Cancer insurance as a strategic risk mitigation tool for high-risk industries

Rohit Boda, Group Managing Director, J.B. Boda Group stresses that while available data on the cost of cancer treatment is limited, the amount covered by general insurance is deemed insufficient to cover all treatment costs by patients and their families. This is where high-risk industries may help by providing comprehensive health insurance including cancer coverage and awareness programs

India has one of the highest rates of out-of-pocket healthcare expenditure (OOPE), resulting in catastrophic costs and challenges for millions of patients and their families. While available data on the cost of cancer treatment is limited, the amount covered by general insurance is deemed insufficient to cover all treatment costs by patients and their families. This is where high-risk industries may help by providing comprehensive health insurance including cancer coverage and awareness programs.

In industries with high-risk percentages, proactive risk management is critical for fostering a resilient and sustainable business environment, including cancer-related health risks, considering the deteriorating quality of life due to various factors. It is crucial to recognise the important role that cancer insurance plays in mitigating financial liabilities associated with health-related issues, especially in industries that pertain to higher life-taking risks. Also, focusing on how industries can seamlessly integrate and modify cancer care in employees’ health insurance policies.

Investing in comprehensive health insurance policies, particularly new Global Health programs, has emerged as an important strategy for business organisations operating in high-risk industries. These plans serve as a safety net for employees, guaranteeing that they are covered for a variety of health issues, including cancer. Comprehensive coverage not only alleviates the immediate financial strain of medical bills but also allows for quick access to healthcare services, possibly on a worldwide scale.

Global Health programs enable businesses to give employees access to high-quality healthcare services outside of their native country. This is especially beneficial for industries that require frequent travel or have a worldwide workforce. Companies benefit from a comprehensive approach to health coverage because they know they are covered against unanticipated medical conditions.

A healthy workforce is a productive one. Businesses in high-risk sectors can improve their workers’ overall well-being by investing in comprehensive health insurance coverage. Timely access to medical treatment may significantly shorten recovery durations, reducing the impact of health concerns on productivity. Furthermore, extensive health coverage encourages employees to prioritize preventative treatment, lowering the risk of serious health conditions.

Another key benefit is the reduction of absenteeism. When employees have access to critical medical treatment without financial constraints, they are more likely to address health issues early, reducing the need for lengthy leave. As a result, the workplace becomes more stable and productive over time.

In high-risk enterprises, attracting and retaining skilled employees is an ongoing challenge. Insurance and wellness programs are effective instruments for recruitment and retention. Employers who provide comprehensive health coverage and well-designed wellness programs are rising in demand among skilled workers.

Companies providing cancer insurance and robust wellness programs demonstrate a commitment to the health and well-being of their employees. This commitment serves as a compelling factor for prospective candidates who recognize the importance of a secure and supportive work environment. Additionally, current employees are more inclined to maintain loyalty to organizations that proactively prioritise their health and provide support during challenging times.

A proactive approach to health insurance in high-risk sectors provides long-term benefits to the organisation. As healthcare expenses grow, having a well-designed health insurance plan in place protects the company’s financial stability by reducing possible liabilities related to employee health concerns. Businesses that prioritize employee well-being through comprehensive health coverage foster a good corporate culture and demonstrate their commitment to the long-term success of both the organization and its employees. This proactive approach not only improves the company’s reputation but also positions it as an industry leader in prioritizing employee wellness and promoting a resilient workplace.

Integrate cancer insurance seamlessly into health policies for high-risk industries through an organised approach. Begin with a comprehensive health risk assessment, and partner with specialised insurers for customised coverage, including screenings and post-treatment care. Educate employees through workshops, integrate cancer insurance into wellness programs, and provide accessible support services. Regular policy reviews ensure alignment with emerging healthcare and industry risks. Establish a feedback cycle for continuous improvement based on employee insights. Maintain ongoing engagement through updates, fostering a culture of wellness and support.

The strategic integration of cancer insurance in high-risk industries is imperative for businesses looking to thrive in an unpredictable landscape. By addressing the financial and health needs of employees, businesses not only create a resilient workforce but also lay the foundation for sustained success and growth. As an industry leader, advocating for the adoption of comprehensive health coverage becomes a crucial step in fostering a healthier, more productive, and sustainable business environment.