Cancer patients more than twice as likely to go bankrupt, study shows


Cancer treatments do not only drain patients emotionally, but it also consumes most of their income.

The journal Health Affairs, researchers at the Fred Hutchinson Cancer Research Center in Seattle determined that people with cancer were more than 2.5 times more likely to declare bankruptcy than people without cancer, with the likelihood even greater in younger patients.  Research indicates Cancer patients who filed for bankruptcy were more likely to be younger, women and not white. The youngest people in the study had up to 10 times the bankruptcy rates as the oldest.

Why do younger people run higher risks of filling for bankruptcy?

Preexisting debt, not having as many assets, having more dependent children and not having supplemental income of others in the household at the time of diagnosis.  Older patients with cancer, conversely, typically have Medicare and Social Security, and often have more assets.

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Picture by TipsTimes




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