A recent study published in the American Journal of Medicine has found that 42% of new cancer patients lose all of their life savings in two years due to the cost of treatment with the average amount a cancer patient loses at $92,098.
“After tracking 9.5 million cancer patients from 2000 to 2012, researchers also learned that 62% of all cancer patients are in debt because of their treatment, and 55% of them owe at least $10,000.
Overall, the total medical costs for cancer are $80 billion in the US.”1
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Although people may have insurance coverage, it might not cover all the costs associated with the treatment; from high deductibles to large copayments, cancer patients often end up with an almost insurmountable stack of bills.
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And, in addition to the bills that are piling up, 40% to 85% of all cancer patients have to quit working while undergoing treatment, thereby creating an additional financial burden “that can last for six months or longer.”1
The medical system in this country is broken. Anyone who says different has their head in the sand.
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