A cancer diagnosis can be devastating -- not just for the person with the disease, but for the entire family. More people than ever are surviving cancer, but the new treatments and therapies that have improved the survival rates come at a high price. So do the drugs and surgeries that are often required.
Cancer treatment costs have increased as much as three times as fast as those for other types of health care. Some therapies can cost tens of thousands of dollars a month. It's not surprising that, according to a recent study, a third of cancer survivors of working age go into debt paying for their treatment. In half of those cases, the debt totaled more than $10,000.
Three percent of cancer survivors between 18 and 64 file for bankruptcy. People with a history of cancer have more than double the chance of filing for bankruptcy compared to those who haven't had the disease.
In addition to the cost of medical care, people with cancer may need to take an extended period of time off of work. Depending on your employer's sick leave policies, this can create an additional financial burden. The same is true if you need to take time off to care for a loved one battling cancer.
If you are facing a serious amount of medical debt due to cancer or other health care treatments, it's important to find out what your options are. An experienced Arizona bankruptcy attorney can help you sort through those options so that you can focus on your health.
Source: Reuters, "For working-age cancer survivors, debt and bankruptcy are common," Kathryn Doyle, accessed Aug. 17, 2016