Rising Cost of Cancer Care: How Life Insurance Can Alleviate Financial Burden
Cancer is a disease which is challenging to treat due to its complexities for both patients and their family members or dependents. Shockingly, people who suffer from the ailments often end up paying 60% of their medical costs which are out-of-pocket. The financial toll of Cancer goes beyond any realistic numbers; it affects not only a patient’s quality of life but also their ability to receive the best possible treatment.
To make matters more complex, time off from recovery adds a harsh burden that leads families towards financial disturbances and complexities. Cancer cases in India are expected to rise from 1.46 million in 2022 to 1.57 million in 2025. In this challenging landscape, families must realign their medical expenses and other financial liabilities which are often ignored while opting for any kind of insurance.
The escalating treatment costs and the lack of comprehensive health insurance put immense strain on individuals and their families. In such trying times, life insurance emerges as a critical tool for financial support. Let us understand some essential steps to consider when dealing with cancer-related financial stress and the importance of life insurance in minimizing the unplanned financial burden.
The first step is identifying a comprehensive plan by evaluating one’s insurance options and policy specifics. It involves understanding various critical aspects such as diagnosis requirements, coverage of expensive medications, co-pays, deductibles, and out-of-pocket maximum amounts covered. This proactive approach ensures the individual is well-prepared for any uncertainty arising during and post cancer treatment journey.
Also Read: Retirement Planning: 5 effective ways to assist your retiring parents
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