42% of New Cancer Patients Lose Their Life Savings

  • 62 percent of cancer patients report being in debt due to their treatment.
  • 55 percent accrue at least $10,000 in debt, while 3 percent file for bankruptcy.
  • Cancer costs exceed $80 billion in America each year.

Rebecca Meyer was diagnosed with glioblastoma when she was 5 years old. She fought bravely for 10 months before dying on her 6th birthday. The total cost of of her treatments during that time? $1,691,627.45.

Cancer is costly, emotionally and socially. But it’s especially pricey in terms of money. The stress of being unable to pay for treatment doesn’t help your immune system while going through chemotherapy or radiation. It’s impossible to relieve yourself of tension when your medical costs are bankrupting you and your family.

This is more common than you might imagine. A new study, published this month in The American Journal of Medicine, discovered that 42 percent of patients deplete their life savings during the first two years of treatment. There’s good reason the term “financial toxicity” is in the name of this report.

– Big Think

Read the full article here.