In USA medical science has gone far enough to be able to determine the percentage of chance an individual has to attract certain types of cancer in their lifetime. While the future generation does have some hope in cord blood banking which perhaps would help to save some lives from cancer, Indians do not have access to such opportunities to save lives mainly because of the affordability factor.
Affordability of Cancer Treatment in India:
Despite the fact that India has a huge market for medical tourism which relies mainly on cheaper medical costs, many Indians do not have access to basic health care . The main issue is health finance is expensive and when someone has cancer, keeping in mind that there are 200 types of them, you ought to think about being able to afford the treatment, even if the patient is in a curable stage. India’s pharmaceutical industry is booming and yet people can’t afford the basic pain relief medication for pain as a cancer patient. Before one does go bankrupt one can think of a solution that is now available to Indians known as the health insurance for cancer. In our country, over 10,000 people get diagnosed with cancer each year and it is indeed a scary number.
Benefits and Features of Cancer Health Insurance from ICS:
It is easy to get this policy since many banks and insurance providing companies have started including this in their health insurance portfolio. All an individual needs to do is be less than 70 years of age and have a membership in ICS (Indian Cancer Society). It is important to note that the individual should not have a history of being diagnosed with cancer before. But the reasons why one should opt for it is not only the alarming chances of cancer having increased in people, but because it is a convenient product too:
- This insurance policy does not require any medical tests as long as a Declaration of ‘good health’ has been signed and provided by a licensed doctor.
- This policy offers enough coverage for probable costs that come with cancer treatment, right from diagnosis, biopsy and surgery to radiotherapy, chemotherapy along with hospitalization as well as rehabilitation if and when required at a very affordable premium amount.
- Claims of reimbursements can be done quarterly for all the actual cancer treatment expenses incurred, until the whole sum insured amount is completely exhausted. The other case when the claim reimbursement stops is when the insured individual is declared as cured or in good health. Whichever of the two happens will happen earlier will stall the claim reimbursements.
- The insured also have access provided by the Society for check-up facilities since there is a Cancer Detection Centre in Mumbai at Pedder Road. People who come for first time check-up facility will have access to it for free but from then on the tests will be available at 50 percent discount.
- Also people get free access to various cancer related literature accessible at the Society.
- The best part about the policy is that the whole policy is managed and administered by the Society itself, making it very convenient for people to handle this insurance, including premium payments, treatments and claims if and when needed.
- You also can get tax benefits from this health insurance since it also comes under the general insurance category.
Other Cancer Insurance Policies:
Other similar products are available from CPA which is also in association with National Insurance, like ICS. Also, ICICI has a similar product for health insurance for cancer. Here is a comparative study of the existing products available for health financing in India:
|National Insurance with CPAA Cancer Insurance Policy||National Insurance with ICS Cancer Insurance Policy||ICICI Cancer Care Plus|
|Eligibility||For Cancer Patients Aid Association members not having diagnosed with cancer.|
|Minimum and Maximum Age of Entry||Company discretion||Up to 70 years||Between 20 years to 60 years but can be renewable up to 70 years|
|Policy Term||1 year||1 year||10 years|
|Sum Assured Range||Rs.30,000 to Rs.5 lakhs||Rs 50,000 to Rs.2 lakhs||Rs 5 lakhs to Rs.25 lakhs|
|Premium Range||Rs.2,400 to Rs.8,000||Rs.496 for minimum cover and Rs.1,157 for maximum cover.||Starts from Rs.4,604 Rs.14,845. Minimum single premium starts at- Rs.1,200 annually.|
|Waiting Periods||From diagnosis date should survive up to 30 days Should be able to survive for 30 days from the date of diagnosis||Varies based on age|
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.