According to a study, Phoenix cancer patients are several times more likely to file for bankruptcy than the rest of us. Considering the costs of medical treatment, this fact should surprise no one. What makes it more difficult for these individuals is that the prolonged nature of the treatments makes it almost impossible for these people to hold onto a job.
This same study showed that patients under the age of 65 are declaring personal bankruptcy more often than senior citizens. The federal government provides safety net features like Social Security that assures a continued flow of income. Also, younger people often have families to support while at the same time paying off a variety of debts.
There are a number of other healthcare coverage concerns for younger cancer patients as well. Patients too often find the kind of treatment they receive dictated by other individuals than medical professionals due to the manner that health insurance policies are worded. Insurance coverage may not cover certain treatments prescribed by a patient's doctor. Some patients may feel that they have to submit to less expensive and possibly less effective forms of therapy.
Those suffering from cancer should only be concerned about receiving the best form of treatment available rather than the paying off of bills. With mounting debt, patients may find themselves seeking the advice of experienced bankruptcy attorneys. In some cases Chapter 7 bankruptcy may be suggested while in others Chapter 13 is a viable option. In some situations, bankruptcy may not be the best route to take. This is all dependent upon individual circumstances.
Source: The Daily, "Study finds younger cancer patients have a higher rate of bankruptcy," Chris Lopaze, June 4, 2013