The Rising Cost of Healthcare and Cancer Treatment: Debt, Bankruptcy, and Cancer Often Go Hand-in-Hand, Study Finds

Posted on in Personal Bankruptcy

Illinois bankruptcy attorney, medical debtThe diagnosis of cancer, in and of itself, is devastating. But then to learn that you may spend the rest of your life in debt or file bankruptcy because of the cost of treatment? It is difficult to fathom the mental and emotional impact of such news, yet is said to be the reality of approximately one-third of all cancer survivors. Are you at risk? Information from a recent study may help you decide.

Prevalence and Factors behind the Cancer and Debt/Bankruptcy Relationship

Healthcare costs have risen sharply over the last several years, but cancer care costs have increased exponentially - two to three times faster than any other type of healthcare expense, in fact. Now, a patient can expect to spend anywhere between $10,000 to $60,000 per month for one cancer therapy agent. Most cancer patients need more than just one. So, for just one year of treatment, patients could be in for more than a quarter of a million dollars, just to get started on treatment.

Subpar health insurance, with its high co-pays and high deductibles, is also considered a factor in the rising number of patients filing for bankruptcy, as are the lack of adequate work-leave programs. Those who have low incomes prior to diagnosis or are younger at the time of diagnosis are also considered especially at risk for debt or bankruptcy during or after treatment.

Protecting Yourself from Bankruptcy after a Cancer Diagnosis

Once you receive a diagnosis for cancer, you lose a lot of control over the direction of your life. There are, however, some things you may be able to do to protect yourself from bankruptcy in the months and years after treatment. For example, there are resources that help connect survivors with medical financial assistance programs. And there are some creative solutions that may be able to help pay down your debt and avoid the smear bankruptcy places on your credit. If, however, bankruptcy is the best option for you, it is critical that you find an attorney who is invested in supporting and guiding you through the process with as little stress as possible.

The Law Offices of Eric G. Zelazny recognize there are many reasons and many factors behind your debt and financial issues, and we strive to understand them so that we can help you find the most beneficial solution for your situation. And, because we offer more than just bankruptcy services, you do not have to wait until things become dire to contact us for help. Take control of your debt. Contact our skilled and experienced Tinley Park bankruptcy and debt settlement attorney and schedule your free initial consultation. Call 708-888-2299 today.

 

 

Sources:

http://www.cbsnews.com/news/cost-of-cancer-drugs-60-minutes-lesley-stahl-health-care/

http://www.reuters.com/article/us-health-cancer-financing-idUSKBN0UJ24F20160105

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