Financial Toxicity: Cancer Care Can Decimate a Family’s Budget
“My doctor saved my life, but my medical bills are stealing from my children’s lives.”
Great strides are being made in cancer care. Multiple surgeries, radiation and chemotherapy have proven to be effective in controlling the spread of cancer. But Canadians who seek new treatments not yet available in Canada – and therefore not covered by the national health plan – have no control over bills they may face.
“VUMI is proud of our long-standing association with centers of excellence, like the MD Anderson Cancer Center at the University of Texas,” comments Gino Stirpe, Vice President of VUMI Canada. “Their researchers are truly on the cutting edge ofnew, effective treatments. In 2021, the FDA approved 48 new cancer drugs for public, clinical use. MD Anderson contributed to the development of 29 of these – that’s more than 60%. In addition, several outstanding U.S. facilities, MD Anderson among them, are conducting groundbreaking clinical trials. Participating in these could be a game changer for Canadian cancer patients. It’s no wonder Canadians facing difficult diagnoses have made the decision to seek treatment at U.S. centers of excellence, even with the knowledge these bills will not be covered by their national plan.”
Thus, it’s not unusual for patients to be left with tens of thousands of dollars of debt, threats from bill collectors, or anxiety about how to possibly hold it all together for the family. Patients face these gut-wrenching issues: “Must my kids be pulled from day care? Is there any money for tutoring? Can I afford after school activities? Can I save anything for college?” One patient said it best, “My doctor saved my life, but my medical bills are stealing from my children’s lives.”
Medical Debt is Becoming an Epidemic
Cancer kills about 9.5 million people around the world. By 2040, the number of new cancer cases per year is expected to rise to 29.5 million, and the number of cancer-related deaths to 16.4 million. Due to breakthroughs in medicines and therapy, the survival rate is growing. But the high costs of modern-day care can translate into devastating financial burden.
A just-released investigation by the Kaiser Family Foundation showed that about two-thirds of adults with healthcare debt who’ve had cancer themselves, or had cancer in their family, have cut spending on food, clothing, or other household basics. About 1 in 4 have declared bankruptcy or lost their home to eviction or foreclosure. Sadly, poor health is among the most powerful predictors of debt. And those who went bankrupt were likelier to die than cancer patients who did not.
Staggering Costs for Care
New advances in lifesaving therapies come with eye-popping price tags. Should a Canadian seek the latest treatment in the U.S. on their own tab, the average cost of medical care and drugs could top $42,000 in the year following a cancer diagnosis. “Cancer patients face so many difficult choices,” concludes Stirpe. “Watching these patients take money out of their retirement fund, or their kids’ college fund – it breaks my heart. Worse yet is when a patient starts self-rationing their drugs to save money. That’s abhorrent. That’s why I am so committed to getting the word out about supplemental health care plans, like those from VUMI Canada. Care at U.S. centers of excellence, as well as the necessary drug therapies will be covered. No one undergoing cancer treatment should have to worry about keeping their kids in soccer league.”
Source: The Miami Herald, July 11, 2022
