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Managing medical debt while struggling with cancer

The relationship between bankruptcy and medical bills has been well established. Numerous studies have confirmed the link between illness and financial challenges, demonstrating that medical debt is one of the leading reasons consumers file for bankruptcy. To better understand the correlation between health care and financial challenges, Tennessee readers should consider the following study.

According to the study, individuals who have been diagnosed with cancer are nearly twice as likely to file for bankruptcy than other individuals. One of the co-authors of the study, the project director at the Hutchinson Institute for Cancer Outcomes Research, stated that the paper demonstrates how medical debt associated with cancer is more likely to lead a consumer to file for bankruptcy than those without cancer.

While the findings in the paper are certainly revealing, what the study does not demonstrate is how many individuals with a cancer diagnosis who do not file for bankruptcy are also struggling with serious financial challenges. Like many medical conditions, cancer treatment is expensive, which can result in ill patients taking on second or third jobs, draining their retirement and savings accounts, and ruining their credit scores.

It is important that individuals struggling with mounting medical expenses consult with an experienced debt relief expert immediately. The financial problems brought on by expensive medical treatment can be incredibly stressful, and that stress can adversely affect a patient's health. In fact, a study published last October showed that financial stress is an important risk factor in certain long-term health care outcomes.

Source: People's World, "Cancer patients more likely to go bankrupt," Susan Webb, June 4, 2013

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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