Coping with Cancer: How To Be Financially Ready To Treat It

Coping with cancer and staying financially ready to treat it

Serious health problems can develop unexpectedly, upsetting your normal course of life. Our way of life and stress-induced issues make us more vulnerable to many serious diseases at any age. One such illness is cancer. According to the World Health Organization, about 1,56,775 Bangladeshis are diagnosed with cancer every year.

With more than 200 different types of cancer, treatment differ for each individual; however, there are three primary approaches to treating cancer: surgery, radiation, and pharmacological therapy (including chemotherapy, targeted therapy, hormone therapy and immunotherapy). Some patients receive all three modalities of treatment, while others receive one or two. Other patients with the financial means may look at other advanced therapies such as stem cell transplants, hyperthermia, photodynamic therapy, and blood transfusions. Cancer patients can also require treatments such as supportive or palliative care, rehabilitative therapy, mental health services, nutrition counseling and cardiology consultations to supplement primary care.

The complexity of cancer treatment, and the necessity of multiple specialists, is a large driver of patient costs. This leads to spiraling medical bills and depleted savings accounts that destroy retirement and other future plans. Coping with the financial fallout from a cancer diagnosis can be devastating for the entire family. Given that very few Bangladeshis are prepared financially to combat serious illnesses financially, opting for a cancer-specific insurance plan can be a lifesaver in a trying time.

Cancer prevention and protection:

Cancer is a critical illness that requires long-term care. Even if you do not have a family medical background of cancer, the disease may occur for other reasons. Given it is common and instances are rising in society, it is in your best interest to establish a solid financial plan for any such contingencies. After all, you can never be too sure when it comes to matters of health. The risk of developing some cancers can be lowered by avoiding certain risk factors. Lifestyle changes like avoiding cigarettes and maintaining a healthy weight through getting regular exercise can also be impactful in reducing cancer risks. Screening tests can help detect malignancies in their earliest stages. Despite these efforts, you and your family should still be prepared financially if cancer strikes.

Understanding how cancer insurance works and what is covered:

A cancer insurance policy is a form of health insurance that provides financial security against various medical expenses incurred as a result of cancer care. It is essential to consider buying this type of plan early in life so that one gets the health coverage in the hour of need. People have many misconceptions when it comes to opting for a cancer-specific insurance policy. Keeping in mind the health issues of Bangladeshi nationals, MetLife has designed a [https://www.metlife.com.bd/solutions/health-protection/critical-illness-insurance-protection-plan/]When the policyholder is diagnosed with cancer, the individual can avail the coverage ranging from BDT 200,000 to 2,000,000 under the policy. In the unfortunate event of the patient’s death from an illness including cancer during the course of the plan, the family will receive the coverage amount. If the policyholder remains healthy throughout the coverage period, they will receive the full amount of the premiums paid. While the payment of benefits differs from one plan to another, most insurers in Bangladesh offer a lump-sum amount to be paid to the insured upon diagnosis of an illness like cancer. For Muslims in Bangladesh, MetLife has a Shariah-compliant insurance policy that includes coverage for critical illnesses like cancer. MetLife’s Takaful DPS features three packages: Gold, Silver, and Bronze, which provide protection and savings with maturity values and insurance benefits that adhere to Shariah norms. It also includes a critical illness benefit that provides the insured with a lump sum payment equal to 50% or 100% of the Face Amount, depending on their entry age and policy term when they are diagnosed.

No one can deny that being financially prepared makes it easier to cope with unexpected issues such as illness. New health risks can obstruct our path to achieve important life goals. As a result, purchasing health insurance for critical illnesses such as cancer is crucial. If a dedicated cancer insurance plan seems too expensive, you can opt for a critical illness rider like this plan offered by MetLife [https://www.metlife.com.bd/solutions/health-protection/critical-care-updated/]. This is an add-on benefit that you can purchase to help you get the best medical treatment without worrying about the costs associated with care.