The hidden price of a cancer diagnosis. Helping you overcome the cost of living with cancer

Transcription

1 The hidden price of a cancer diagnosis Helping you overcome the cost of living with cancer

2 While you may not like to think about cancer, you are probably aware of its medical implications and the effect it could have. But often overlooked is the financial impact that cancer could have on your life. Recent research from the National Cancer Registry Ireland (NCRI)* has highlighted the stress caused by concern over money following a cancer diagnosis. Suddenly, seemingly everyday occurrences such as paying for parking, putting petrol in the car, or buying groceries take on much greater significance when not budgeted for. At Zurich Life, we agree with the great focus on dealing with the preventative and medical side of cancer. However, we feel that there is also much work to be done to ensure Irish people are fully informed about the hidden financial costs of cancer. This guide is to help raise awareness of these costs and help provide some simple solutions that can be put in place by you. * Source: The financial impact of a cancer diagnosis - National Cancer Registry Ireland 2010.

3 It won t happen to me! Cancer is an illness that many people fear, and with evidence that as many as 1 in 3 people will be diagnosed with cancer at some stage in their lifetime*, it s no wonder why. However, very few people have made financial provisions to protect themselves during a potentially difficult time in their lives. Perhaps it is because we don t ever want to think that it could happen to ourselves it s an illness that will affect others. But unfortunately, this is not always the case. Besides its devastating effect on health, cancer can leave sufferers having to deal with a drop in income and increased costs. * Source: National Cancer Registry Ireland

4 Costs of cancer As well as being the toughest fight many people will face, cancer is expensive. A report by the National Cancer Registry Ireland (The financial impact of a cancer diagnosis) highlighted the severe financial implications of cancer on Irish families. These include: Increased medical costs such as consultant fees and expensive medications. Out of pocket expenses such as increased travel to and from hospital appointments. Increased heating and utility bills due to the extra time spent at home recovering from surgery. Actual reduction in earnings due to patients (and their family members) having to take time off work. This is particularly relevant for those that are self-employed. While many people fear the medical effects of cancer, the adverse financial implications are often ignored. The report highlighted the increased financial stress and financial strain experienced by many households where someone has been diagnosed with cancer. All of this adds unnecessary stress and worry at a time when people should be focusing on their treatment and recovery. Of those who had some savings at the time of diagnosis, 55% had to use some or all of these because of cancer.

5 Travel and Parking A lot of patients would come in by bus maybe, but then after the chemotherapy they might have to go home in a taxi. Oncology social worker* The travelling in and out of hospital can be very expensive, even more so for those that do not have the facilities in their home county. Cancer treatment can result in side-effects, leaving patients unable to use public transport (if this is even available). A report undertaken by the National Cancer Registry Ireland, found that more than seven in every ten patients had increased travel expenses associated with their cancer treatment appointments, with the average person spending 360 and with one in four spending 785 or more. Some patients have to travel up and down the country for treatment, resulting in extra costs for transport and accommodation.

6 Heating The rise in heating costs is one of the biggest expenses incurred by many patients* as they now feel the cold more as a result of treatment, because of weight loss or they may be at home more during the day than usual. Because I m so cold now. You know what I mean. And I paid 20 off the ESB [electricity] every week. So that I wouldn t ( ) have a big bill. Because( ) the bills [were] coming in and they d be in and around 350 to 400. Oncology social worker* Loss of income Most cancer patients need to take time off work during treatment and most suffer a substantial fall in income. This can lead to further stress as they may not know how long their employer will pay sick pay for and to what amount. This financial pressure can make patients feel the need to return to work as soon as possible. Self-employed people, many of whom mightn t be eligible for illness benefit or disability allowance, sometimes try to continue to work between treatments, this is an extra worry. But I find I m like somebody mean. You know everything is down to how much? How much is that now? How much is this? Or if my husband had to do something or go somewhere you re going how much will that cost you now? And you re sounding very kind of petty but you re watching everything. Whereas before I never had that problem, you know. Cancer patient*

7 Other Costs Patients with children could have the extra cost of childcare, which they may not have needed before. For example, a married couple with a stay-at-home mother, now have to pay the extra costs of childcare if she is diagnosed with cancer. One in four women who had outgoings for wigs or hairpieces spent more than 500. The last thing a woman wants is a wig that stands out as being a wig. oncology social worker* Patients with private health insurance may have to pay an excess for tests, appointments or hospital stays not covered by their policy. *Note: All statistics and quotes contained in this guide are taken from The financial impact of a cancer diagnosis - National Cancer Registry Ireland, 2010 and are verbatim quotes of actual cancer patients and medical staff.

8 Cancer Cover from Zurich Life can help you financially giving you one less thing to worry about, letting you concentrate on the main thing getting better. You can choose the amount of cover (sum insured) and the term over which you need the cover, based on your individual circumstances. Cancer Cover from Zurich Life pays a lump sum on diagnosis of cancer covered as defined in the policy document, during the policy term. The cover does not apply to some cancers caught in their early stages, as outlined in the policy document. The types of cancer normally covered under the plan include: Breast cancer Prostate cancer Lung cancer Bowel cancer. Your application will be assessed by Zurich Life underwriters. Terms and conditions apply. For more information, please contact your Financial Advisor. Print Ref: ZURL LB Zurich Life Assurance plc Zurich House, Frascati Road, Blackrock, Co. Dublin, Ireland. Telephone: Fax: Website: Zurich Life Assurance plc is regulated by the Central Bank of Ireland. Intended for distribution within the Republic of Ireland.