Rising drug prices and inflationary effects have escalated the price tag of a cancer diagnosis for both hospitals and patients. Now, 47% of cancer patients accumulate debt as a result of their medical needs, The Wall Street Journal reported May 28.
Continuing drug shortages, rising inflation and the accompanying increase in drug prices have all contributed.
Some Americans are facing $38,000 or even more in medical debt, the Journal found. Additionally, more cancer patients are filing for bankruptcy, which one study linked to an 80% increased risk of dying.
A separate 2016 study cited by the Journal, found that cancer patients are also more likely to make late payments on their mortgages and credit cards.
The annual cost of cancer diagnoses in the U.S. averages $41,800 per patient in initial medical costs, $5,300 annually for continuing cancer care, and around $23,500 for end-of-life care, according to a 2020 report from the American Association for Cancer Research.
The escalating costs signify "a need to ensure that expected costs of care are included in patient-provider discussions about treatment options, and that informed decisions can be made that fully reflect patients' preferences," Robin Yabroff, PhD, the senior scientific director of Health Services Research at the American Cancer Society and author of the AACR's 2020 report said.
A 2024 survey of 1,284 cancer patients and survivors led by the American Cancer Society Cancer Action Network also found that:
- Of the 1,248 patients surveyed, 49% had $5,000 or more in medical debt.
- Nearly 98% were insured when they acquired the debt related to their cancer.
- Around 35% of cancer patients with medical debt had been in debt for three years or longer.
- Of all patients, 51% reported having gone into debt to cover the cost of cancer care.
- Cancer patients had the majority of their debt due to surgery, then imaging, tests, chemotherapy, drugs and radiation — in that order from the greatest percentage of debt allocation, to least.
- At least 25 patients of the 1,284 surveyed said they delayed or skipped treatments to avoid going into more medical debt.