The Cost of Cancer
Cancer is the second leading cause of death in America today. While not everyone will contract cancer, everyone knows someone close who has had a struggle with the disease, be it a friend, a family member, a co-worker or whomever. It affects everyone.
Here at The MoneyCulture Initiative we have partnered with Howling Wolf Foundation and the Marty Lohr Memorial Foundation to provide financial support to patients and their families impacted by the cost of cancer treatment.
There was a time when cancer in general had few effective treatments and many types of cancer were essentially death sentences. Research and the miracle of modern medicine have made tremendous progress is developing new treatments, and in some cases even cures. There are new breakthroughs every month. Cancer survival rates are rising….A great thing. We all like that. However, THE COST OF CANCER TREATMENT IS RISING FASTER. This is outrageous to a lot of us.
By The Numbers:
- 600,000 people in the US die of cancer each year. I’m sure every reader knows of at least one.
- There were 1,762,000 new cancer cases diagnosed in 2019. My son was one.
- $150.8 Billion was spent in the US in 2018 on cancer care. It’s not surprising that…
- 63% of cancer patients experience financial hardships from necessary treatments.
The financial cost of cancer is horrifically expensive:
• The average monthly pre tax income in the US is $3600.
• The average monthly cost of chemotherapy was $12,000.
• The average monthly cost of radiation was $9000.
• The average monthly cost of immunotherapy was $12,500.
• The monthly cost for Provenge (used to treat prostate cancer) is $99,000 per month!
There are other cost factors: post – treatment expenses, like scans, labs, medicine, home care and follow up costs, travel to and from treatment locations – what happens when the best treatment option is in a different state or even a different country? What about lost wages? Many cancer treatments require long hospital stays. What happens when a patient is unable to work for weeks or even months?
The cost of my late wife Marty’s 3 years of cancer treatment — 11 operations, 3 rounds of chemo, and the follow up totaled over $2 Million when she died in 2015. My son’s treatments since September 2019 is about $2 Million so far, and he is not yet done.
But, what about insurance?
No insurance covers everything. Period. Remember co-insurance. Even with a maximum out of pocket, there are exclusions.
- 28 Million non-elderly in the US are without any insurance coverage.
- 45% of 19-64 year olds are underinsured.
According to the underinsured and uninsured, the biggest reason was the inability to afford insurance. What about the price of coverage? What about the extent of coverage? And speaking of maximum out of pocket, what about insurance deductibles?
While some insurance companies set the amount the patient must pay out of pocket to a reasonable level, others are exorbitantly high, running into thousands of dollars. This has become a source of severe financial distress.
The Martha Lohr Memorial Foundation and the MoneyCulture Initiative are joining forces to help cancer patients and their families. Cancer patients facing this cost crisis do not have to face it with hopelessness. There are organizations which can help. Our mission is to provide the resources and research to point you to help. Starting with the guidebook, You have Helpers, we compile details about organizations, companies, agencies and charities who offer various solutions. We are compiling the only complete encyclopedia of resources for you. It is a compilation that will be an ongoing legacy. The Cancer money crisis cannot be resolved by the efforts of one person, or one organization, alone. Together we will make a real difference in the lives of cancer patients and their families.
Will you join our movement?