On the 4th of February every year people around the world come together to recognise world cancer day. It is a day to talk about prevention and push for better treatments.
We all know of people who have cancer or have experienced it personally.
In South Africa, over 100 000 new cases of cancer are diagnosed annually, resulting in over 60 000 deaths due to cancer. Despite these alarming statistics, many cancer-related deaths can be prevented through early screening.
The most diagnosed cancers in South Africa are breast cancer, cervical cancer and prostate cancer. However, if caught early, the survival rate for these cancers can be over 90%.
Breast Cancer:
Breast cancer is the most common cancer in women of all races.
Mammograms, which are X-ray examinations of the breast area, can reduce breast cancer mortality by 20 to 60%. While mammograms are not generally recommended for women under 40, more people are being diagnosed with breast cancer at younger ages. You should consult your doctor if you are at higher risk.
Cervical Cancer:
Cervical cancer is the second most common cancer in women and the leading cause of cancer-related deaths among women. The risk for cervical can be reduced by:
Regular cervical cancer screening:
A Pap smear is a vaginal examination that checks for abnormalities in the cells of the cervix.
HPV vaccination:
The human papillomavirus (HPV) is the biggest risk factor for cervical cancer. The HPV vaccine is recommended to help prevent HPV infection and lower the chance of developing cervical cancer later in life.
Prostate cancer:
Over 4000 South African men are diagnosed with prostate cancer every year, accounting for 13% of male deaths.
Screening for prostate cancer involves a digital rectal exam (DRE) to detect abnormalities or lumps in the prostate and a prostate-specific antigen (PSA) blood test, which monitors a protein that enters the blood when there is a problem with the prostate.
Cancer is one of the leading causes of death worldwide. If we do not act, the number of cancer-related deaths is expected to rise to 13.2 million per year by 2030. Regular screening and early detection can save lives.
Financial planning for potential health issues like cancer is crucial to ensure you are prepared for any unexpected expenses.
Here are some key points to consider:
- Dread Disease Cover
Definition: Dread disease cover, also known as critical illness insurance, provides a lump sum payment if you are diagnosed with a specified serious illness, such as cancer.
Benefits: This payment can be used to cover medical expenses, loss of income, or any other financial needs during your treatment and recovery period.
- Hospital Gap Cover
Definition: Hospital gap cover is designed to cover the shortfall between what your medical insurance pays and the actual costs incurred during hospitalization.
Benefits: It helps to alleviate the financial burden of hospital bills, ensuring you don’t have to pay large out-of-pocket expenses.
- Regular Screening and Early Detection
Importance: Regular screening and early detection can significantly reduce the severity and cost of treatment by catching cancer early.
Financial Aspect: Investing in regular health check-ups and screenings can be a proactive way to manage potential future costs.
- Consulting Your Wealth Manager
Discussion Points: When speaking to your wealth manager, consider discussing:
Insurance Options: Explore different insurance policies that offer dread disease and hospital gap cover.
Savings Plans: Set up a dedicated savings plan for health-related expenses.
Investment Strategies: Consider investments that can provide returns to cover potential health costs.
- Additional Considerations
Emergency Fund: Maintain an emergency fund specifically for health-related expenses.
Legal and Estate Planning: Ensure your legal documents, such as wills and power of attorney, are up to date to manage your affairs if you become incapacitated.
By taking these steps, you can better prepare for the financial impact of serious health issues like cancer, ensuring you have the necessary resources to manage treatment and recovery without undue financial stress.
