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Did you know October is internationally known as Breast Cancer Awareness Month, with the month’s activities culminating in Pink Ribbon Day next Monday. This is a timely opportunity to discuss this significant health issue, and importantly, review your insurances to help ensure financial protection is in place for those impacted.
The facts
• One in nine women will develop breast cancer before the age of 85.
• By 2015, 15,409 women are projected to be diagnosed with breast cancer every year in Australia. This is an average of 42 women every day.
• Three out of four cases of breast cancer occur in women over 40.
• Of the 14,509 women predicted to be diagnosed with breast cancer in 2012, over 800 are expected to be less than 40 years old.
• Australian women diagnosed with breast cancer have an 88 per cent chance of surviving five years after diagnosis.
• Improvements in survival are attributed to earlier detection of breast cancer through regular mammograms and improved treatment outcomes for breast cancer.
• Breast cancer can also affect men, accounting for approximately one in 125 cases
• CommInsure’s recent claims statistics indicate that breast cancer accounts for over 50 per cent of female cancer trauma claims.
Breast cancer is the most common cancer affecting Australian women (excluding basal and squamous cell carcinoma of the skin), and the second most common cause of cancer mortality in Australian women behind lung cancer.
The overall incidence is unfortunately on the increase, with the number of new cases per year among women rising from 5,291 in 1982 to 12,567 in 20073, and the projected number of new cases expected to be 15,409 in 2015.
The relatively good news however, is that the breast cancer mortality rate for Australian women has actually fallen markedly since the early 1990s, from 30.8 deaths per 100,000 females in 1994 to 22.1 deaths per 100,000 females in 2007, a decrease of 27 per cent.
In addition to the health concerns, cost is a key issue. Total expenditure of $331 million was recorded in 2004-05, with $92 million spent on hospital admitted patient services, $68 million on out-of hospital medical expenses, $53 million on prescription pharmaceuticals and $118 million on cancer screening. And most of the financial costs relating to cancer are due to lost productivity, largely borne by individuals and their families.
The hidden costs of cancer faced by many sufferers include extended time off work, whilst enduring increased expenses, the effect on long-term employment prospects, as well as the possible impact on unpaid work, such as the ability to care for family members. As we know, the latter largely falls within the female domain. As well as lost income, cancer affected households often encounter out-of-pocket expenses relating to transport, medications, specialist clothing and mobility devices, and childcare and housekeeping costs.
Breast cancer was the leading cancer cause of burden of disease for females, accounting for 61,300 disability adjusted life years (DALYs) (40,800 years of life lost due to premature death and 20,500 years of healthy life lost due to disease, disability or injury) in 2010. It is also been estimated that the lifetime economic cost of breast cancer, per person, in NSW, is $653,600, comprising a financial cost of $64,300 and a ‘burden of disease’ cost (non-financial cost) of $589,300.Life insurers provide cover for breast cancer sufferers in many ways. Depending on the severity of the condition, a client may make a cancer-related claim for income protection, trauma cover, total and permanent disablement (TPD), and of course life cover. Two of the three ‘living’ covers, income protection and TPD, generally have workbased and/or income-based definitions, involving partial or total disability or permanent incapacity. A trauma cover claim, on the other hand, is governed by the cancer definitions in the insurer’s policy document.
Generally, insurers pay a full trauma benefit upon diagnosis of invasive breast cancer, i.e. any malignant tumour characterised by the uncontrolled growth and spread of malignant cells requiring major interventionist treatment. In addition, many insurers, pay a full benefit for carcinoma in situ of the breast (where the tumour has not yet spread to surrounding tissues) which results directly in the removal of the entire breast (with or without removal of lymph nodes).
Summary
Now is the time to review your insurances to make sure you are covered for the unexpected.
Act Now! Reserve your Complimentary “Strategy” Session
