Cancer is a well-known disease and is a genetic disorder. Only people who have battled cancer would know what they suffer. But as cancer treatment can be incredibly expensive, many cancer patients across the world are unable to get proper treatment. The expenses associated with cancer care can pile up quickly, from doctor visits to medications and procedures.
In such situations, medical loans can certainly provide a helpful solution by covering the costs and allowing patients to repay them over time. So, in this article, we would break down the costs of cancer treatment and explore how loans can help in cancer treatment.
Costs Associated With Cancer Treatment
There are several cancer treatment costs and you should be aware of them before you go with a loan for cancer treatment.
Medical Expenses
The primary costs of cancer treatment include doctor visits, surgeries, chemotherapy, radiation therapy, and other medical procedures. These treatments can be expensive, especially if they are prolonged or require specialised care.
Medications
Cancer medications, such as chemotherapy drugs and immunotherapy, can be extremely costly. Some medications may not be fully covered by insurance and this leaves patients to bear a significant portion of the cost.
Hospital Stays
Hospitalisation can lead to substantial bills. These expenses may include room charges, medical supplies, and fees for specialised services.
Diagnostic Tests
Cancer diagnosis often involves various tests, including imaging scans, biopsies, and laboratory tests. Each test has its own cost and this contributes to the overall financial burden.
Also Read : Dealing with Unexpected Medical Expenses: Your Guide to Medical Loans
Challenges In Managing Cancer Treatment Costs
Managing the costs of cancer treatment can be quite challenging. Here are some common difficulties that patients and their families might face:
- Expensive Medical Bills: Cancer treatment often involves costly procedures, medications, and doctor visits. These expenses can be heavy on the pocket.
- Insurance Limitations: Even if you have health insurance, it might not cover everything. Some treatments and medications might not be fully covered.
- Unexpected Costs: Cancer treatment can bring unexpected expenses, like emergency procedures or additional tests.
- Loss of Income: Cancer treatment would require patients to take time off work for appointments, recovery, or disability leave. This loss of income can further disturb your finances, thereby, making it difficult for you to cover daily expenses and medical bills.
- Travel and Accommodation Costs: If you need to travel for specialised treatment, the costs of travel and lodging also adds up.
- Budgeting Difficulties: With so many different costs to manage, it can be hard to budget effectively.
- Long-Term Financial Impact: Even after treatment ends, there may be ongoing medical costs. These long-term expenses can affect your ability to save money for the future or for other important needs.
How Loans Can Help In Cancer Treatment
Now let’s talk about how a medical loan can help you in cancer treatment:
Covering Treatment Costs
There is no doubt that loans can provide immediate funds to cover the upfront cost of cancer treatment. Whether it is paying for surgeries, medications, or medical procedures, a loan can definitely fill the gap between heavy expenses and available resources.
Managing Unforeseen Expenses
During cancer treatment, you would certainly come across many unexpected medical expenses or complications. So, when you already have a loan for cancer treatment, you would not have to worry about these unexpected bills. Hence, you would easily be able to manage them without disrupting the continuity of care.
Access to Innovative Treatments
There are several cancer treatments which may not be fully covered by insurance or may require heavy payments. Medical or emergency loans can enable patients to access these innovative therapies without delay. And this potentially improves treatment outcomes.
Flexible Payment Options
While taking out a loan, you can get flexible repayment terms as per your financial situation. This flexibility allows you to manage your loan payments on time alongside your ongoing medical expenses and other financial necessities.
Preserve Savings
Instead of spending savings or retirement funds to cover the cost of cancer treatment, you can always opt for loans to preserve your assets. This strategy would help you maintain financial stability and security for the future.
Assistance with Living Expenses
Loans can also provide temporary relief for patients facing a loss of income due to cancer treatment. Covering living expenses such as rent, utilities, and groceries, as well as loans, can help reduce your financial stress.
Travel and Lodging Support
For patients who need to travel for specialised cancer care, loans can take care of their transportation and lodging expenses. This medical cost assistance ensures that patients can access the necessary treatment without worrying about additional financial burdens.
Peace of Mind
Now knowing that you have a loan to cover your cancer treatment costs, you would have peace of mind as this loan would offer you a sense of security. This would allow you to focus more on your health and well-being without constant worry about money.
Eligibility and Application Process
Eligibility criteria to get the cancer treatment loan on CASHe are as follows:
- You must be an Indian citizen
- Age must be 21 years or above
- Must have a steady and stable minimum monthly income of ₹15,000
- Should have a good credit score
- Must have valid KYC documents like Aadhar card, PAN card, etc.
Here’s how to apply for medical loans for cancer patients with CASHe:
Step 1: Download the CASHe mobile app on your phone
Step 2: Register with a mobile number
Step 3: Complete your profile with personal details
Step 4: Upload required documents (ID proof, income proof, medical records)
Step 5: Check eligibility for the loan amount
Step 6: Select loan amount and tenure
Step 7: Submit the loan application
Step 8: Upon loan approval, get a disbursement to the bank account
Step 9: Repay the loan as per the schedule
Also Read : Top 5 Reasons of Taking a Personal Loan for Medical Emergency
Final Word
If you are having difficulties covering cancer treatment costs in India, then worry not! Download the CASHe app today and apply for medical loans for cancer patients. CASHe is here to provide financial help during cancer treatment with its competitive interest rates, easy repayment schedule and great loan terms.
