The high cost of cancer care is leading many cancer patients and survivors to make major lifestyle changes and take on large amounts of medical debt, according to a survey released March 17 by the American Cancer Society Cancer Action Network.
The survey was conducted Feb. 9-23 with 1,218 cancer patients and survivors.
Seven key takeaways:
- Fifty-four percent of patients and survivors said they were unprepared for the cost of care.
- Seventy-three percent of respondents said they are worried about affording the cost of their current or future cancer treatments.
- Seventy-one percent of respondents said they made significant lifestyle changes to afford care:
- Thirty-nine percent delayed major purchases
- Twenty-eight percent depleted most or all of their savings
- Twenty-eight percent went into more credit card debt
- Twenty percent borrowed money from relatives and friends
- Seven percent took out another type of loan
- Four percent borrowed from a payday lender
- Four percent reported refinancing their home
- Seventy percent are worried about incurring medical debt from their cancer care and treatment.
- Fifty-one percent said they have incurred cancer-related medical debt:
- Fifty-three percent had their debt go to collections.
- Forty-six percent say the debt has negatively affected their credit.
- Fifty-one percent said they had balances of more than $5,000.
- Twenty-two percent had debt of more than $10,000.
- Women were more likely than men to report medical debt (57 percent vs. 36 percent).
- Black respondents were more likely than white respondents to report medical debt (62 percent vs. 52 percent).
Residents of states that have not yet or only recently expanded Medicaid were also more likely to report having medical debt and higher rates of feeling unprepared for the costs of their cancer treatments.