Navigating the costs of breast cancer

Breast cancer is the most common type of cancer diagnosis for women in Australia, but do you know the out-of-pocket costs involved?

According to the National Breast Cancer Foundation, over 20,000 women in Australia are diagnosed with breast cancer every year. While Medicare and/or private health insurance providers may offer support in covering the costs of cancer diagnosis and treatment, there are still substantial out-of-pocket costs to consider.

What are the out-of-pocket costs of treatment?

One of the biggest factors that determines your costs is whether you choose to be treated as a private or public hospital patient. The Breast Cancer Network puts the average out-of-pocket cost of patients at around $3,600 to $7,000 depending on whether you go through a private hospital and have private health insurance. Private health insurance often has higher out-of-pocket costs because you can choose your specialist and get treatment immediately. Through the medical system, most treatment costs are covered, but you may have to wait weeks or even months to get it booked in. There are also additional costs involved that are not covered by Medicare.

What other out-of-pocket costs are involved? One of the hidden costs of cancer is its effect on your ability to work. Many women find they need to take time off work or even give up working altogether for a period during their breast cancer treatment and recovery. According to the Breast Cancer Network, 38% of Australians don’t have enough paid leave entitlements, paid sick leave or income protection insurance to cover time off work for cancer treatment.

Some of the other unexpected costs of cancer that you may not have considered include:

• Day surgery, hospital accommodation and operating theatre fees
• Prescription medications and dressings
• Hospital parking
• Childcare
• Lost income and superannuation if you need a family member to take time off work to care for you
• Travel and accommodations costs if you must travel for treatment

The importance of financial protection

When considering these costs, it’s easy to see that having a safety net in place can make a world of difference as you go through the process of cancer treatment and recovery. Life insurance products like income protection and critical illness insurance can offer vital financial support to keep your household going while you focus on getting back to health. I can help you find the right policy for you that will give you peace of mind that you’re covered for the unexpected.

Reference

National Brest Cancer Foundation

Breast Cancer Network Australia

Cancer Council

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