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Breaking Down the Costs Cancer Patients Face
While the passage of the Patient Protection and Affordable Care Act (PPACA) made it easier for cancer patients and those with pre-existing cancer diagnosis to access health insurance in some cases, the financial burden of cancer is still extreme. According to the American Cancer Society, direct medical costs relating to cancer surged to $87.8 billion in 2014. Of that amount, 58% of costs were the result of hospital outpatient or doctor visits and 27% were the result of inpatient hospital stays.
Costs can vary depending on the type of cancer a patient has and the type of treatment they choose. However, a government report from the National Cancer Institute shows that female breast cancer, colorectal cancer, prostate cancer, lymphoma and lung cancer may be the most expensive of all cancers.
It’s bad enough finding out you have cancer; it’s worse to discover your finances (and your family’s finances) could be thrown for a loop if you seek treatment. Keep in mind that the initial costs of having cancer can be astronomical, and that the ongoing costs of both treatment and pharmaceuticals can be financially devastating.
Here’s a valid example of the growing costs cancer patients face: According to the National Cancer Institute, a brain cancer diagnosis will cost more than $100,000 during the first year on average for individuals ages 65+. Each year of treatment thereafter costs an average of $8,803. And while health insurance may cover most of the costs outside of the patient’s health insurance deductible and co-pay, many cancer patients miss work or have to stop working altogether. They also face an array of new costs relating to their treatment, although those added costs can vary dramatically.
So, what’s a cancer patient to do? While the financial outlook may be grim for those seeking cancer, there is hope. The key for cancer patients is educating themselves about the various costs related to their disease then learning how to minimize those costs as much as they can.
If you or someone you know is facing cancer, it’s crucial to know about the many resources available to you. Read the complete Ultimate Guide to Financial Resources for Cancer Patients for further details on how to deal with the costs of cancer and which resources you can access to get the care you need.
Breaking Down the Costs Cancer Patients Face Chart
While medical costs can be overwhelming for cancer patients, the additional expenses that result from cancer are equally difficult to overcome.
Chart courtesy of CouponChief.com
Breaking Down the Costs Cancer Patients Face Chart
(article courtesy of CouponChief.com)