Most cancer patients not prepared for cost of care

Cancer can take a heavy toll not only on the physical health of patients but also their finances. Majorities of patients and survivors say they were unprepared for what the cost of their care would be, and most report making major changes to their lifestyle or finances as a result, according to a recent survey by the American Cancer Society Cancer Action Network.

Women, younger respondents and those with lower household incomes are significantly more likely than others to say they felt unprepared for the costs. Those living in Medicaid expansion states are almost twice as likely as those in states that have not expanded Medicaid to say they felt very prepared for the costs.

Related: ‘Financial toxicity’ an increasing concern among cancer patients

Among the other findings:

Cost concerns weigh heavily. Nearly three-fourths are concerned about their ability to pay current or future costs of their care, and 70% are worried about incurring medical debt because of their cancer care and treatment. Seventy-one percent have made significant changes to their finances in response, such as putting off vacations or major purchases (39%); cutting back on food, clothing and basic household expenses (36%); using up all or most of their savings (28%); or increasing credit card debt (28%).

More than half report incurring medical debt as a result. This debt often is carried for years with significant impacts, with 53% of debtholders facing collections and 46% seeing their credit score reduced. More than half of debtholders report balances of more $5,000, or more, while nearly a quarter had more than $10,000 in debt related to their cancer care.

Experiences with medical debt can hinder seeking care and limit treatment options. Forty-five percent of those who have had medical debt have delayed or avoided medical care for serious issues as a result. Sixty-two percent have delayed or avoided medical care for minor issues, while half have sought the least-expensive treatment options because of their debt. Women, younger respondents and those living in rural areas are most likely to say they have delayed or avoided care because of their experience with medical debt.

The cost burden associated with cancer care is not felt equally. African Americans are more likely to report having medical debt associated with their cancer care and also more likely to have been contacted by collections regarding their debt. Residents of states that have not yet or only recently expanded Medicaid are also more likely to report having medical debt, as well as higher rates of feeling unprepared for the costs of their cancer care.

Read more:

• Cancer-related costs expected to hit $200 billion this year
• When $100,000 a year isn’t enough to pay the medical bills
• Curbing chronic disease and paying for outcomes and value