October is National Breast Cancer Awareness Month in which the national breast cancer foundation does a sterling job at keeping breast cancer top of mind for Australians. So, it’s the perfect time to remind you of the importance of insurance to safeguard against the crippling costs of suffering from an illness such as breast cancer.

The hard facts

• The incidence of breast cancer is on the increase. The number of new cases of breast cancer per annum among women rose from 5,318 in 1983 to 12,614 in 2006, and the projected number of new cases is expected to be 15,409 in 2015. ₁
• Breast cancer is also the second most common cause of cancer-related death in Australian women (after lung cancer), with a total of 2,618 women dying from breast cancer in 2006. ₂
• One in eight Australian women will be diagnosed with breast cancer before the age of 85. ₃
• More women are surviving breast cancer than ever before. The 5-year relative survival rate for Australian women with breast cancer during 1998-2002 was 86.6 per cent, compared with 70.9 per cent in 1982-86. ₃

The costs of cancer

With the incidence of breast cancer on the increase, the cost of cancer has come under investigation. Most of the financial costs relating to cancer relate 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 need for breadwinners to care for sick 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. It has 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. ₄

Contact us for details on a Wealth Protection plan to safeguard against the crippling financial impact of Cancer.

1. ibid. 112
2. ibid. xi
3. Information provided courtesy of the National Breast Cancer Centre
4. Cost of Cancer in NSW: A summary of a report by Access Economics Pty Limited for The Cancer Council NSW, April 2007, available from The Cancer Council

Source: CommInsure, 2010