World Cancer Day 2022: Secure yourself against uncertainties with cancer specific health insurance cover – The Financial Express

Cancer is dreaded across the globe and accounts for more than 10 million deaths worldwide every year.

By Ajay Shah

Cancer is dreaded across the globe and accounts for more than 10 million deaths worldwide every year. Better management of the ailment requires an early diagnosis, followed up with requisite treatment. However, it becomes difficult to bear the high medical cost of this ailment due to the complex nature of this disease and prolonged period of treatment.  An effective way to manage cost of cancer treatment is through an appropriate Health Insurance plan.

With over 850,000 deaths, India reports a high adult cancer mortality rate of 8%; where 1.3 million new cases are added every year. Further, an ICMR report suggests that there will be a 12% rise in the number of cancer cases by 2025. This increase in cases is a wake-up call for everyone who believes that they are safe from the disease. Unhealthy lifestyle choices and a family history of cancer are two major risk factors. 

Impact of COVID – 19 

The world today is engaged in managing one of the most severe pandemics it has ever witnessed. Everybody, from individuals to families and corporates want to protect themselves from the viral infection which is more often than not done by opting for health insurance schemes that have a COVID-19 focussed cover. However, it gets missed that non-communicable diseases like cancer account for more deaths every year than the total number of deaths reported due to the pandemic. 

Cancer Insurance and its need

Cancer specific Health Insurance policies can help consumers by providing reliable financial aid in case of a future medical exigency caused due to cancer. With this support, customers can avail the best possible healthcare facilities after being diagnosed with the disease. 

A sudden cancer diagnosis can traumatise a person while harming their physical as well as mental health, while quickly & severely depleting their savings. Appropriate health insurance covers can take away the financial burden and add to their mental peace and enable necessary treatment to manage the disease.

Also, cancer is a life-threatening condition that needs long-term treatment. Even if one doesn’t have a family history of cancer, the disease might strike because of various other reasons. While the incidence rate of the disease is a propelling factor, there are several other reasons to buy a cancer specific Health Insurance policy. 

Medical inflation: There has been a massive increase in medical costs. With a marked rise in the number of cases, the cost of procedures and treatments like chemotherapy, radiotherapy, blood transfusion, hospitalisation and other medical facilities have also gone up. 

Coverage for all cancer types and stages: Cancer Insurance plans provide for all cancer types and their treatment costs. They absolve the insured off all the expense related worries by covering treatment of cancer at all stages. 

Coverage for prolonged period: A cancer health indemnity cover does not just provide a one-time claim benefit to the customer, but continues to cover the insured up to the Sum Insured every year as long as the treatment continues. So a 50 lakh sum insured policy pays up to this amount for every year of continued treatment, making it a policy for life

Tax benefits: Buyers can avail tax deductions on premium paid up to Rs 75,000 under Section 80D of the Income Tax Act, 1961.

No claim bonus: Many health insurance companies provide a no-claim reward of up to 10% for every claim-free year.  

Purchasing a cancer specific Health Insurance plan is necessary; and people are often confused about the right time to opt for one. The answer is that one must try to buy cancer health insurance early in life, as obtaining one might be difficult after diagnosis. A comprehensive cancer Health Insurance plan can save you from the last-minute financial struggle and act as a backup during crisis.

The writer is Director & Head – Retail Sales, Care Health Insurance. Views expressed are his own

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