Half of cancer patients report medical debt
More than a quarter of cancer patients depleted most or all of their savings to cover the costs of their care, according to a study released Thursday by the American Cancer Society Cancer Action Network.
Why it matters: The cost of cancer care is having a substantial impact on the lives of cancer patients, even among those who have insurance.
By the numbers: The poll of more than 1,2o0 cancer patients conducted between Feb. 9 and 23 found a majority of patients and survivors said they were unprepared for the costs of their care.
- In order to afford their care, 28% of respondents said they'd gone into credit card debt and 20% had borrowed money from relatives and friends.
- More than one in 10 took out another type of loan, like borrowing from a payday lender or refinancing their homes.
- About half of patients said they incurred cancer-related medical debt. Of those, about half reported it had gone to collections and hurt their credit.