Overcoming the Financial Toxicity of Cancer
by Stephen E. Terrell
Financial toxicity is a term that describes patients’ pain or suffering caused by the expense of medical care. In people with cancer, this can be especially onerous, encompassing both direct medical costs, like medications and treatment, as well as indirect costs, like transportation and lost wages. This not only negatively burdens the patient’s finances but also serves as a barrier to accessing the care one needs, resulting in negative health outcomes.
Understanding Financial Toxicity
A diagnosis of cancer frequently requires a multi-modal treatment regimen, including surgery, chemotherapy, radiation therapy, hormone therapy, immunotherapy and others. Even for those with health insurance, patients usually have high out-of-pocket costs, such as deductibles, copayments, and fees for services not included under their insurance policies. The cumulative cost can result in financial hardship, often termed financial toxicity.
Research has demonstrated that financial toxicity is a common phenomenon in people with cancer. For example, it is reported that people with cancer are five times more likely to declare bankruptcy than non-cancer patients. Additionally, people with cancer also average credit scores nearly 80 points lower than people without cancer. Financial hardship is also associated with reduced quality of life and greater symptom burden, with impacts on physical and psychological well-being. In the worst cases, some people with cancer will postpone or skip proper treatments for financial reasons, which can jeopardize their prognosis.
Strategies to Reduce Financial Toxicity
Open Communication with Healthcare Providers
People with cancer need to talk with their doctors about the cost of treatments. This can open up the consideration of less expensive treatment options or the pursuit of financial aid programs. A 2018 study reported that less than 30% of oncologists felt comfortable discussing out-of-pocket costs with their patients even though 75% of them felt it was their responsibility to do so. While it may be uncomfortable, the discussion is an important one to have and greater communication efforts are needed.
Incorporating financial literacy into patient education can also enable people with cancer to make sound decisions regarding their treatment.
Using Financial Counseling Services
Most cancer treatment centers have a financial counseling service that can assist people with cancer in dealing with the intricacies of medical billing, insurance coverage, and sources of financial assistance. Financial counselors can identify sources to pay for care, thus reducing some of the economic burdens of cancer treatment.
Use Coping’s Cancer Resource Guide to find organizations that can help survivors get the resources they need.
Analyzing Assistance Programs
There are several government programs and nonprofit organizations that offer financial help to people with cancer. The programs may assist with the cost of treatment, medication, transportation, and daily expenses, providing financial relief to patients who are experiencing difficulty managing the costs.
Triage Cancer has a great toolkit for navigating finances after cancer.
Considering Life Insurance Settlements
Those with life insurance policies may find relief from financial toxicity by exploring life insurance settlements. This process involves selling your existing life insurance policy for immediate cash, offering financial relief during cancer treatment. If you no longer require your policy or can’t afford premiums, this option could significantly reduce your financial stress. Specialized experts can provide guidance and education on how life insurance settlements can support your financial and emotional well-being during your cancer journey. As always, it’s essential to consult a financial advisor to fully understand the implications.
Financial toxicity can be a major problem for people with cancer, even impacting adherence to treatment and overall quality of life. With ongoing awareness of the degree of this problem and the use of available resources, people with cancer can more easily cope with the financial burden of cancer treatment. Open dialogue with health providers, financial counseling, investigating assistance programs, and even life insurance settlements are all acceptable options to help reduce financial toxicity. Reducing financial toxicity is necessary to allow people with cancer to concentrate on getting well without the additional stress of financial worries.
Stephen E. Terrell is a writer, activist, and creative professional dedicated to raising awareness about the lesser-known complexities of cancer, including financial toxicity. With personal experience in navigating these complexities and as part of the 2cancer.com caring team, he helps empower patients to make informed financial decisions at critical junctures.
