Women should secure their financial health when facing breast cancer

Sylvia Walker

O­ne in seven women will contract breast cancer, says the American Cancer Society. But there is hope - 95% of them will survive the illness if it is detected early. Apart from the emotional trauma associated with an illness such as cancer, however, medical and other expenses can create additional stress in a person’s life.

“Medical costs of treatment can be astronomical and may not be covered in their entirety by a medical scheme. A mastectomy (removal of the breasts), chemotherapy and reconstructive surgery could cost up to R500 000. This is a heavy financial burden to bear,” says Sylvia Walker, Brand Development Manager at Old Mutual.

Breast cancer research is making new advances every year, but there are still many unanswered questions surrounding the cause of the illness. It is simply impossible to predict whether you will get it or not. O­ne thing that is certain, though, is that the incidence is o­n the increase, both internationally and in South Africa.

There is a range of medical treatment options, ranging from a lumpectomy (where the lump is removed), to mastectomy or the removal of lymph glands. Radiation or chemotherapy may also be part of the treatment.

Dealing with breast cancer is a traumatic time in any woman’s life, and at the very least, she needs time to receive treatment, and time to heal. The last thing that she wants to worry about is the financial impact of her illness.

“Our chief weapon in the fight against breast cancer is early detection. Women should do regular self-examinations, and go for regular medical check-ups. The inconvenience of a check-up is far less than the stress of being diagnosed with breast cancerat an advanced stage.

It is sensible to invest in severe illness cover that will pay out a lump sum o­n diagnosis of the cancer, and which you can use to ease the financial burden,” continues Walker.

With the majority of breast cancer patients being over 50, the disease is often viewed as an older woman’s disease, but women in their 20’s and 30’s are diagnosed o­n a daily basis. You can select to have cover for your entire life, which is great, because the older we get, the greater our chances of contracting breast cancer.

Give consideration to the level of cover that will be paid out should you contract the illness. The financial implications of contracting a disease such as breast cancer can be vast. There are two main financial aspects to consider: the cost of treatment and the loss of income while recuperating.

Walker emphasises, “The cost of treatment can amount to as much as half a million Rand in the first year, and then there is post-cancer medication for five years following diagnosis. The first financial defence is to belong to a good medical scheme. However, many people do not know what their medical scheme covers, and o­nly find out when a claim is rejected! All schemes will case-manage for a condition such as breast cancer, and may impose limits for certain types of treatments (such as o­ncology). It is critical to understand what treatment your scheme covers, and what the benefit limits are.”

The other aspect is the loss of income while getting over the disease. With a disease such as breast cancer, the patient can be out of work for a prolonged period (chemotherapy, for instance, can last six months or more, with the patient being emotionally and physically drained for much of this time). The patient may return to her original employment after treatment, but this is not always possible. Consider some scenarios: if she works for a small firm, will they keep her o­n the payroll until she can return to work, or will they be forced to let her go because of her ill health – quite legally? If she is self-employed, no work means no pay. A housewife could be hard hit, as someone may have to be employed to do her duties at home, and take care of her.

The bottom line is that proper financial planning, which incorporates severe illness cover, can prevent economic catastrophe while you recover your health.

Walker concludes, ”We cannot predict the future. But we can sleep easier knowing that we are financially prepared. Speak to your broker or financial adviser today and get financial peace-of-mind or call 0860 INVEST (0860 463 378) and we will gladly assist you.”