The real cost of cancer: 49% of patients carry $5K+ in medical debt
The real cost of cancer: 49% of patients carry $5K+ in medical debt
Becker's Hospital Review; by Ashleigh Hollowell; 5/28/24
... Now, 47% of cancer patients accumulate debt as a result of their medical needs, The Wall Street Journal reported May 28. ... Some Americans are facing $38,000 or even more in medical debt, the Journal found. Additionally, more cancer patients are filing for bankruptcy, which one study linked to an 80% increased risk of dying. ... A 2024 survey of 1,284 cancer patients and survivors led by the American Cancer Society Cancer Action Network also found that: ...
- Nearly 98% were insured when they acquired the debt related to their cancer. ...
- At least 25 patients of the 1,284 surveyed said they delayed or skipped treatments to avoid going into more medical debt. ...
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Editor's Note: Executive leaders and clinical managers, be aware that your interdisciplinary team members walk into patients' homes and hospital/nursing facility rooms with these financial stressors for the patient, caregiver, and family. The person with cancer may feel guilt. Family conflict about care decisions can erupt, especially if Advance Directives are not in place. While hospice does not solve previous debt from cancer care, awareness of this factor can provide another layer of empathic support for the patient and caregiver/family. Additionally, through ongoing battles about Medical Aid in Dying (MAid), many persons seeking MAiD often voice fears of being a financial burden to the family. Pair this with another article in today's newsletter, "56 percent willing to dip into retirement savings to be family caregiver: survey."