Financial problems linger for nearly 10 years after treatment, study finds
of ConsumerAffairsAs if having cancer weren't enough, a new study found that a cancer diagnosis can hurt people's finances for years, even if they have health insurance.
These are the first studies to provide numerical evidence of financial toxicity among cancer survivors, said Benjamin C. James, MD, chief of general surgery at Beth Israel Deaconess Medical Center aHarvard Medical School professor. Previous data on this topic largely relies on subjective survey reviews.
Researchers looked at the credit reports of people with cancer in Massachusetts and found that they were:
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More likely to have debt: This includes medical debt and other kinds of debt.
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More likely to go bankrupt: People with cancer were almost five times more likely to declare bankruptcy.
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More likely to have lower credit scores: Their credit scores were about 80 points lower than people without cancer.
The study also found that these financial problems lasted for a long time, sometimes up to 9.5 years after the cancer diagnosis.
Why is this happening?
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Cancer treatment is expensive: Even with insurance, people can face high costs for treatment, medications, and other related expenses.
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Time off work: Many people have to take time off work during treatment, which can lead to lost income.
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Unexpected costs: There can be many unexpected costs associated with cancer, such as travel for treatment or changes needed to make their homes more accessible.
We are looking years after a diagnosis and we see that the credit score goes down and it never comes back up, which is a first in the scientific community, Dr. James said.
The researchers were surprised to see these financial problems in Massachusetts, a state with good health insurance coverage.
This persistence of financial challenges, even in a state with relatively high insurance coverage, calls for broader policy changes and reforms, including reconsidering debt collection practices, Dr. James said. Further research is needed, but I think financial security should be a priority in cancer care.
The study found that declines in credit scores are larger for people with bladder, liver, lung, and colorectal cancers, and persist for up to 9.5 years after diagnosis.
There are certain factors that are associated with worse financial toxicity, including being under the age of 62, identifying as Black or Hispanic, not being married, having an area deprivation index below the median, not owning a home, and having an income below a median of $52,000 a year, Dr. James said.
The studies followed up onfindings from the 2015 North American Thyroid Cancer Survivorship Study, which showed that 50% of thyroid cancer survivors encountered financial toxicity due to their diagnosis.
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Posted: 2024-10-21 00:03:49
