How Fighting Cancer Becomes Easier With Medical Loans?

Cancer treatment is not only emotionally draining, but financially too. In India, people pay 70% of the healthcare expenses out of pocket, and something like cancer can lead to a financial crisis. Chemotherapy, surgeries, and medications can cost lakhs. Admit it, this is genuine pressure for most of us.

Medical insurance does cover some costs, but there could be gaps in coverage or long waiting periods. It is when medical loans can help you out. To understand the financial burden on cancer patients, you first need to know what "financial toxicity" is.

What is Financial Toxicity?

"Financial Toxicity" is not a new buzzword. It describes the severe financial stress that cancer treatment puts on patients and their families. At times, treatment costs can be cutthroat and expensive. They can even lead to bankruptcy.

Data suggests that nearly half of the cancer survivors carry over $5000 in medical debt, and about one-third of the patients hold this debt for more than three years.

In India, 62% of cancer patients are in medical debt, and around 30% have to sell their assets to pay off the expenses.

How Can Medical Loans Help You?

The hard fact is that many cancer patients have to delay or even discontinue treatment because they cannot afford it. Medical loans can change this.

Medical loans provide immediate access to funds, helping patients pay for costly radiation treatments and surgeries without draining their savings. And, the good news is, unlike traditional lenders, fintech startups approve loans faster and have flexible EMI options.

In India, the average cost of cancer treatment ranges anywhere betweenRs 5 and 25 lakh, depending on the type and stage. Health insurance adoption is still relatively low in many areas. Hence, a large section of patients pays the treatment cost out of their pockets.

Fintech medical loans offer financing without the need for extensive documentation. Many companies even disburse funds within 24-48 hours. Medical loans help you to have the best treatment rather than settling for what the patient can afford.

Impact of Medical Loans

Apilot study was conducted in the US in 2020 that involved 105 high-risk blood cancer patients. The study found that the patients who received structured financial counseling had significantly better survival rates than those who didn't receive such support. It shows that financial guidance can directly influence life expectancy.

In India, financial distress is the leading cause of treatment abandonment among cancer patients. Astudy showed that over 84% of breast cancer patients suffered from financial stress, and about 72% of them had to depend on selling assets to cover treatment costs.

Medical loans can help with timely chemotherapy and post-operative care without worrying about paying a huge lump sum of money upfront. It reduces economic stress, resulting in better treatment and improved quality of life.

Why Should You Consider Medical Loans from Fintech?

• Fintech platforms approve and disburse loans quickly within 24-48 hours to ensure timely treatment.

• Mostly, there is minimal paperwork involved, making the process easy for families who are already under stress.

• There are flexible EMI options available and interest-free periods that match the borrower's financial capacity.

• Many fintech companies have partnered with major hospitals. Hence, on-the-spot loans are also available at hospital help desks.

So, next time, someone in the family gets cancer, don't lose hope. You are not alone. Help is available when you need it the most, without even arranging extensive documents. You stand straight and fight it.