India is likely to witness a surge in cancer cases, which are projected to rise from 1.46 million in 2022 to 1.57 million in 2025. The national average of cancer incidence per 100,000 individuals, stands at 100.4, which is not a very comfortable position to be in.
Beyond the realms of health challenges, battling cancer in India is intricately linked with financial stability and the ongoing need for care. Cancer's impact extends beyond health and influences financial stability.
Though with advancement in medical technology, there is a significant rise in long-term survival with increasing cost related to anti-cancer treatment (with the advent of advanced treatments like immunotherapy, Monoclonal antibodies, Proton therapy, Robotic Surgeries etc), there is an increased need to focus on healthcare finance to ensure comfortable sustenance of health and economic wellbeing.
The healthcare needs of cancer survivors are multifaceted and goes far beyond the initial fight against the disease. It includes side-effects of treatment, secondary or late effects, physical rehabilitation, pain management etc. In this scenario, the significance of health finance security becomes paramount for cancer survivors.
Apart from covering room rent, doctor fees, surgery charges, and in-patient expenses, a comprehensive health finance plan for cancer survivors should encompass health check-ups, day-care surgeries, vaccination coverage, teleconsultations, home health care coverage, second medical opinions and wellness programs. These could be useful for varied needs that cancer survivors may face in their recovery and post recovery journey.
Given that requirements for hospitalisation and out of pocket expenses of cancer treatment and rehabilitation are substantial, understanding the nuances of pre and post-hospitalisation expenses is crucial. Such health finance plans covering a cross-section of needs across diagnostic tests, consultations, medications, both before and after hospitalisation help in providing a holistic safety net, addressing the comprehensive needs of cancer survivors throughout their journey, from diagnosis to recovery and post recovery health needs.
Cancer throws up unique challenges hence having a critical illness finance cover with lump sum payments for disease like heart ailments or a stroke can broaden the scope of coverage. Some plans also extend coverage to alternative therapies such as Ayurveda, Homeopathy or Yoga catering to diverse preferences and ensuring a more personalised approach to recovery.
Obtaining a health finance plan is not merely a financial decision for cancer survivors in India; it is a strategic and vital step toward ensuring holistic well-being as well. From rising medical costs to the need for continued care, such financial planning provides a comprehensive safety net, empowering survivors to focus on recovery without the added burden of financial stress. As the nation grapples with an increasing cancer burden, investing in health finance plans becomes a proactive measure, offering protection and support during every step of the post-cancer journey and is the need of the hour.
—The author, Dr. Madhumathi Ramakrishnan, is Chief Claims Transformation Officer, Star Health and Allied Insurance Co. Ltd. The views expressed are personal.
(Edited by : C H Unnikrishnan)
First Published: Feb 4, 2024 9:04 AM IST
