Greater than one-half of cancer survivors reported experiencing some degree of financial distress following treatment, according to a study conducted by the LIVESTRONG Foundation (Austin, TX).
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Further, 85% of study respondents reported no discussions of the financial implications of cancer care prior to treatment, suggesting a need to integrate financial counselors into cancer treatment institutions.
Approximately 1.7 million cancer cases are diagnosed in the United States per year, and the annual cost of cancer care is projected to reach $158 billion by 2020. However, little research has addressed whether cancer patients are adequately appraised of the financial burdens of treatment.
Aditi Narayan, MS, program manager at LIVESTRONG Foundation, distributed an online survey to 1704 cancer survivors and 739 caregivers that addressed the financial ramifications of cancer care. Results from the survivor study showed that 59% of respondents encountered “a lot” or “some” financial burdens as a result of treatment. Among the respondents, few reported conducting financial discussions with their medical providers prior to treatment; 12% of patients stated that they would have selected alternative treatments had such discussions occurred.
Seventy-seven respondents reported paying out-of-pocket copays for doctors’ visits, with 60% reporting out-of-pocket expenses for transportation and 51% for medications. Out-of-pocket costs did not exceed $10,000 for a majority of patients (59%), whereas 27% reported out-of-pocket costs ranging between $10,000 and $24,999.
Sixty-one percent of respondents resorted to financial sacrifices—including the use of retirements savings and a reduction in daily living expenses—to offset the cost of treatment.
“With costs of cancer care expected to continue rising for the foreseeable future, there is a need for more and better communication between patients and health care teams related to the potential financial impact of cancer care prior to treatment,” Ms Narayan said. “Cancer institutions should consider including financial counselors as a part of care teams to inform patients of costs based on insurance status and type, and help them make educated and well-informed decisions related to their care.”
