17 Feb In sickness and in wealth
Australia’s healthcare system often leaves people grappling with unexpected costs when dealing with severe illness or injury. The cost of care can quickly escalate, and many Australians may find themselves facing significant out-of-pocket expenses.
A recent report from Zurich highlights the high costs associated with healthcare in Australia, particularly as it relates to serious and chronic conditions such as cancer.
Illness is more common than you think
Our individual risk of cancer – and its associated cost of care – vary based on age, gender, and type of cancer. Understanding how likely you are to be affected can help you take steps today to both protect your health and your wealth.
Cancer risks escalate for older Australians. Among 60 to 74-year-olds, there are 67,548 new cancer diagnoses annually, representing 41% of all cancer diagnoses.
For millennials, aged 30 to 44, there are 9,828 new cancer diagnoses annually, representing 6% of all cancer diagnoses.
The leading causes of Trauma & Health event claims in the 36 to 50-year age group are cancer (64.6%), cardiovascular diseases (18.9%), and neurological conditions (4.3%).
The cost of these diagnoses can be significant, too. Over a full lifetime, someone diagnosed with melanoma skin cancer, the average lifetime cost for treatment is $23,310 – breast cancer is nearly double that figure at $41,260.
Treatment for lung cancer adds up to an average of $85,420, and head and neck cancers (such as those affecting the thyroid) typically average out to $109,300 in instances where the diagnosed patient is 15 years old or above.
Insuring against illness
These are significant expenses that most Australians would be unable to pay for themselves – leaving them reliant on the treatment options covered by our public healthcare system.
This means that while most Australians have the option to access treatment, they may not have much choice about the type of treatment or the practitioner providing it. For some illnesses, this may mean missing out on newer or less common types of treatment, even when those treatments might be better suited to your condition. However, having adequate insurance in place can restore your ability to choose how you’re treated.
Many Australians don’t realise or account for the full, often hidden costs of seeking medical treatment and as a result don’t take out appropriate cover to protect themselves.
Give us a call at 08 82314709 or you may also reach us at info@centrawealth.com.au. Get in touch with us to find out how insurance could help you look after your family and your lifestyle.
Article courtesy of Zurich.
