By Tai of Allsup
Millions of dollars are raised and spent each year trying to find a cure for cancer. Millions more are spent treating it. According to the American Institute of Cancer Research, each year, cancer costs the world more money than any other disease. These costs often have devastating impacts on individuals and families.
A recent study showed that one-third of working-age cancer survivors go into debt and 3 percent file for bankruptcy.
A study released at last month’s American Association for Cancer Research (AACR) conference, found similar negative impacts. Of 1,000 survivors of breast, colorectal, lung and prostate cancer, more than half experienced some form of financial burden related to cancer.
“In order to pay for cancer care, many patients experience changes to their financial situation that can include everything from cutting back on leisure spending to dipping into savings or selling assets, taking on debt, or even losing a home or declaring bankruptcy,” said the study’s lead author, Theresa A. Hastert, Ph.D., MPP, in an AACR news release.
The cost of cancer drugs can range from $100 to as much as $65,000 a month, depending on the type of cancer being treated, according to Memorial Sloan Kettering Cancer Center.
Financial Resources To Help
Fortunately, there are a number of organizations and programs that offer financial assistance to individuals with cancer. True Help Claiming Power to Improve Your Finances is a web event Thursday, Oct. 20, that will help individuals with cancer and other chronic illnesses or disabilities connect with resources that can help them improve their financial outlook.
For example, the Colon Cancer Alliance’s Blue Hope Financial Assistance program helps individuals pay bills so they can concentrate on their health. The Caregiver Action Network has resources and tools for caregivers to help them manage their own and their care recipient’s finances.
Social Security Disability Insurance (SSDI) is another resource available to former workers that provides a monthly income, access to Medicare and assistance returning to work if and when they are medically able. However, obtaining SSDI benefits can be a daunting task.
True Help Claiming Power to Improve Your Finances will feature information and tips on improving the chances of getting approved for SSDI benefits. Register here for the web event taking place Oct. 20 at noon CST.
Advocates and patient resource experts from the Colon Cancer Alliance, Caregiver Action Network, National Stroke Association and Allsup will be on hand to answer questions during the live event. The webinar also will be available on-demand after Oct. 20, and participants who submit questions will receive an email response.
Share the wealth, and post the event registration link, bit.ly/TrueHelpFinances, on social media. You can meet your friends in the chat room and make new ones during the event.