Cancer Patients More Than Twice As Likely To File For Bankruptcy, Says Study
According to the data, individuals who have cancer are 2.65 times more likely to to file for bankruptcy than those who aren’t faced with this terrible affliction.
In recent weeks, we've focused on the the link between medical treatment and bankruptcy, examining research that suggests that people may opt out of potentially life-saving care so as not to add onto the debt they already have.
It has been documented that medical treatment is one of the most common reasons that people file for bankruptcy, says Washington-based KUOW Public Radio, but a recent study from the Fred Hutchinson Cancer Research Center in Seattle focuses on cancer patients, specifically, and the likelihood of them facing this monetary decision.
“There is a financial toxicity to cancer treatment and we're trying to get our arms around how big of a problem that is,” said Dr. Scott Ramsey, who led the study. “And the next step is [to] treat that toxicity like other side effects of cancer.”
According to the data, individuals who have cancer are 2.65 times more likely to to file for bankruptcy than those who aren't faced with this terrible affliction. Much of this is due to the fact that hospital bills are so high, with chemotherapy alone costing as much as $15,000 per month, reports KUOW. Additionally, people who are diagnosed with cancer often have to quit their jobs to take care of themselves, which causes them to fall even further into debt.
If medical bills have added up and left you struggling to make ends meet, contact Atlas Law Firm, a Twin Cities bankruptcy firm, for a free consultation. Each day, we help Minnesota residents find relief from burdensome debt and reclaim financial stability.