Financial Toxicity on Cancer Patients
Several studies show cancer patients and survivors are more likely to have financial toxicity than are people without cancer.
Cancer is one of the most expensive medical conditions to treat in the United States. Cancer patients may receive multiple types of treatments, including surgery, radiation therapy, and systemic treatment, and may be hospitalized. Cancer patients with health insurance are paying higher premiums than in the past. They are also paying more for copayments, deductibles, and coinsurance.
Cancer survivors may have financial problems many years after they are diagnosed. This is because they may be paying for ongoing cancer treatment or care for late effects from their treatment.
Because of a cancer diagnosis, cancer patients and survivors may experience:
Less income and assets.
Debt because of the cost of cancer care.
Trouble paying for housing, food, and bills.
Effects of Financial Toxicity on Cancer Patients
KEY POINTS
Patients may not take their medicine as directed so that they can save money on copayments.
Patients who have financial toxicity may have a lower quality of life.
Financial toxicity may lead to debt and bankruptcy.
Informal caregivers often share in the experience of financial toxicity.
Survivor Views: Cancer & Medical Debt
A panel of 1,218 patients and survivors nationwide diagnosed with or treated for cancer in the last seven years reported making significant changes to their finances in response to the costs of their care:
36% cut back on food, clothing, and basic household expenses
28% used up all or most of their savings
28% increased credit card debt
20% borrowed money from friends or family
7% took out another type of loan
4% borrowed from a payday lender or refinanced a home
Financial toxicity causes significant hardship in cancer patients that must be acknowledged and dealt with.
ASCO 2019: Elephant in the Room: Financial Toxicity in Cancer Care
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References:* Financial Toxicity After a Cancer Diagnosis - It's Impact & Factors » Triage Cancer | Finances-Work-Insurance * Financial Toxicity (Financial Distress) and Cancer Treatment (PDQ®)–Patient Version - NCI* Digging Out of Debt for Cancer Survivors (curetoday.com)* The Financial Toxicity & Burden of Cancer Treatment - The Pink Fund* Survivor Views: Cancer & Medical Debt | American Cancer Society Cancer Action Network (fightcancer.org)* New Survey Reveals 44% of Current and Former Patients Living With Cancer Say Cost Was a Factor in Treatment Decisions; 55% Reported Feeling Depressed Over Financial Burden - HealthyWomen
