Fighting cancer is probably one of the most stressful things you’ve had to do in your life. Unfortunately, your difficult medical battle could very well come with a secondary financial fight for you.
People diagnosed with cancer often find themselves saddled with astronomical levels of personal debt that they have no way of paying off in the foreseeable future. Why is medical debt such a big issue for people who receive cancer care?
Insurance doesn’t cover every life-saving cancer treatment
Learning what you have cancer is a terrifying moment in your life. Finding out that your insurance won’t cover the necessary treatment or will only pay for a fraction of your care can be nearly as bad.
Depending on the kind of policy that you have, you might have to pay 20% of the cost of your chemotherapy and coinsurance or pay $100 in co-pays every time you go for a treatment session. Some of the best medicines and treatment options may not have any insurance coverage at all because they are new.
How common are financial issues for those going through cancer treatment?
Data about the financial impact of cancer is grim. Nearly half of cancer patients have to spend all of their savings to cover their care costs. Even then, they are still 2.65 times as likely as the average American to file for bankruptcy.
In other words, you shouldn’t feel ashamed if the care you need has resulted in debts that you can’t repay. Rather than letting the stress and pressure of increasingly aggressive collection activity affect your health, it may be a better choice to consider filing for personal bankruptcy to discharge those unpaid medical expenses.
