Buy onlineBy Corli Basson, Business Manager: Underwriting at 1Life Insurance
Breast Cancer Awareness Month marks an important time in our country – a month dedicated to promoting cancer screening and prevention of the disease, which is the most common cancer in women of all races. According to the National Cancer Registry (NCR), 1 in 26 women in South Africa face the risk of having to manage a cancer diagnosis in their lifetime, with women as young as the age of 15 also facing this risk.
These stats not only indicate a concerning health trend but also mean a very real financial risk faced by women in our country, who are the breadwinners of 6.1 million homes. In the event of a diagnosis, money that is meant to cover day-to-day expenses will have to be spent on medical bills and treatments. These costs can be steep – often leading to debt, in the absence of the right insurance cover and financial backup.
If we consider the physical, mental, and financial implications that come with the lack of financial resources in the unfortunate event of a dread disease diagnosis, it is important that consumers take a proactive approach to managing their health and finances. Failure to do so can result in stress, sickness, and a family left in debt.
So, how can you create a financial safety net in the face of a breast cancer diagnosis?
1. Adopt a proactive approach to managing your health
Prevention is indeed better than cure, and a proactive approach to managing your health has proven to be the best way to guard against disease. What is this proactive approach? Adopting a healthy lifestyle and doing essential checks:
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- Breast examination: Self-examine your breasts monthly.
- Mammogram: Have this done annually if you are 40 years or older, of annually if you are over 30 years old and have a family history of breast cancer.
- Consult your doctor if you have any lumps or bumps you may be concerned about.
An important benefit of regular health checks is that they enable early detection of serious health problems, and necessary interventions can be made accordingly. They also allow policyholders to make lifestyle adjustments in the event of a diagnosis, preventing further damage to their health. Most importantly, early detection reduces the cost of treatments and medical bills.
At 1Life Insurance, we recommend policyholders go for essential health checks, to make sure you detect any medical conditions early, before they become major health problems! Checks, preventative screening and preventative measures can all help you detect illness early and manage it well. In addition, detecting illnesses such as cancer early means you have a better chance of beating the illness! Best of all, they make sure you are in tip-top condition so you can spend more time with your family and loved ones!
2. Medical Aid.
Medical aid offers cover for treatments up to certain amounts and within Prescribed Minimum Benefit guidelines. When your treatment costs are not covered you may need to pay a portion, such as 20%, or the amount in full.
3. Get dread disease cover.
If we consider the financial impacts of treating a cancer diagnosis, it is clear that one cannot go without having the necessary financial backup in place. Given the risk, you need to make sure that you have the necessary financial backup in place for the unfortunate event that you contract this disease – or other dread diseases for that matter.
Cancer treatment costs can vary from R10 000 to R450 000 depending on when it is diagnosed and what treatment is needed. I am almost certain that those who do have this kind of money have other plans for it yet the average South African certainly doesn’t have it to begin with. Luckily, dread disease cover can help you cover medical expenses without having to dip into your family's generational wealth savings or rely on your monthly income, which is usually insufficient.
Dread disease insurance offers a lump sum pay out on a diagnosis and you can use the funds as you see fit – perhaps to pay for specialised treatment, home care or a recuperating holiday while you recover from surgery or treatment. These funds can also be used to give you an income, which you may need if you have to take a lot of time off work. Dread disease pay-outs are often a financial lifeline if you don’t have medical aid or to fill the gap between what treatment costs and medical aid pays.
Simply put, getting dread disease cover and paying your premiums on time is the best way to ensure financial protection against the cost of a cancer and/or other dread disease diagnosis.
4. Practice transparency with your insurer
It is imperative that you are completely honest and transparent with your insurer when buying any form of insurance, as withholding material information at this point may lead to your claim being declined or reduced at the claim payout stage. This is because whenever you make a health-related claim, your medical records are assessed, and if your insurer discovers that you did not disclose a material condition that you had at the application stage or before your cover starts, your claim may be declined or reduced.
Financial planning allows you the freedom to focus on your recovery, knowing that your family is financially secure during this time. Most importantly, it is the key to protecting your family’s generational wealth. Secure your family’s financial future, today!