Courtesy of our friends at Comminsure....

Breast cancer imposes a large financial burden on society, with total expenditure of $331 million in 2004-05, when $92 million was spent on hospital admitted patient services, $68 million on out-of hospital medical expenses, $53 million on prescription pharmaceuticals and $118 million on cancer screening.

However, most of the financial costs relating to cancer are due to lost productivity, largely borne by individuals and their families. The hidden costs of cancer faced by many sufferers include extended time off work, whilst enduring increased expenses, the effect on long-term employment prospects, as well as the possible impact on unpaid work, such as the ability to care for family members.

As we know, the latter largely falls within the female domain. As well as lost income, cancer-affected households often encounter out-of-pocket expenses relating to transport, medications, specialist clothing and mobility devices, and childcare and housekeeping costs. It is been estimated that the lifetime economic cost of breast cancer, per person, in NSW, is $653,600, comprising a financial cost of $64,300 and a ‘burden of disease’ cost (non-financial cost) of $589,300

These are big numbers to cover!!!

Here are the statistical facts:

Þ     Breast cancer is the most common cancer among Australian women accounting for 27 % of all cancer diagnoses

Þ     There were 2680 female deaths in 2007 (most recent figure available)

Þ     This year more than 14,000 Australian women will be told they have breast cancer

Þ     One in 9 women will be diagnosed with breast cancer before the age of 85

Þ     Nearly 80% of all breast lumps are benign

Þ     The risk of breast cancer increases with age. About 24 per cent of new breast cancer cases diagnosed in 2007 were in women younger than 50 years; 51 per cent in women aged 50-69; and 25 per cent in women aged 70 and over

Þ     CommInsure’s recent claims statistics indicate that breast cancer accounts for over 50 per cent of female cancer claims.

Þ     In 2006 five-year relative survival was 98.2% for women with 0–10 mm tumours, 94.7% for women with 11–15 mm tumours, 93% for women with 16–19 mm tumours, 87.9% for women with 20–29 mm tumours, 73.1% for women with tumours 30 mm or greater.

From our friends at www.riskinfo.com.au ....

 A group of oncologists has issued a warning to international governments about the rising cost of cancer treatments.

The Lancet Oncology report says the number of cancer patients in the developed world is increasing, along with the cost of treating each patient, which could result in a “train crash”.

Professor Richard Sullivan, Lead Author of the report said: “The issue that concerns economists and policymakers is not just the amount of money spent on healthcare, but also the rate of increase in healthcare spending or what has become known as the cost curve.”

According to the report, prepared by 37 of the world’s leading experts, most developed countries dedicate between 4% and 7% of their healthcare budgets to dealing with cancer.

“We’re on an unaffordable trajectory,” warned Professor Sullivan. “We either need to manage and reduce the costs or the cost will increase and then inequality rises between rich and poor.”

This week, Tom Cincotta from Comminsure shared statistics around CommInsure retail Lump Sum numbers for the last financial year. (July 2010 to June 2011)

We all know there is an Underinsurance gap in Australia, but if you ever wanted substantial proof, look at the numbers below.

Death : Claims paid $111.96m across 654 policies; averaging $171,192

TPD : Claims paid $19.32m across 113 policies; averaging $170,392

TRAUMA : Claims paid $77.72m across 456 policies; averaging $170,466

Given the average housing debt is approximately $350,000, the CommInsure claims statistics highlight a massive Underinsurance issue!

Wow, what a day - a big claim paid and a temporary resident insured!!

FIRST GREAT THING:

After 9 months and hours and hours of battling with industry fund MTAA, we just helped a person that wasn't even a client of ours get a $250,000 insurance payout. MTAA declined the insurance claim, then an independent adviser tried and failed and then our resident gun James Patterson got involved.  We love helping people.

SECOND GREAT THING:

OnePath (owned by ANZ bank) declined a customer for their life insurance because they have a 857 Visa which is a Visa given to a person who is a resident of Australia that is waiting for permanent residency.  We couldn't believe it. This person had perfect health, a great job and is overall a good risk for the insurance company. We called around to a few other insurers and AIA confirmed that they would insure our new client with no issues. Thanks AIA!!

Great to see someone so influential talking about the importance of insurance and how it affected his life.

http://www.axa-equitable.com/life-insurance/life-insurance-awareness-month.html