The Burden of Cancer

The old saying of ‘how long is a piece of string?’ is relevant in answering the question of how much cancer costs.  

Treatment associated costs

Treatment associated costs depend on the course of action chosen. For example, choosing between private doctors and specialists will incur greater out of pocket costs when compared to the choice of being treated via the public health system.

For patients who choose to use the private health sector, it may be worth asking about the costs and limitations of cancer treatment. They may consider asking their health insurer:

• Which treatments are covered?
• Which are not covered?
• If they claim for a particular treatment, will it affect their future treatments?
• What’s the gap that they would have to pay?²

The type of cancer and the stage of cancer diagnosis can also impact cost to your client³. Cancers that are not as common as others will also see patients incur greater costs. There is also the concern regarding how much will be covered by the Pharmaceutical Benefits Scheme (PBS), which varies. 

Non-treatment associated costs

Non-treatment associated costs for a cancer patient include things such as having to take time off from work to attend doctors, specialists, treatment and any scans, as well as travel expenses which increase the further the distance a patient has to travel.

Cancer patients may also be under the care of someone, who may also have to attend appointments and therefore having to potentially take time off from work. If they are a partner, finances may take an additional hit as two wages may be impacted.

A research letter conducted in 2018 by ‘The Medical Journal of Australia’, found that three quarters of patients with breast cancer incurred out of pocket costs of up to $17,200 during the five years after diagnosis4, which included both direct and indirect medical costs. Other types of cancers have even greater expenses, with a quarter of cancer survivors paying doctors upfront fees of more than $20,000 over two years4. The above is just an example of what some people have experienced, and it’s important to understand that the costs can vary depending on a patient’s course of action.

Financial impacts may play a key role in decision making, however it is important for a cancer patient and their family to look beyond this. There are other elements that need to be considered and this includes the emotional and physical wellbeing of the patient, carer(s) and family members.

For carers and family members, it’s important for them to look after themselves. This could be in the way of exercising, choosing healthy meal options. They should ask for help from others as well and not to carry the burden on their own⁵. Further tips for carers can be found here.

For the patient, giving them time to adjust to the situation is important, as is the need for the patient not to distance themselves from their friends and family. As with carers and family, the patient should try to stay active and choose healthy options, and aim to keep themselves comfortable during an otherwise difficult time⁶. Further tips for patients can be found here.

Having adequate access to the cost of treatment can go a long way in how patients and their carers plan for the future. There are various options such as the Cancer Council and Leukaemia Foundation, which can provide some assistance. Other options available may include financial hardship assistance accessible through various financial institutions.

Utilising the various assistance which can be provided with an AIA Crisis Recovery cover could help remove or minimise the financial burden that may come with a cancer diagnosis.

AIAs Crisis recovery

AIAs Crisis Recovery cover pays a lump sum of up to $2 million, if your client is diagnosed with one or more of the Crisis Events listed in the Product Disclosure Statement (PDS). This payment can provide your clients with added options, from getting access to different care options, maintaining a certain level of quality of life, and reducing some of the financial burden.

Doug has been working as an accountant for the past eight years in Brisbane where he lives with his wife and three kids. Unfortunately for Doug and his family, he was recently diagnosed with bowel cancer. Doug had to undergo extensive chemotherapy, and so was unable to work for six months. As well as dealing with the emotional stress of being diagnosed with cancer, Doug also had to consider how he would pay for their mortgage, the kid’s school fees and other bills without his income.

Fortunately, their financial adviser had recommended that both Doug and his wife take out Crisis Recovery cover in addition to their Life cover. When Doug received the news from his doctor, he called his adviser immediately who submitted a claim to AIA Australia. After his claim was assessed, Doug received a lump sum payment of $250,000. This enabled Doug to ensure his family’s expenses were taken care of, allowing him to focus on getting better instead of worrying about financial concerns.

* This is an example only to illustrate the potential benefit of taking out Crisis Recovery, and should not be relied upon as indicative of benefits payable under the Crisis Recovery benefit.

For more information on AIAs Crisis Recovery cover, please download our PDS or contact your State Office or CDM.