We all know the emotional and physical toll being diagnosed with cancer has on us or of someone you know. Many of us are unaware that financially it could cost many women & men dearly – maybe even you.
While we may feel invisible to such illnesses when we are healthy, it can come as a blow emotionally and financially when we are unprepared.
1 in 4 South Africans are affected by cancer
The diagnosis of cancer is increasing, especially when it comes to breast cancer. However, the number of South Africans that are prepared to deal with the costs that come with being diagnosed with this illness isn't increasing. According to stats from the National Cancer Registry (NCR), one in four South Africans are affected by cancer. More than 100 000 South Africans are diagnosed with cancer annually.
Supporting a loved one or even being financially prepared yourself can be daunting when it comes to handling the costs of surgery, inpatient care, consultations and repetitive diagnostic and staging investigations. Typical medical aids barely cover the costs that come with treatment and recovery that someone who has been diagnosed with cancer may face.
So how much exactly could you be faced with in terms of costs? Depending on the type of cancer a person might be diagnosed with, you could be faced with a price tag of R1 million. New-generation immunotherapy drugs such as Ipilimumab, have a price tag of R1 million while an older drug like Trastuzumab costs R25 000 per treatment. A mastectomy plus Trastuzumab costs R500 000, and immunotherapy for metastatic melanoma R1 million.
Can you be prepared for hidden costs?
Often the true financial cost of the illness remains largely undocumented. Thus, many patients and their families find themselves unprepared for the ‘hidden’ expenses associated with cancer – like putting your business on hold or the cost of a specific diet that you elect to follow.
Most people are aware that they may have to prepare for the costs of treatment, but there are additional costs that go beyond treatment. Some of the hidden costs are:
While all these expenses can seem overwhelming, being aware of and planning for them can help alleviate financial strain – especially if a patient already has severe illness cover in place.
With so many moving parts that come with being diagnosed with cancer of any kind- the emotional and financial changes that come with it - needs a strong support system. This doesn't only mean having support in the form of family and cancer support groups, but it means having a financial safety net in place in the form of policies such as severe illness cover and life insurance to help shoulder the costs during this difficult time.
Having peace of mind knowing that you are covered financially to face whatever costs come with treatment means that you can spend more time recovering. Give us a call or get a life insurance quote in 30 seconds to help you and your family stayed prepared financially no matter what life throws at you.
