Cancer not only an emotional burden, but also a greater financial burden

An alarming 69% of the respondents in the survey have no financial aid whatsoever at their disposal to deal with cancer. A scarce 21% of respondents have a specific ‘cancer’ insurance cover to facilitate their medical expenses, as per oncologists. Almost 63% of cancer patients admitted to having sought their oncologist’s advice to fund the cost of treatment and consequent expenses

Cancer not only an emotional burden, but also a greater financial burden

The results of the survey brought to light the inadequate awareness levels amongst the respondents with regards to incidences, stages, types and cost of treatment of cancer. It further stated that majority of people lack the understanding of even tapping the disease.

In a breakthrough, the survey also highlighted significant dependence on the doctor for financial advice as patients inadvertently look up to them for assistance in dealing with the cost of medical treatment. Likewise, the survey revealed that a majority of respondents aren’t financially equipped to deal with cancer.

Munish Sharda, CEO and MD, Future General India Life Insurance who conducted the survey said, “We commissioned this research to bring forth awareness of Cancer in the country and gauge people’s preparedness to secure themselves financially against this dreaded disease. As an insurer, we believe we have an important role to play in addressing these two pressing issues of awareness and preparedness by reaching out to the consumers and offering them simple products at affordable cost, supported by a very convenient buying process.”

Barring the cost of cancer treatment, most fail to take into consideration the additional financial constraints that ensues. The survey shows that the respondents were largely oblivious to the sustained monetary challenges patients and their families may face in terms of loss of income, reduced earning capacity, cost of follow up treatment etc. thus plunging the family deeper into crisis.

 Key findings:

  • An alarming 69% of the respondents have no financial aid whatsoever at their disposal to deal with cancer
  • A scarce 21% of respondents have a specific ‘cancer’ insurance cover to facilitate their medical expenses, as per oncologists
  • 26% of the respondents would resort to taking a loan to bear the cost of the treatment
  • 31% of the respondents have not even deliberated on the need of a financial plan to fight cancer
  • Almost 63% of cancer patients admitted to having sought their oncologist’s advice to fund the cost of treatment and consequent expenses