The following is from a white paper by The Washington National Institute for Wellness Solutions and summarized in the November issue of Retirement Advisor.
Based on a survey of 400 cancer survivors between the ages of 25 to 65 that have been treated with chemotherapy and/or radiation in the last 10 years.
Almost 60% report they underestimated at least one financial aspect of their diagnosis like lost income from missing work, uncovered out of pocket expenses, and 2/3 did not have enough household income to cover all their treatment expenses.
60% were unable to cover their treatment without incurring medical debt. 30% incurred debt of $10,000 or more and half of those that incurred debt of $20,000 or more.
80% of the survivors under age 50 had to use at least on additional resource such as savings or investment to pay for their treatment.
Advanced stage (stage III and IV) survivors and those diagnosed under age 50 were far more likely to incur debt upwards of $40,000.
84% of cancer survivors did not have any supplemental insurance during their treatment. 7% had critical illness of cancer policies and 9% had some other type of supplemental insurance.
Based on a survey of 400 cancer survivors between the ages of 25 to 65 that have been treated with chemotherapy and/or radiation in the last 10 years.
Almost 60% report they underestimated at least one financial aspect of their diagnosis like lost income from missing work, uncovered out of pocket expenses, and 2/3 did not have enough household income to cover all their treatment expenses.
60% were unable to cover their treatment without incurring medical debt. 30% incurred debt of $10,000 or more and half of those that incurred debt of $20,000 or more.
80% of the survivors under age 50 had to use at least on additional resource such as savings or investment to pay for their treatment.
Advanced stage (stage III and IV) survivors and those diagnosed under age 50 were far more likely to incur debt upwards of $40,000.
84% of cancer survivors did not have any supplemental insurance during their treatment. 7% had critical illness of cancer policies and 9% had some other type of supplemental insurance.
