Oct 03, 2016  | Tags: breast cancer, medical costs, health, financial planning

October is Breast Cancer Awareness Month, and a timely reminder that breast cancer remains the most common cancer among Australian women (excluding non-melanoma skin cancer). Survival rates continue to improve in Australia with 89 out of every 100 women diagnosed with invasive breast cancer now surviving five or more years beyond diagnosis.

Because breast cancer can be both a life-threatening and a financially costly problem, the Calder Wealth Management team here in Adelaide wants to help out. Here is what you need to know about breast cancer and how to protect yourself from it.

Be Aware of Changes in Your Body

Women need to be alert to potential signs of cancer. The sooner breast cancer is detected, the sooner it can be treated and the greater the chances of survival are.

Your first line of defence is yourself. You don't need to be an expert to be aware of something unusual in your body. Make time once or twice a month to look for signs such as:

• a new lump or lumpiness, especially if it's only in one breast
• a change in the size or shape of your breast
• a change to the nipple, such as crusting, ulcer, redness or inversion
• a nipple discharge that occurs without squeezing
• a change in the skin of your breast such as redness or dimpling
• an unusual pain that doesn't go away.

You may be surprised to learn that this disease is not limited to women. The year 2010 saw 127 men diagnosed with breast cancer.

Breast Cancer – The Financial Impact

It’s not only important to take some time this month to be aware of breast health, but also to think about how your family would be affected financially if you were stricken by this disease. Think about the stress something like this could cause to the entire family.

According to a 2007 study commissioned by the Cancer Council NSW, the lifetime personal cost of breast cancer averages around $653,600 per affected person. A recent medical study in the United States found that four years after being treated for breast cancer, a quarter of survivors said they were worse off financially, at least partly because of treatment costs. What’s more, 12 percent of survivors also had ongoing debts related to their treatment costs four years later.

Life insurance companies provide cover for breast cancer sufferers in many ways, depending on the severity of the condition.

A cancer related-claim could be made under Trauma cover, income protection, Total and Permanent Disablement (TPD) and Life Cover which usually also includes a terminal illness benefit. Insurers generally provide a full Trauma benefit following a diagnosis of invasive breast cancer (malignant tumour characterised by the uncontrolled growth and spread of malignant cells and requiring major treatment). Most insurers also offer partial benefits on diagnosis of carcinoma in situ (where a malignant tumour has not yet spread to surrounding tissues) which require treatment.

What Next?

At Calder Wealth Management, our specialist team of financial advisers will help you to avoid a financial burden. Contact us or call 08 8373 3333 to arrange a free, no obligation appointment.

Written by Ben Calder, Private Client Adviser at Calder Wealth Management.

References:

1. https://canceraustralia.gov.au/healthy-living/campaigns-events/breast-cancer-awareness-month
2. Australian Institute of Health and Welfare. 2014. Breast cancer. Retrieved online 15 Oct 2014 from http://www.aihw.gov.au/cancer/breast/
3. Access Economics. 2007. Cost of cancer in NSW. Retrieved online 15 Oct 2014 from http://www.cancercouncil.com.au/wpcontent/uploads/2010/11/costofcancer_summary.pdf
4. Jagsi R, Pottow JA, Griffith KA, et al. 2014. Long-term financial burden of breast cancer: experiences of a diverse cohort of survivors identified through population-based registries.J Clin Oncol; Apr 20;32(12):1269-76.