Be Money Aware

A recent study by the Indian Council of Medical Research (ICMR) shows that the rate of occurrence of cancer among Indians has doubled in the last two decades. With more than 1.4 million cancer patients, India, like many other countries around the world, is grappling with a major crisis.

With more than 100 types of cancers, it does seem like almost no part of our body is safe. This silent killer strikes suddenly and without mercy, leaving devastated families in its wake. Instead of continuing to pretend that it’s something that is never going to impact us, a more proactive solution would be to mitigate this risk as effectively as possible.

Q1. What steps can I take to protect myself and my loved ones?

With more than 70% cancer-related deaths occurring in the age group of 40-70 years, a family’s profound personal loss also significantly impacts the country’s economy.

If you are genetically predisposed to a certain type of cancer, its chances of occurrence will not be impacted by any lifestyle changes. However, for the rest there are some basic precautions that can help you remain cancer-free:

1. Completely avoid tobacco products: Commonly occurring cancer in men (lung, throat, pancreas, mouth, kidney and more) are all related in some form to tobacco and its deadly products.
2. Encourage healthy eating habits: There is a good reason why fruits and vegetables, whole grains and proteins, are cornerstones of a balanced meal. Keep control over diet portions at all times and maintain a healthy BMI.
3. Stay active: Physical activity of any form, whether it be in your daily routine, or through exercise and hobbies, must be constantly pursued. 30 minutes of moderate to heavy exercise in a day should be your goal.
4. Regular check-up: Your chances of success in the fight against cancer increases manifold if it is detected earlier. Understand the benefits of self-exams for cancers of the skin and breast and regular screenings for the other aggressive forms.

Q2. Can I cushion the financial impact through health insurance plans?

Another important reason for cancer being a much-dreaded disease is the prohibitive cost of treatment. With costs of every treatment option running into many lakhs, years of repeated surgeries, radiation and chemotherapy can completely ruin a family.

This is where cancer health insurance plans have proven to be an effective addition to family health insurance alone.

• While traditional health insurance covers your basic hospitalizations, the sum-insured will prove woefully inadequate for repeated and expensive cancer treatments.
• On the other hand, cancer health insurance plans will cover multiple treatment alternatives at a low premium. Many policies come with a rider that in the event of the insurer being diagnosed with the disease, premiums will be waived with a lifetime cover still being available.
• These plans cover all stages of cancer, and there are no sub-limit clauses to add to the confusion. You simply are paid a lump sum amount equal to the sum insured on detection.
• Since these are tailor made health insurance plans, there is no hassle of hospitalization and running around for cashless claims or reimbursement.
• With long-term cover available, you can utilize the payouts to compensate for any loss of income as you recover from the treatment. Insurers are also eligible for an increase in the cover in case no claims are made in the policy period.
• Since these plans also come under the aegis of health insurance, they are privy to the same tax benefits as traditional plans.

Q3. When should I consider getting a cancer health insurance plan?

You must think seriously about investing in a cancer health insurance plan if:

1. You have a family history of cancer and you have had several blood relatives impacted by it.
2. You think that environmental (like pollution, constant dependence on unhealthy foods) or lifestyle factors (like obesity) put you at a higher risk of a future cancer diagnosis.
3. You know that you are not going to be in a position to foot the medical bills in case of recurrent treatment.
4. Your family is dependent on your finances completely, and an illness will have an immediate and significant impact.

Q4. What are some crucial points I need to be aware of?

1. Those with pre-existing cancer conditions or those previously diagnosed and treated for any type of cancer are not eligible for cancer health insurance plans.
2. If you are already covered under family health insurance, buying standalone cancer insurance DOES NOT provide you dual coverage. Insurance policies cover only those benefits not already covered by another plan.
3. Critical illness plans differ from cancer health insurance plans. CI plans only kick in at advanced stages of any disease (terminal or untreatable) and offer a one-time lump sum payout for managing all expenses. Cancer plans on the other hand, cover all stages of cancer including the very early stages.
4. Certain cancer insurance plans usually do not cover skin cancer, or cancers caused by sexually transmitted diseases and due to radiation/chemical/biological contamination.
5. Ensure that recurrent payouts for cancer affecting the same organ are not excluded. Also, understand the waiting period on your policies before a payout will be made.
6. Keep a high sum-insured since cancer treatments can run long and really pinch your pockets. Also, ensure that your policy has a long tenure.

To summarize…

In today’s world, we all seem to be just a step away from financial ruin due to rising healthcare costs. It is best to cushion the impact for yourself and your loved ones as much as possible through specialized health insurance plans, especially against sudden onset illnesses like cancer, which can leave a trail of devastation in their wake.