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Study: Almost half of new cancer patients lose their entire life savings

According to a new study published in the American Journal of Medicine, 42% of new cancer patients lose all of their life savings in two years because of treatment. The average amount a cancer patient lost was $92,098.

After tracking 9.5 million cancer patients from 2000 to 2012, researchers also learned that 62% of all cancer patients are in debt because of their treatment, and 55% of them owe at least $10,000.

Overall, the total medical costs for cancer are $80 billion in the US.

Even if you have insurance, it may not cover all the medical costs associated with cancer. From high deductibles to large copayments, cancer patients can end up with a huge stack of bills.

In addition, 40% to 85% of all cancer patients have to quit working while undergoing treatment, which creates a financial burden that can last for six months or longer.

Have questions about voluntary worksite benefits such as critical Illness, cancer, and hospital confinement plans? We are here to help, contact a Benefits Specialist today.

 

Originally published by www.thisisinsider.com