The cost of healthcare has been on a constant increase over the years. As a result, treating critical illnesses such as cancer burns a hole in your pocket. Given the cost of medication, most people do not have enough money to tackle such diseases. This leaves them with only three viable options to raise funds: Loan, Insurance, and crowdfunding. Since Loans are liabilities, they are inefficient methods to pay for the expensive cancer treatments.
This leaves only two options, Insurance, and crowdfunding. However, which of the two offers the right financial help for cancer patients in India?
Coverage for alternative treatments
Cancer is a critical ailment that does not have an appropriate cure. There are different ways to fight cancer; however, no standard medication guarantees permanent freedom from this illness. As a result, besides chemotherapy, alternative treatment methods help you fight the disease. But most Critical Illness Policies today do not cover alternative treatment methods. However, the same cannot be said for medical fundraisers.
This is because a medical crowdfunding campaign does not limit how you use the raised money. Thus, fundraising is an effective way to pay for alternative cancer treatments.
Availability of funds
Every Insurance Policy offers a fixed sum after the insured event. For example, a Critical Illness Policy may give Rs. 1 crore for treating cancer. However, if your fight is drawn over an extended period, this amount may be less. Furthermore, such policies have a fixed tenure, after which you need to renew them. But you can run medical crowdfunding until you recover from the illness without any extra charges.
These do not offer a fixed sum, and hence, if you need more money at a later stage, you can quickly raise them through a fundraiser.
Besides people genuinely praying and rooting for your recovery, a community of supporters offer a plethora of benefits to the patient. For example, someone in your community of supporters could be a surgeon who makes you aware of alternative treatments that help in your fight against cancer. Someone could be a content writer who conveys your emotions through stories and reach more people.
When you raise funds through an Insurance Policy, you do not build a community as the fund requirements are one entity: the insurer. However, fundraising requires you to create a community if you wish to gather funds for your treatment.
Access to funds
This is a significant difference between using Insurance and a fundraiser for cancer. All policies have a survival clause. According to this condition, you must survive for a certain period after getting diagnosed with cancer to claim the insured amount. This delays your access to treatment by weeks or even months. To the relief, you have medical fundraising campaign that runs instantly.
This allows you to receive donations soon and offers no delay in helping you access the required funds.