Cancer is one of the leading causes of bankruptcy filings

On Behalf of | Jun 3, 2021 | Bankruptcy

For many people diagnosed with cancer, their medical battle will be one of the most strenuous experiences of their life. However, thanks to incredible advances in modern medicine, cancer of many different forms has never had better survival rates.

The only downside to these incredible medical treatments is that they often come with a pretty significant price tag. Insurance plans don’t always cover the newest and most effective treatments. Even when they do, patients may have to pay co-insurance or co-pays that could leave them with tens or even hundreds of thousands of dollars worth of medical debt.

After beating cancer, many people in remission as soon realize that they have a new battle to fight in the form of overwhelming medical debt.

The modern system is highly unfair to cancer patients

Obviously, the researchers that develop medications and the companies that produce drugs or specialized equipment need to generate revenue to continue operating. The professionals directly administering the treatments also deserve reasonable compensation.

Unfortunately, the mark-up with some of the newest and best treatments can make them inaccessible to many individuals. Those who try to push forward with treatments by making payment arrangements with hospitals often wind up struggling to afford their payments.

It is almost impossible for someone to remain employed full-time while going through aggressive cancer treatment. You probably won’t be able to go back to work immediately afterward either, and catching up financially could take months, if not years, after you end treatment. It may not be possible without outside help due to the amount of debt amassed. Someone who survived cancer has 2.5 times the risk of the average adult for filing for bankruptcy because of their medical debts.

Don’t let financial stress destroy your recovering health

Not being able to pay your bills, feeling afraid to answer the phone or worrying about getting served lawsuit paperwork because of unpaid debt will affect your stress level and therefore your overall health. You shouldn’t compromise your recovery by letting financial worries sap your energy and affect your mental health.

Filing for personal bankruptcy after completing cancer treatment could be a way to put the whole experience behind you and move on with your life toward a healthier and happier future.