Financial toxicity causes significant hardship in cancer patients that must be acknowledged and dealt with.
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 repoted 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
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.
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.
- Bankruptcy.