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Treating and managing a serious illness can take its toll on your finances, often leaving you out of pocket and with debts. Preparing your finances in case you suffer a dread disease will ensure your budget, bank accounts and savings remain in good shape. Taking care of your health will also lessen the chances of a dread disease being diagnosed. This Women’s Month, we’ve got all you need to know to protect your finances and your health.
The lowdown on dread disease
A dread disease is a serious or critical illness that affects your health and your life, such as preventing you from working part or full time. Common dread diseases include cancer, heart disease and strokes.
How likely are you to suffer a serious illness?
In South Africa the likelihood of being diagnosed with cancer is 1 in 8 for females and 1 in 7 for males. More than 1 in 3 adults live with high blood pressure, which is responsible for 1 in every 2 strokes and 2 in every 5 heart attacks.
Taking care of your health and living a healthy lifestyle can reduce, but not eliminate, your risk of being diagnosed. Given the stats, it makes sense to have some plans in place to protect your finances and care for your family, just in case you suffer a dread disease.
Protect your finances
You know the realities: a critical illness costs a lot of money to treat, from around R10 000 to over R1 million. There are also other costs you may need funds for such as paying for child care if you are in hospital or unwell, help at home, transport to and from treatment, and more. There may also be treatment costs not covered by a medical aid or offered in a public healthcare facility. And the big one, you may need time off work which means no pay – all at a time when you need extra money.
There are two ways to protect your finances so these costs can be paid and don’t result in debts:
- Have a few hundred thousand rands in savings
- Have a dread disease or critical illness insurance policy
The first one can take years to build up, but you can take critical illness cover today and ensure you can pay the costs of a serious illness.
Dread disease cover
Dread disease policies pay out a lump sum amount on diagnosis of a disease. The cost of a policy is a few hundred rands a month. You can use the payout for a valid claim for any purpose, medical expenses, home care, to replace lost income and more.
Before you take out a policy make sure you know exactly what is covered and for how much and what is needed for a claim. A financial adviser or one of our skilled consultants can assist you with more information about what policies are appropriate for your needs.
Did you know: 1Life Insurance developed 1Life All WomanTM specifically to cover women and their children against the costs of a dread disease. 1Life All Woman female dread disease cover pays out if you are diagnosed with a female-specific cancer and the policy includes cover for up to four children for certain cancers.
Have a contingency plan for family care
When you are ill you may not be able to care for family. Having a plan in place if this happens will ensure your loved ones are looked after. Hopefully you won’t need the plan, but if you do, knowing who can help with what will give you peace of mind and the time you need to focus on treatment and recovery.
Your contingency plan will include:
- Knowing which parent, sibling or other relative or friend will care for kids when you are ill or in hospital
- Deciding which family and friends are available to assist with support such as taking you to hospital and for treatments, collecting medication, cooking and cleaning
You should also draft or update your will and name a Guardian who will care for your children. Although survival rates are increasing for dread diseases, sadly some will pass away from a serious illness.
Truth About Money, a 1Life Insurance initiative, offers a free Wills & Estate Benefit to help you draft or update your will.
Look after your health and your chances of not being diagnosed are lower
1Life Insurance’s Chief Medical Officer, Dr Avron Urison, says that women cannot eliminate every risk of serious illness, but they can take meaningful steps to protect themselves. “A healthy lifestyle, appropriate vaccinations, regular health checks, knowledge of family history and prompt attention to unusual symptoms can reduce risk and support earlier detection.”
Follow a healthy lifestyle
Aim to:
- Eat a balanced diet rich in vegetables, fruit, whole grains, legumes and appropriate protein sources, while limiting highly processed foods, excess salt, sugar and unhealthy fats.
- Complete at least 150 minutes of moderate-intensity exercise per week, or 75 minutes of vigorous exercise, together with muscle-strengthening activities at least twice a week.
- Avoid smoking and vaping and minimise exposure to second-hand smoke.
- Limit alcohol. A lower alcohol intake is associated with lower cancer and cardiovascular risk.
- Aim for at least seven hours of good-quality sleep per night.
- Maintain a healthy weight and regularly check your blood pressure, blood glucose and cholesterol.
- Take prescribed medication consistently and attend routine medical follow-ups.
Human papilloma virus or HPV vaccination
Consider the HPV vaccination that helps protect against the strains of human papillomavirus responsible for most cervical cancers. Dr Urison says it is most effective when given before exposure to HPV and is therefore primarily recommended during childhood or early adolescence.
“Women who were not vaccinated when younger should discuss possible catch-up vaccination with a healthcare professional. The HPV vaccination reduces risk but does not replace routine cervical screening.”
Complete regular checks and screening
Screening should be based on your age, symptoms, family history, previous results and individual medical risks. Your GP can guide you on when to screen if you are unsure.
Key screens include:
- Breast awareness: women should know what is normal for their breasts and report any new lump, nipple change, skin dimpling or unusual discharge.
- Mammography: women should discuss mammography with their healthcare provider from approximately age 40. Earlier or additional screening may be required for women at higher risk.
- Cervical screening: pap smears or HPV testing should be performed according to national guidance and individual risk.
- Skin awareness: new or changing moles, persistent sores or unusual skin lesions should be assessed.
- General health checks: blood pressure, cholesterol, glucose and other relevant assessments should form part of routine preventative care.
Genetic testing
The Breast cancer gene (BRCA) and other genetic tests are not recommended routinely for every woman. Genetic counselling or testing may be appropriate where there is a strong family history, breast cancer at a young age, ovarian cancer, male breast cancer or multiple related cancers within a family.
Know your family history
Women should know the medical history on both sides of their family and share it with their healthcare provider. Important information includes the type of disease, the relative affected and their age at diagnosis.
A significant family history may mean that screening should begin earlier, occur more frequently or include additional testing.
Do not ignore symptoms
Seek medical advice for persistent, unusual or unexplained symptoms, including:
- A new breast lump
- Abnormal vaginal bleeding
- Unexplained weight loss
- Persistent abdominal or pelvic discomfort
- A changing skin lesion
- Chest discomfort or shortness of breath
- Sudden weakness, facial drooping or speech difficulty
And don’t wait for your next routine screening appointment if you develop symptoms, get them checked immediately.
Be prepared
Dread disease is a scary topic to talk about and traumatic when there is a diagnosis. Having plans will help you cope. Take care of your health, your finances and have a plan if something should happen so your family is taken care of and you can manage a diagnosis and take the time you need to recover.