Breast cancer is one of the most common cancers in women worldwide, affecting 1 in 8 women during their lifetime according to the American Cancer Society (ACS).

While there is no guaranteed way to prevent breast cancer, certain lifestyle and financial planning measures can reduce the risk of developing the disease or lessen its impact on finances and quality of life.

Educate Yourself on Risk Factors

When it comes to financial planning for breast cancer prevention, education is key.

Knowing the risk factors and early signs of breast cancer can help individuals make more informed financial decisions, such as investing in preventative measures or purchasing insurance policies. The ACS suggests that women should be aware of the following breast cancer risk factors:.

Age
Family history of breast or ovarian cancer
Personal history of breast cancer or certain benign breast conditions
Inherited gene mutations (such as BRCA1 and BRCA2)
Exposure to estrogen
Lack of physical activity and unhealthy diet

Create a Financial Plan

Creating a financial plan can help reduce the financial burden of a breast cancer diagnosis and ensure that necessary treatments can be pursued. A financial plan should include:.

Savings: Aim to have 3 to 6 months’ worth of living expenses in an emergency fund.
Investments: Consider investing in long-term savings accounts or a Roth IRA.
Insurance policies: Purchase policies such as life insurance or disability insurance to cover expenses in case of loss of work.
Budgeting: Work on creating a realistic budget that takes into account potential medical expenses.
Talk to a financial advisor: A financial advisor can help develop a personalized plan that takes into account individual goals and circumstances.

Invest in Preventative Measures

Investing in preventative measures can help reduce the risk of developing breast cancer. The ACS recommends the following preventative measures:.

Limit alcohol consumption
Stay physically active
Maintain a healthy diet
Avoid use of tobacco products
Regularly perform breast self-exams and schedule clinical breast exams and mammograms as recommended by a healthcare provider

Consider Genetic Counseling and Testing

For individuals with a family history or other risk factors for breast cancer, genetic counseling and testing may be a worthwhile investment.

Genetic counseling involves reviewing personal and family medical history to assess the likelihood of harboring inherited gene mutations. If deemed necessary, genetic testing can be performed to determine the presence of mutations such as BRCA1 and BRCA2, which increase the likelihood of breast and ovarian cancer.

Knowing one’s genetic predisposition can help inform preventative measures and early detection.

Take Advantage of Health Insurance Policies

Health insurance policies can help cover medical expenses related to breast cancer prevention, detection, and treatment.

It is important to review current policies and ensure they cover preventative measures such as mammograms and genetic counseling, as well as treatment options such as chemotherapy and radiation. In addition, many policies offer coverage for mental health counseling and support groups.

Consider a Second Opinion

For individuals diagnosed with breast cancer, seeking a second opinion from a medical professional is common practice and often recommended.

Additionally, seeking a financial second opinion can help ensure that the most beneficial and cost-effective treatment options are pursued. A financial planner or advisor can review medical expenses, insurance policies, and other financial factors to suggest alternative options that may be less costly in the long run.

Join Support Groups

Joining support groups can offer emotional support and resources for coping with the financial implications of a breast cancer diagnosis.

Support groups can provide information on financial assistance programs, government benefits, and community resources.

Take Care of Yourself

Finally, taking care of oneself both physically and mentally can help reduce the risk of developing breast cancer and improve overall quality of life.

This includes regular exercise, a healthy diet, getting enough sleep, and staying mentally fit through activities such as meditation, yoga, or therapy.