Cancer takes more than lives. It also goes after a hefty amount of your savings.
In just a span of two years, half of all US cancer patients breeze through their funds, accentuating a total of $92,000 in twelve months.
This is all detailed in a new study called “Death or Debt? National Estimates of Financial Toxicity in Persons with Newly-Diagnosed Cancer” which was published this month. According to its findings, these heavy costs are mostly of risk to be shouldered by the elderly and those without insurance, among others.
In the US, cancer comes second to heart disease as the undisputed title-holder of the most notorious killer.
But unlike heart disease which has a pool of research and funds dedicated to it, the cost of cancer treatment, for any country is financially unfathomable. Annually, 1.6 million new Americans are diagnosed with cancer. From this, 600,000 barely finish treatment and die.
The healthcare system credits to spending $87.8 billion yearly for patients. Specifically, unfinished treatments resulting in death leads to a $130 billion cost.
A huge portion of treatment expenditure still falls on the patient. The American Cancer Society along with the Cancer Action Network reports that as of four years ago, findings revealed that patients still shouldered a total of $4 billion on their end just for seeking cancer treatment.
Crunching beyond the numbers
The core of the study took 9.5 million patients and 16 years to see completion (1998-2014).
Setting aside the statistics, the medical study delineates the kinks that needed to be worked out when it comes to medical budget and productivity.
The journal is an updated study from the same set of authors from five years ago and is published in the American Journal of Medicine. Initially, in the study’s first findings, it revealed that cancer, specifically, breast cancer, accounts for 33 million sick days among the US working citizens annually.
The update to the study echoes a more heartbreaking revelation: half of the cancer-afflicted patients within their study have started and been easily sunk into bankruptcy due to treatment expenses.
This brings a new reality to the table: that the economy pulls a really tensioned string even to cancer patients who struggle with the cost of treatment.
When toxicity seeps to your finances
A big danger lies in the fact that the risk for financial toxicity goes greater with cancer treatment. After years of fluctuation in the economy, one would think that the financial burden on the patients would’ve lessened but has so far remained consistent.
Grant Skrepnek, one of the paper’s writers believes the results were “shocking,” seeing as to how figures have reached higher levels, which he has seen in his 20 years in cancer research.
Despite the advent of immunotherapy, which is pegged as a vital tool for the possible elimination of cancer, Skrepnek believes that it also has downsides, such as its ability to hamper predictions for cancer trends.
Jennifer Singleterry believes otherwise and sees a bigger threat in short-term healthcare plans.
Singleterry, a senior policy analyst from the American Cancer Society is concerned with the coverage of these health care plans, which have a limited coverage and “caps” – which hurts finances as it doesn’t include cancer treatment.
She adds that dependency to these short-term plans will only be harmful to those afflicted will illness, who will be left with even higher insurance premiums.
What this ultimately reveals is another layer of fear added to cancer: first the diagnosis, and now the financial horrors.
Village Insurance Direct helps expats in Hong Kong find critical illness insurance. Contact us for inquiries.