This month (October 2019) I attended two breast cancer fundraising events ran by friends who had recovered from breast cancer. Sadly, I attended the funeral of a dear friend who was recently diagnosed with stomach and liver cancer. In Australia, cancer is the second most common form of death and accounts for about three in 10 deaths. In the under 40 age group, cancer is the largest cause of natural disease deaths in younger Australians.
And still I meet with people who decline to take up trauma insurance. “it won’t happen to me” “we have no family history” “I am fit and healthy”. Ever noticed cancer doesn’t seem to discriminate…
The Cost of Cancer
The average cost of the 14 commonly identified cancers is $63,418 for medical costs alone. Prostate cancer is estimated to cost $39,098 on average, and breast cancer $38,151, in today’s dollars. Lung, kidney, stomach and liver, leukaemia and thyroid are all more expensive than these.
For additional budget care, that is, costs for travel, medical progress and further treatment are between $64,000 and over $400,000 depending on the level of care required.
Rice Warner actuaries estimated the cost of cancer in 2012, quite some time ago, so the costs below are likely to be higher today:
Having a contingency plan
As much as we would all rather think about something else, how would you cover your medical and living costs if you were diagnosed with cancer?
Crowd Funding is one option, although you may be uncomfortable with asking strangers for money, it does provide an immediate source of funding.
Critical Illness or Trauma is a type of insurance that covers cancer. Upon diagnosis, a successful claim will pay you a lump sum (tax free), designed to cover all associated medical costs.
For a review of your personal insurance needs, please contact our office.
This information contained in this document has been provided as general advice only. The contents of this document have been prepared without taking account of your personal objectives, financial situation or needs. You should, before making any decision regarding any information, strategies or products mentioned in this document, consult with your GPS Wealth Ltd financial adviser to consider whether it is appropriate having regard to your own objectives, financial situation and needs