Individuals diagnosed with cancer often face lengthy courses of treatment. Cancer treatments range from surgery, chemotherapy and radiation to cutting-edge immunotherapy treatments that help the body fight the cancer on its own.
For many people with cancer, the first priority during treatment is to achieve remission. Once their health begins to improve, they may find themselves struggling with financial challenges. Research shows that cancer survivors may be up to five times more likely than the average adult to file for personal bankruptcy.
Why do financial challenges often follow cancer treatment?
Major medical costs
Cancer treatment can be incredibly costly. Depending on the patient’s insurance, they may have a coinsurance responsibility that forces them to pay a percentage of their total treatment costs.
They may need to cover a large deductible multiple years in a row. They may even require treatment with medications not currently covered by their insurance.
An inability to work
Cancer symptoms can compromise an individual’s ability to work. Their treatment may make the situation even more challenging. People undergoing chemotherapy or recovering from major, highly invasive surgeries may not be able to work.
The longer they are out of work due to their illness and treatment, the more they may fall behind on expenses other than their care costs. The combination of massive medical expenses and reduced earning potential can prove devastating for those who have recently beaten cancer.
A personal bankruptcy filing can help people address their medical debt and rebuild their lives as their health improves after achieving remission. Reviewing major medical debts with a bankruptcy attorney can help cancer survivors work toward a better life after working toward or achieving remission.