Cancer Insurance Supports Housekeeping Help and Targeted Anticancer Drugs

Comprehensive Management from Diagnosis to Treatment

[Asia Economy Reporter Oh Hyung-gil] The coverage area of cancer insurance, which had been focused on diagnosis fees, is expanding. While it had previously concentrated on applying simplified screening for patients with pre-existing conditions or the elderly and increasing diagnosis fees, recently, there is fierce competition in new riders that advocate comprehensive management from prevention to diagnosis and treatment.

According to the insurance industry on the 16th, Meritz Fire & Marine Insurance newly introduced a housekeeper support rider for cancer insurance starting this month. Unlike caregivers for cancer treatment, this rider covers the cost of housekeepers who assist with household chores at the homes of cancer patients. Upon the first cancer diagnosis, up to 90 sessions of housekeeper support are provided, including cleaning services as well as additional services such as indoor disinfection and pest control.

Hyundai Marine & Fire Insurance also offers a housekeeper rider that allows the use of a housekeeper for about 4 hours per session up to 100 times. If housekeeper support is not used, an insurance payout of 4.8 million KRW is provided instead. The cancer insurance housekeeper rider originated from the fact that female cancer patients find it most difficult to manage not only treatment but also household chores themselves.

A Meritz Fire & Marine Insurance official explained, "Recently, cancer treatment is more often outpatient rather than inpatient, and patients find it difficult to return home after strenuous cancer treatment and still have to fulfill the role of a homemaker," adding, "This coverage is designed to reduce patient stress and allow them to focus on cancer treatment."

The most eye-catching coverage in cancer insurance this year is the targeted anticancer drug treatment rider. Targeted anticancer drug treatment, which attacks specific molecules of cancer cells to inhibit cancer growth and spread, has recently gained attention as a cancer treatment method. However, since it is often classified as non-reimbursable under health insurance, the costs can reach tens of millions of KRW.

For lung cancer patients, the cost of one dose of Opdivo (Nivolumab) is around 2.6 million KRW (pure drug price). Administered every two weeks, this amounts to about 5.2 million KRW per month and 62 million KRW annually.

Last November, LINA Life Insurance was the first in the industry to introduce this rider and obtained exclusive usage rights for six months. Since the expiration of the exclusive rights in May, KB Insurance started the competition, followed by DB Insurance, Meritz Fire & Marine Insurance, Hanwha Life Insurance, and Tongyang Life Insurance entering the market.

Meanwhile, fierce competition is also underway for mini cancer insurance policies that are easy to subscribe to online by reducing riders. Mirae Asset Life Insurance introduced a mini cancer insurance policy that guarantees 10 million KRW for stomach, lung, colon, prostate, liver (breast, thyroid, female reproductive organ) cancers for less than 1,000 KRW per month. Hanwha Life Insurance is also selling a Toss-exclusive product costing around 3,000 KRW per month that guarantees up to 10 million KRW upon confirmed diagnosis of breast, cervical, or ovarian cancer.

An insurance industry official explained, "In the past, cancer insurance mostly focused on coverage for diagnosis fees, surgery fees, radiation therapy fees, and drug treatment fees," adding, "As cases of early disease detection through health checkups increase and cancer cure rates improve, attention is turning to coverage that can reduce the inconveniences faced by cancer patients."