Nearly 50% cancer patients are uninsured, Edelweiss Tokio Life study shows
92% oncologists believe a majority of patients discontinue treatment due to unaffordability
- Nearly 75% patients are either uninsured or are inadequately insured to pay for cancer care
- 96% doctors believe cancer incidences will increase by 23% in the next 5 years
- Among the leading types of cancers contributing to these incidences, three affect women – Breast, Cervical, and Ovarian Cancers
- About 40-50% of cases across Breast, Oral and Cervical Cancers are diagnosed at a locally advanced stage (Stages 2 & 3)
January 31, Mumbai: With healthcare expenses touted to rise in coming years, a grim reality has come to the fore as doctors believe almost 50% of cancer patients pay out of their pockets for treatment, an Edelweiss Tokio Life Insurance study shows.
Edelweiss Tokio Life Insurance, in partnership with Ipsos Research, conducted a study with 100 oncologists across 15 cities to assess the state of cancer care in India and its impact on the patients.
A majority of oncologists believe that cancer incidences are likely to increase by almost 25% over the next five years. Breast Cancer is likely to account for a greater proportion of these incidences followed by Lung, Oral, and Cervical Cancers.
Commenting on the study, Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance said, “The financial impact of cancer is glaring. While there are advanced treatments available, the staggering cost involved makes it unaffordable for several patients. Through this study, we wish to highlight the economic burden created by cancer care and create awareness that a simple tool like insurance can be your friend during such a challenging time.”
Currently, a standard cancer treatment for early and locally advanced stages costs about Rs. 4.5 lakh, and for metastatic stage cancer about Rs. 6.0 lakhs. The financial burden increases sharply if a patient opts for advanced therapy. Across all cancer types, advanced therapy costs about Rs. 10 lakhs for locally advanced stage (stages 2 & 3) and about Rs. 14 lakhs for metastatic stage.
“The awareness about insurance for critical illnesses is quite low in India. Despite the escalating medical costs, a large population avails loans or sells their assets to provide for the massive medical expenditures. In fact, 92% doctors believe that a majority of patients discontinue the much-needed treatment due to unaffordability,” Rai added.
While treatment cost increases, survival rates of patients drop as cancer progresses across stages. The study reveals, after a year of diagnosis, survival rate stands at 77% in early stage, lowers to 58% in locally advanced stage (stages 2 & 3), and drops further to 45% in metastatic stage.
These findings draw an ugly picture and more people must become cognisant of these facts. Early detection is extremely essential – it not only increases the patient’s chances of surviving at a curable stage, but also significantly reduces the cost of treatment.
About Edelweiss Tokio Life Insurance:
Edelweiss Tokio Life Insurance Company Limited is a joint venture between Edelweiss Financial Services Limited, one of India’s leading and diversified financial services companies and Tokio Marine Holdings Inc, one of the oldest (over 138 years) and largest insurance companies in Japan. Edelweiss Tokio Life Insurance launched its pan-India operations in July 2011, offering proprietary need-based solutions to help customers meet their life stage financial goals. This lineage brings together a deep understanding of customer needs and international expertise. The company is headquartered in Mumbai serving over 1.75 lakh customers through 31,031 personal finance advisors across 121 branches in 93 major cities.
Edelweiss Tokio Life Insurance has partnered with Ipsos Research Pvt. Ltd. to conduct this study and submit a report on financial distress due to cancer treatment on an individual/family.
Edelweiss Tokio Life Insurance has been consistently recognized for its Product Innovation capabilities at several forums, namely Golden Peacock Awards 2018, Golden Globe Tigers Awards 2018, ET NOW - BFSI Awards 2018, and Times National Award for Marketing Excellence 2018.