In the advanced
stages, a policy holder can claim up to 100% of the sum assured and even get an
additional 10% of the sum assured for a period of five years as income. A cancer-
dedicated policy will provide a sum assured of Rs 20-25 lakh for a 30-year-old for a
mere sum of Rs 4,500- 6,000 per year (on an average) for a term of 35-40 years,
which is even lesser than the cost of a weekend road trip with your loved ones.
20% of the sum assured is given for the treatment of each organ. In the advanced
stages, a policy holder can claim up to 100% of the sum assured and even get an
additional 10% of the sum assured for a period of five years as income. A cancer-
dedicated policy will provide a sum assured of Rs 20-25 lakh for a 30-year-old for a
mere sum of Rs 4,500- 6,000 per year (on an average) for a term of 35-40 years,
which is even lesser than the cost of a weekend road trip with your loved ones.
So if you are still thinking whether or not to opt for a cancer-dedicated product,
the answer is yes. In case cancer does happen to you unfortunately, your timely
financial management can ensure that while you focus only on fighting and
winning the battleagainst the dreaded disease, your worries of being straddled
with high costs of treatment are automatically taken care of.
the answer is yes. In case cancer does happen to you unfortunately, your timely
financial management can ensure that while you focus only on fighting and
winning the battleagainst the dreaded disease, your worries of being straddled
with high costs of treatment are automatically taken care of.
Source: The Tribune
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