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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsStudy: Almost half of new cancer patients lose their entire life savings
According to a new study published in the American Journal of Medicine, 42% of new cancer patients lose all of their life savings in two years because of treatment. The average amount a cancer patient lost was $92,098.
After tracking 9.5 million cancer patients from 2000 to 2012, researchers also learned that 62% of all cancer patients are in debt because of their treatment, and 55% of them owe at least $10,000.
Overall, the total medical costs for cancer are $80 billion in the US.
Even if you have insurance, it may not cover all the medical costs associated with cancer. From high deductibles to large copayments, cancer patients can end up with a huge stack of bills.
https://www.insider.com/half-cancer-patients-lose-their-entire-life-savings-2018-10
IcyPeas
(21,863 posts)somebody's making a lot of money off ill people. It's disgusting.
BigmanPigman
(51,589 posts)are going broke yet will still vote GOP.
I live like a pauper to save every cent since I have the ACA and two pre-existing conditions. I am a realist. Many people assume that the govt will take care of them since they live in a dreamworld. You wouldn't believe how many people don't want to wake up and smell the coffee and realize that when they have to leave their home to go into assisted living/nursing homes that the govt takes all of their assets and their relatives aren't going to inherit anything. I try to inform people but they never really listen and believe it could, and would, happen to them.
dflprincess
(28,075 posts)and oppose Medicare for All find out their private insurance isn't so great after all.
Ohiogal
(31,988 posts)Most have never suffered a debilitating illness or life altering event.
Wellstone ruled
(34,661 posts)We had to deal with two Family members that after their Deaths caused by Cancer,there was outstanding Medical Bills in the 10k range for both. One ended in the Estate being Chapter 7 simply because there were zero funds left and no Surviving Spouse. In the other,fortunately there was a savings account that paid off the out standing debt.
The real ugly is,in both cases the surviving Family has received third party audits of each patients Medical Bills claiming outstanding balances in the thousands. Well it has been almost four years and tough luck,case closed.
Yes,Medical Bills are one of the leading causes of Bankruptcies when one finds out that so called Private Insurance Company takes a crap on your door step.
spooky3
(34,444 posts)Their insurance. This wouldnt happen if insurance werent tied to employment.
onecaliberal
(32,850 posts)Hermit-The-Prog
(33,332 posts)gulliver
(13,180 posts)And there should never be a case where people don't have a MOOP or are not free of lifetime limits. That's what we want to get for everyone.
dflprincess
(28,075 posts)when it comes to copays, deductibles, and max out of pockets.
And if you're buying your own policy out of pocket, odds are you'll get stuck with a high deductible.
gulliver
(13,180 posts)This employer based system is ridiculous. I like the Medicare for all who want it idea, but it has to be equivalent to a solid Medicare Advantage plan. It's time. When we walk into a hospital and are having a medical problem, they should just take care of you.
csziggy
(34,136 posts)You cannot work.
My brother in law worked for Disney World. When he was diagnosed with Stage IV pancreatic cancer, he worked up until two weeks before he died. He scheduled his chemo for Fridays so he'd be well enough to work on Monday. Instead of being able to spend quality time with his kids, he was sick every weekend he had treatment and too tired during the week to be with them.
Disney made no offer to an employee who had been there for over twenty years to let him have a last vacation with his family. The moment he was unable to work, his health insurance coverage stopped. Fortunately he had enough resources to get hospice care at home for his last days (plus my parents helped to pay the bills).
This was before the ACA but I suspect it is not a lot better today for people in his position.
dflprincess
(28,075 posts)though he stopped working nearly a year before he died. Fortunately, he had long term disablility insurance and I was able to cover the COBRA. This was just as the ACA was kicking in.
davekriss
(4,616 posts)Even with Part A, Part B, Part D, and a supplement (MediGap plan), you can still be left with tens of thousands of dollars in bills.
Immunomodulators and protease inhibitors used to treat certain blood cancers run as much as $25,000 per month. Without them, these patients can quickly die. With them, their lives can be extended for years, even decades. Part D has no MOOP. Once out of the donut hole youre still left paying 5% of the cost of these medicines, which translates to $1,250 per month out of pocket on top of premiums and other copays. Such patients can easily be on the hook for $15,000 to $25,000 per year (for years) even with the best Medicare has to offer. Its a problem.