Cost of cancer care U.S. data
What’s the cost of cancer care in the U.S.? Here are current facts every adult over 40 should consider.
- 1,800,000 new cancer cases will be diagnosed this year.
- Americans spend $150 billion a year.
- 63 percent of cancer patients face financial struggles following diagnosis.
- Cancer cost Americans $94 billion in lost earnings.
- One fifth of cancer patients spent more than $20,000 each year in out-of-pocket costs.
- Half of cancer patients reported that travel expenses for treatment was an added hardship.
Cost of cancer care options worth considering
Every day 5,000 Americans will hear the dreaded words “you have cancer.”
Most will survive. The same won’t be true for their savings or financial future.
However, there is an option few people know about. And for men and women 35 – 40 – 45 – and 50 – it is well worth considering.
Today, some better critical illness insurance policies also offer a separate “cancer-only” option.
This more affordable option pays you a lump-sum, cash benefit if you are ever diagnosed with cancer. The money goes directly to you.
Use it to pay for medicines or for travel to treatments. Or use it to replace lost income while you get treated and recover.
The Cost Calculator on this page provides an instant example of how much a $10,000 Cancer insurance benefit could cost. Most policies offer coverage of between $10,000 and $50,000. Learn more about cancer insurance options and costs on the Association’s website.
$158 Billion a year on cancer care, survival rates increase
Medical expenditures for cancer in 2020 are expected to reach $158 billion according to a National Institutes of Health analysis.
The highest costs will be associated with breast cancer, followed by colorectal cancer, lymphoma, lung cancer and prostate cancer.
The number of cancer survivors in 2020 will increase by 31 percent to about 18.1 million NIH projects. Researchers expect the largest increase in cancer survivors to be among Americans age 65 and older.
After age 40, your risk of cancer starts to really increase
Here is the probability of developing invasive cancer during selected ages:
- Birth to 49: 1 in 29 men – 1 in 17 women
- 50 to 59: 1 in 16 men, 1 in 16 women
- 60 to 69: 1 in 8 men, 1 in 10 women
- 70 and older: 1 in 3 men, 1 in 4 women
Source: 2020 American Cancer Society Fact File
Annual out-of-pocket costs during cancer battle
Nearly 20% of cancer patients and their loved ones surveyed by The Mesothelioma Center estimated that they spent more than $20,000 each year in total out-of-pocket costs. Another 16% said they paid between $10,000 and $20,000.
Forty percent of cancer patients surveyed had difficulties paying medical bills, while 12% lowered the dose of prescription drugs to make them last longer.
Some average monthly costs of cancer treatments
Total out-of-pocket costs depend on a number of factors. According to The Mesothelioma Center the factors include insurance coverage, types of cancer and treatment, frequency of treatment and costs related to the cancer center.
However, even the better health insurance plans may have high deductibles and coinsurance that you will have to pay for. Plus, health insurance generally does not pay for travel costs to get treatments. It may not cover costs for second opinions.
A cancer diagnosis results in real financial problems
cancer patients, on average, were about 2.5 times more likely to declare bankruptcy as those without cancer. This report ties bankruptcy and cancer.
Especially impacted are working-age people who develop cancer. The researchers found that they face a loss of income and, in many cases, loss of employer-sponsored insurance.
This can be especially devastating for households in which the patient is the primary wage earner.
Learn more about critical illness insurance protection for you and your family. It can be a very worthwhile form of protection.
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