'Movember’ drawing to a close - but the hidden costs of male cancers remain in the spotlight

The Movember Movement inspires millions around the world to grow “mo-staches” in support of men diagnosed with prostate and testicular cancer. By challenging the taboo around these specific forms of cancer, the Movember Foundation, in partnership with medical professionals, works tirelessly to break the silence and create awareness about the warning signs, causes and impacts of such cancers.

Equally important to creating greater awareness, says Old Mutual’s Protection Solutions Manager Inus Havenga, is the fact that advancements in medical science have improved patients’ chances of surviving cancer. But survival often entails lifestyle adjustments and unexpected expenses which often come at a huge financial cost.

According to The Cancer Association of South Africa, one in eight men in South Africa will develop prostate cancer during their lifetime, making this type of cancer the most common among men. However, the earlier the detection, the greater the survival rate. Statistics by Cancer.Net revealed that the five-year survival rate for most men with prostate cancer is 99%, while in men who are diagnosed after the prostate cancer has spread to other parts of the body the five-year survival rate drops significantly to 28%.

Havenga says that by informing men about the importance of prevention and early detection, the Movember Movement seeks to help men take ownership of their health by getting regularly screened. Likewise, he adds that men should be investing in their overall well-being. “It’s also an opportunity for men to reflect on their financial preparedness should they develop a life threatening disease.”

“For most men, and even more so breadwinners with dependants, testing positive for prostate cancer, or any other form of cancer, can be devastating,” says Havenga. “As with any illness, it’s crucial to know the financial implications of getting ill to prevent risking your family’s financial wellbeing should you get sick.”

He explains that the first line of financial defence is to belong to a good medical scheme. “However while a good medical aid plan will cover the cost of care associated with the diagnosis and treatment of an illness, there will always be additional, unexpected and secondary costs that even the best medical aid won’t cover.”

Havenga believes that income protection and risk cover should be the cornerstone of every financial plan. “As a result of the demands of the treatment schedule, cancer patients may need to work less or not at all, which could result in lower earnings.”

At the same time, unexpected costs may accumulate while the breadwinner receives treatment. “Expenses could include additional travel costs, medical equipment or dietary supplements.

Havenga adds that the guidance of a professional financial adviser can make all the difference. “Battling cancer is hard enough, let alone worrying about how you’re going to cover your medical overheads, co-payments and other day-to-day expenses. Income protection will ensure that you’re never in a financial position that compromises your health or future goals.”

He shares a few practical points to consider in terms of preparing financially for a severe illness, such as cancer:

• If there’s a history of severe illness in your family, a good idea would be to have regular medical checks so you can be diagnosed early. An early diagnosis with the right severe illness cover in place can have a big impact on your recovery.
• We always think that a life changing event will happen to someone else, but in reality we face moments every day that can change our lives. Your plans for the future will remain just that, until you take action.
• Disability cover provides you with money if you’re disabled and can’t work. It is advisable to contact a financial adviser to assist in deciding whether a lump sum pay-out or monthly payments would be best suited to your specific circumstances.
• Sadly, not everyone survives a dread disease. Final expense benefits can ensure that your family has access to funds within 48 hours of submitting a claim. Dealing with the death of a loved one is distressing enough, but having access to funds can prevent unnecessary distress.
• Speak to a financial adviser about severe illness and disability cover. It’s wise to ask your adviser to do a personal analysis and provide recommendations for your unique circumstances.