Coping with Cancer and Staying Financially Ready to Treat It

Serious health problems can develop unexpectedly, upsetting your normal course of life. Our way of life and stress-induced issues make us more vulnerable to many serious diseases at any age. One such illness is cancer. According to the National Institute of Cancer Prevention and Research (NICPR), about 2.25 million Indians live with cancer and over 1.1 million new patients are registered every year.

With more than 200 different types of cancer, treatment differs for each individual; however, there are three primary approaches to treating cancer: surgery, radiation, and pharmacological therapy (including chemotherapy, targeted therapy, hormone therapy and immunotherapy). Some patients receive all three modalities of treatment, while others receive one or two. Other patients with the financial means may also look at other advanced therapies, such as stem cell transplants, hyperthermia, photodynamic therapy, and blood transfusions. Cancer patients can also require treatments such as supportive or palliative care, rehabilitative therapy, mental health services, nutrition counselling and cardiology consultations to supplement primary care. Therefore, it can be very common for cancer patients to see multiple specialists during the course of their treatment.

The complexity of cancer treatment, and the necessity of multiple specialists, is a large driver of cancer patient costs. This leads to spiraling medical bills and depleted savings accounts that destroy retirement plans. Coping with the financial fallout from a cancer diagnosis can be devastating for the entire family. Opting for an insurance plan that includes cancer coverage can be a solid support in a trying time.

Cancer prevention and protection:

Cancer is a critical illness that requires long-term care. Even if you do not have a family medical background of cancer, the disease may occur for other reasons. Given it is common and instances are rising in society, it is in your best interest to establish a solid financial plan for any such contingencies. After all, you can never be too sure when it comes to matters of health. The risk of developing some cancers can be lowered by avoiding certain risk factors. Lifestyle changes like avoiding cigarettes, limiting alcohol and adopting a healthy diet, as well as maintaining a healthy weight through regular exercise can also be impactful in reducing cancer risks. Screening tests can help detect malignancies in their earliest stages. Despite these efforts, you and your family should still be prepared financially if cancer strikes.

Let’s understand how cancer insurance works and what is covered:

A cancer insurance policy is a form of health insurance that provides financial security against various medical expenses incurred as a result of cancer care. It is essential to opt for this plan early in life so that the coverage is there in your hour of need.

While your primary health insurance policy may cover cancer treatments, the sum insured comes at a high cost. A standalone cancer insurance plan helps you prepare for cancer-related medical costs. Generally, it provides a higher coverage amount at an affordable premium as compared to a standard health insurance plan.

When the policyholder is diagnosed with cancer, the individual can avail the coverage under the cancer policy either as a lump sum payout or receive regular payouts on a yearly, half-yearly or a monthly basis to take care of expenses. Coverage can be customized to deliver payouts at different stages of the disease, provide a no survival period clause, deliver an additional monthly income option, waiver of premium, return of balance premium option on maturity, life cover and terminal illness cover. Additionally, cancer insurance qualifies as health insurance, so you can claim the premium paid to obtain the cover as a deduction from your total income, using the provisions of section 80D of the Income Tax Act.

How does cancer insurance differ from health insurance?

No one can deny that being financially prepared makes it easier to cope with unexpected issues such as illness. New health risks can obstruct our path to achieve important life goals. As a result, purchasing health insurance for critical illnesses such as cancer is crucial. If a dedicated cancer insurance plan seems too expensive, you could opt for a critical illness rider like this plan offered by PNB MetLife.This is an add-on benefit that you can purchase to help you get the best medical treatment without worrying about the costs associated with care.

Whether you are trying to lose weight or making a shift towards a healthy life, understanding your BMI (Body Mass Index) is one of the first necessary steps you can make. The BMI calculator can indicate your body’s fat content based on your weight and height. Once you have a clear view of this, you can go through different health insurance plans on the PNB website and secure your future financially against the growing healthcare costs.