A cancer diagnosis leads to many major challenges. The treatments recommended for cancer are often invasive and even painful. People may undergo chemotherapy and radiation, both of which can cause debilitating secondary symptoms. Others may require surgery or immunotherapy drugs.
Once they complete their treatment and achieve remission, cancer patients often want to live their best lives. For many, doing so requires a personal bankruptcy filing, as slightly more than half of all cancer survivors face serious medical debt.
Why does cancer lead to bankruptcy?
There are two primary sources of financial pressure that may push cancer patients into bankruptcy. The first is the overall cost of care. Some patients have large coinsurance responsibilities that could leave them accountable for a specific percentage of their overall treatment expenses.
Others may require care that their insurance company does not cover. People who have recently achieved remission may end their treatment with tens of thousands of dollars or more in medical debt.
The second reason that people who recently beat cancer have debt is that they often cannot work while undergoing treatment. In fact, their spouses may even need to prioritize their careers as they act as caregivers during cancer treatment.
Unfortunately, hospitals and other care providers are often very aggressive about pursuing debt after cancer treatment. They may sell the debt to outside collection agencies or even take legal action against cancer patients who are just starting to rebuild their lives.
Filing for personal bankruptcy can eliminate medical debt and prevent aggressive medical collection efforts. Cancer survivors facing insurmountable medical bills may need to explore their options for pursuing the strongest financial future possible now that they have regained their health.