Prostate cancer is the most frequently diagnosed cancer among Australian men, with approximately 26,368 new cases in 2024, representing roughly 28% of all male cancer diagnoses. Tragically, the disease also leads to around 3,900 deaths annually - about 13% of all male cancer fatalities.
Treatment is possible, and survivable - but there are costs, especially if you’re underinsured
While 5-year survival rates are high (96% for men diagnosed between 2016–2020), the financial toll is steep. Research shows that one in ten Australians with cancer spends over $10,000 in the first year following their diagnosis.
That’s just scratching the surface though because prostate cancer carries one of the highest treatment costs in Australia:
In 2019-20, it accounted for $1.35 billion in health system expenditure, the highest of any single cancer type. Going further back, in 2015–16, prostate cancer represented some $684 million in cancer-related spending, accounting for about 13% of all cancer expenditure.
Why your health insurance can make all the difference:
Without private health insurance, your cost burden quickly grows. Treatment-related costs - including specialist care, diagnostic procedures like MRIs, surgery, travel, and post-treatment therapies (including mental health support) - can stack up fast, even with Medicare in the picture.
Private health cover can help by:
Reducing out-of-pocket costs for specialist consultations, surgery, and hospital stays.
Providing access to your preferred healthcare professionals and potentially faster care.
Covering allied health services, rehabilitation, and mental health support that are essential in recovery.
What can you risk without adequate health cover?
Choosing to navigate prostate cancer treatment without leveraging private health cover exposes you to several risks, such as:
Major financial strain as your out of pocket costs for private care can run into tens of thousands of dollars.
Delayed care due to public healthcare system backlogs, leaving you in pain for longer - and potentially worsening your overall health.
Limited provider choice - you’ll have less control over who treats you and where.
Ongoing costs for rehabilitation expenses such as mental health treatment, continence care, and allied services may not be fully covered.
How can you ensure you’re covered for prostate cancer?
Prostate cancer is not only the most diagnosed cancer among men; it also imposes some of the highest treatment costs in Australia. While survival outcomes are generally excellent, your quality of life and financial wellbeing can suffer without proper cover.
The right level of health cover can offer you valuable financial protection, faster access to care, and broader treatment options, lessening the impact of the financial and emotional strain that a prostate cancer diagnosis brings.
If you think there’s a chance you’re at risk (for example, if a relative has been diagnosed), it’s worth a chat to make sure you’re not caught short when it counts.
Talk to a health insurance expert now#.
Disclaimers: #Compare Club compares selected products from a panel of trusted insurers. We do not compare all products in the market.
