A cancer diagnosis is often no longer a death sentence. Advances in medical technology have increased survival rates for even many of the most aggressive forms of cancer. While treatment can be debilitating, patients who beat their cancer can live for decades afterward, making the challenges along the way worthwhile.
Cancer patients who achieve remission are often excited about the future. Unfortunately, the outstanding financial obligations left after they complete their treatment can impact their health and happiness after they achieve remission.
More than half of all cancer survivors finish treatment with substantial medical debt, and a significant portion of them eventually file for bankruptcy. Why is bankruptcy so common among cancer survivors?
Insurance gaps lead to big bills
Medical debt can accrue rapidly when a person requires cancer care. The treatment regimen may extend over more than one year, resulting in a patient needing to pay a large deductible two or even three times before they achieve remission.
Then there is the coinsurance to consider. Many modern insurance policies require that patients pay a flat percentage of their total care costs. A 20% coinsurance for cancer treatment could translate to dollars.
Some of the newest and best drugs may not be eligible for insurance coverage at all. Finally, the inability to work while undergoing treatment can increase the financial pressure on cancer patients.
Instead of letting debt collection stress affect a cancer survivor’s health, a prompt bankruptcy filing can be beneficial when medical creditors start calling or file a debt lawsuit. Reviewing bankruptcy options with a skilled legal team when a medical creditor attempts to file a lawsuit could help cancer survivors move on with their lives instead of facing years of hardship after their medical battle.
