On World Cancer Day, Ankur Nijhawan, CEO, AXA France Vie India Reinsurance Branch & Dr Ramesh Sarin, Senior Consultant, Surgical Oncologist, Indraprastha Apollo Hospital, New Delhi highlights that it is critical for insurance providers to establish meaningful partnerships with top healthcare professionals and oncologists in order to address the growing health concerns and financial burden associated with cancer
World Cancer Day is a global event observed annually on February 4th to raise awareness about cancer and its impact on patients and their families. It is a chance to highlight the importance of accessible cancer screenings for early detection and effective treatment. The day is also a celebration of cancer survivors and a way to support those who are still battling the disease.
One of the most important aspects of healthcare is ensuring that everyone has access to the necessary treatments and screenings associated with their medical conditions. Cancer screenings, in particular, are critical for early detection which can increase the chance of successful treatment. Unfortunately, not everyone can afford the cost of these screenings, which is why it’s important for cancer screening to be a part of the annual health screenings included in your insurance plans. If basic cancer screenings are included in your routine health check-ups, they can ultimately provide health and financial relief for individuals who need access to cancer treatment.
Even after a cancer diagnosis, the cost of medications, therapies, targeted drugs, and other treatments can be extremely high. In countries like India, where insurance coverage is limited, 60% of health expenses are paid out-of-pocket by patients, sometimes even leading them to sell their assets or take on debt. Morbidity and mortality become further causes of loss of earnings for the patient. Low awareness about the disease across the country, coupled with lack of proactive screening are the two key reasons behind the increasing burden of cancer in India. Preventive healthcare should be a priority in the fight against cancer. Awareness and prevention are our best tools in this battle against cancer.
The importance of cancer screenings
Cancer screening is an important step in the prevention and early detection of cancer — one that should not be overlooked. It can be the difference between life and death for people who are at risk. Here are a few reasons why cancer screenings should be a part of everyone’s healthcare journey:
Early detection of cancer: By catching the disease in its early stages, medical professionals can act swiftly and confidently in treating patients with the disease and minimising its effects. Early detection also provides an opportunity to determine the most effective treatment options, based on the type and stage of cancer, as well as the patient’s age and medical history. With the right course of treatment, which may include chemo- or radiation therapy, surgical removal of tumors, or other treatments, patients can have a better chance of surviving and living a healthy life.
Higher likelihood of successful treatments: Early detection can lead to more successful treatments, better outcomes, and a much better quality of life.
Beneficial for late-stage cancers too: Even if cancer is detected in its late stages, there are still things that can be done to improve a patient’s health outcomes. For instance, treatments can be used to shrink the size of tumors and slow the progression of the cancer, thus improving quality of life. In addition, a course of treatment may include lifestyle changes, such as quitting smoking, reducing alcohol consumption, and eating a balanced diet to improve overall health. Furthermore, medical professionals can work with patients to create a support system, such as family or friends, which can help the patient cope with their diagnosis and treatment.
For cancer survivors: Cancer screenings are also important for cancer survivors; with the help of these screenings, medical health experts will be able to identify if any cancerous areas were missed out during the course of the treatment. It also helps cancer survivors keep an eye out for a relapse.
Saves money: Treating cancer can cost you a lot of money and deplete your savings if detected at a later stage, as the medication and treatments are a lot more extensive as opposed to earlier detection of cancer.
Things to keep in mind when choosing the right insurance
The type of coverage you will get for cancer screening depends on the kind of insurance plan you have in place. We’ve listed down a few pointers that can help you choose a good insurance plan that covers all the necessary bases:
Choosing the right policy: When it comes to health insurance, the options are endless. With this being the case, you can choose an exclusive cancer insurance policy, or opt for a regular health insurance plan and opt for cancer coverage as an add-on. Speak with your insurance provider to ensure that your health plan covers cancer screening, as well as treatments.
Understand the waiting period: Almost every health insurance plan comes with a specific waiting period, however, the waiting period is not the same for every insurer or every illness covered in the policy. It is imperative that you know what the waiting period is, as you will not be able to use your insurance until the waiting period is over.
Medical history: You will be required to share your medical history with your insurance provider. It is imperative that you are honest about your medical history, so you don’t face claim rejection in the long run.
Policy coverage: There is no denying that battling cancer is a costly affair. When choosing a healthcare plan, especially for cancer, it is best to opt for a maximum sum insured and policy coverage. This will not only cover pre and post-hospitalisation expenses, consultation and nursing but also include medication, chemotherapy, counseling, etc. Also opt for a plan that allows you to regularly undertake cancer screenings, such as plans that allow you to do an annual screening.
Be aware of the policy exclusions: While understanding what your insurance plan covers is highly crucial, it is equally important to be aware of what your health plan does not cover. This way, you can make other preparations if you do fall sick.
As the prevalence of cancer continues to rise, insurance companies are challenged to provide comprehensive coverage for cancer treatments and medications. It is critical for insurance providers to establish meaningful partnerships with top healthcare professionals and oncologists in order to address the growing health concerns and financial burden associated with cancer. Through this collaboration, it is possible to create innovative solutions that can help improve patient outcomes while providing appropriate financial protection. Insurance providers should also consider leveraging data science and analytics to better understand the needs of their customers and create personalized plans that are tailored to individual needs.
Without insurance, many people are unable to afford the cost of screenings and other treatments, leaving them with higher chances of having their cancer go undiagnosed. With insurance, however, individuals have access to the screenings and treatments they need, giving them a better chance of successfully treating and overcoming cancer. Insurance should include cancer screenings so that everyone can benefit from early detection and better treatment, thereby leading a disease-free and wholesome life. This change, however, cannot be brought about by the insurance sector alone. The Central & State governments need to work together to spread awareness regarding screening methods and the early signs & symptoms of cancer. The government should also work towards developing a policy that would ensure more & more people are regularly scanned for the disease. The government, the insurance & the healthcare sector need to work in unison to reduce the socio-economic burden of cancer treatments in the country.