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City not financially prepared to deal with cancer: Study
In a shocking revelation, a recent survey revealed that 88 per cent of people in Hyderabad are not prepared financially to deal with cancer treatment. The findings came to light in the ‘Cancer Financial Preparedness Survey’ conducted by Future Generali India Life Insurance (FGILI) in association with IPSOS, a research firm.
Hyderabad: In a shocking revelation, a recent survey revealed that 88 per cent of people in Hyderabad are not prepared financially to deal with cancer treatment. The findings came to light in the ‘Cancer Financial Preparedness Survey’ conducted by Future Generali India Life Insurance (FGILI) in association with IPSOS, a research firm.
The study surveyed two groups; first was people in the 25 years and above age bracket across 11 major cities, and second was 40 seasoned oncologists across key metro cities. The objective of the research was to evaluate awareness levels, financial preparedness and gap between perception and reality of financial implications of cancer.
The results brought to light that there are inadequate awareness levels amongst people in Hyderabad with regards to incidences, stages, types and cost of treatment of cancer.
More than half of the respondents i.e. 61 per cent were unaware about cancer incidences occurring within their sphere of family and friends. This is a worrying fact, considering that oncologists opine three in every 10 Indians are likely to contract the disease by 2020.
Upto 18 per cent of the city’s respondents perceived themselves to be ‘completely aware’ of the stages of cancer, 38 per cent considered themselves ‘somewhat’ in the know whereas 44 per cent of respondents considered themselves unaware of the stages of cancer. In contrast, the oncologists’ survey revealed that on a national level, only about 7 per cent of patients who visit them hold ‘complete awareness’ of the different stages of cancer, while 30 per cent possess a ‘reasonable understanding’ of the same.
Respondents of Hyderabad estimated that the average cost of cancer treatment was Rs 4 lakh. Oncologists disclosed the average cost of treatment to be upwards of Rs 4.7 lakh depending on the type of cancer and stage of detection.
In a breakthrough finding, the survey 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. An alarming 88 per cent of the respondents said that they have no financial aid whatsoever at their disposal to deal with cancer.
Out of this; 27 per cent said they would resort to taking a loan to bear the cost of the treatment, 42 per cent did not even deliberate on the need of a financial plan to fight cancer, and 19 per cent said they’d seek help from family and friends.
Meanwhile, a scarce 10 per cent of respondents have a specific ‘cancer’ insurance cover to facilitate their medical expenses.The survey put into perspective the gap in perception and reality of the financial implications of this disease. Barring the cost of cancer treatment, majority fail to take into consideration the additional monetary burden that follows inevitably.
Munish Sharda, CEO and MD, Future Generali India Life Insurance asserted, “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 the two pressing issues of awareness and preparedness by reaching out to the consumers and offering them simple products at affordable cost, supported by a convenient buying process.”
