The High Cost of Battling Cancer

New findings on cost implications for cancer survivors was published in the journal Cancer. They were based on the 2011 Medical Expenditure Panel Survey of 1,380 people who reported being diagnosed with cancer. In 2014 practically every new cancer-treatment drug approved by the FDA was priced at more than $120,000 a year. The cost for each additional year lived by a patient as a result of new drugs increased from $54,000 in 1995 to $207,000 in 2013. The survey questions covered a range of financial problems that stemmed from cancer treatment, including going into debt and bankruptcy. A dozen of the survey questions also probed the current physical and mental health of the respondents, including whether they ever suffered from depression because of their financial problems.

• Twenty-nine percent of cancer survivors reported cancer-related financial burdens, including those who have health insurance.
• Eight percent of cancer survivors lacked insurance coverage during the course of their treatment.
• Eight percent of cancer survivors borrowed money, incurred debt or declared bankruptcy.
• One in five said they worried about paying large medical bills.
• Ten percent were unable to cover the cost of medical care visits.
• Major financial problems significantly increased the risk of depression and worry about a recurrence of cancer. People with three or more financial problems had clinically significant worse physical and mental health than other survivors.
• Younger people, women, members of racial or ethnic minorities and those who had short-survival cancers were more likely than others to feel severe financial burden.

The study also isolated the impact of different types of financial problems on the quality of life of cancer survivors. For example, declaring bankruptcy was linked to a 25 percent reduction in quality of life.