Cancer is expensive, and for nobody is it more so than survivors and their families. The best cancer care in the world often comes at a crippling cost, even for those with insurance.
A new study sheds light on the financial burden that comes with cancer treatment. Nearly a third of the United States' 14 million cancer survivors face financial issues, such as deep debt, bankruptcy, or other financial sacrifices. Even 29 percent of those with insurance faced a major financial issue.
"Financial burden results from the high cost of cancer care," Norman V. Carroll, one of the study's senior authors and a professor at Virginia Commonwealth University, told Reuters. "This is especially true for the newer, biologically-derived specialty drugs," which can require patient copays of several hundred dollars per month," Carroll said.
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Not only is the cost of new cancer drugs through the roof, but a recent study revealed the U.S. health care system wastes billions of dollars each year on cancer medications that are not even used. Why? Because the vials contain more medication (in some cases much more) than a patient typically needs. Women and racial and ethnic minorities are more likely to deal with significant money problems as a result of cancer.
Those who faced major financial issues because of their illness were more likely to be depressed. They were also more likely to have significant concerns about the recurrence of cancer in the future.
Dr. Scott Ramsay, director of the Hutchinson Institute for Cancer Outcomes Research, told Reuters that patients should look into hiring a financial planner, and noted that some cancer facilities have started to offer such services.
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