Money mogul Warren Buffet revealed a recent diagnosis with prostate cancer yesterday. According to reports , the 81 year old was recently diagnosed with stage I prostate cancer and will undergo radiation therapy treatments in July.

While news of the billionaire's diagnosis has spread like wildfire in the media, it is important to note that stage I prostate cancer is not life threatening. Buffet did not disclose how it was detected, but many men with early stage prostate cancer do not experience any symptoms or effects that would hinder their daily activities.

Have you been diagnosed with prostate cancer? How did it affect your everyday life?

In a statement released Monday, actor Ryan O'Neal revealed that he has been diagnosed with prostate cancer. The 70 year old said in the statement that he suffers from stage II prostate cancer and  is expected to make a full recovery. Specific details such as treatment methods were not disclosed.

Stage 2 prostate cancer indicates that the cancer remains confined to the prostate gland and has not spread to tissues and organs beyond the gland. It is divided into two categories, IIA and IIB. Certain criteria such as tumor size and Gleason score determine the stage of the cancer. Typical treatments for this stage of prostate cancer include radiation therapy, surgery to remove the prostate (prostatectomy), and in some cases, watchful waiting.

• Prostate Cancer Symptoms
• What Does a High PSA Level Mean?

It's that time of year again - tax season. Did you know that your cancer medical expenses may be tax deductible? By cancer medical expenses, this can mean child care while you received treatment, parking fees at hospitals, and even the cost of a wig if you lost your hair to chemotherapy. There are so many aspects of treatment that can be included in your tax deductions - many of which I was unaware of!

Don't forget that your entire family's medical expenses are deductible, including dental and optical care. Tax software programs like Turbotax can help you organize these deductions, or you may choose to see a tax accountant for help in filing your income taxes.

Can You Deduct Non-Prescription Drugs?

Tax Deductions for Cancer Medical Expenses

According to a draft recommendation by the U.S. Preventative Task Force, women at who are at at average risk of ovarian cancer should not undergo routine ovarian cancer screenings. The expert panel contends the risks outweigh the benefits of routine screening, which include false and invasive screening methods such as surgeries. The recommendation excludes women who are at an increased risk of ovarian because of mutated BRCA 1 and 2 genes and other risk factors.

The draft states, "Although the mortality rate associated with ovarian cancer is high, the disease occurs infrequently in the general U.S. population, with an age-adjusted incidence of 13 cases per 100,000 women. As a result, the positive predictive value of screening for ovarian cancer--which directly depends upon the prevalence of the disease--is low, and the majority of women with a positive screening test will have a false-positive result."

Ovarian cancer is often detected in the advanced stages. Often called the "silent killer", ovarian cancer was believed to have little or no symptoms in the early stages. Recent research shows that the disease may produce vague, subtle symptoms. (See early ovarian cancer symptoms) Currently, there is no recommended screening method for women at average risk, unless they experience symptoms that may indicate ovarian cancer.

Sound off! Do you think that all women should be routinely screened for ovarian cancer despite it being an uncommon type of cancer? Would routine screening be justified if it saved one life? Leave your thoughts in the 'Comments' section below.