Cancer patients face significant financial challenges, with nearly five times the bankruptcy rate and average credit scores nearly 80 points lower than non-cancer patients. Research from Beth Israel Deaconess Medical Center highlights that financial toxicity persists for years post-diagnosis, particularly affecting those under 62, minorities, and individuals with lower incomes. These findings underscore the need for policy reforms to address the financial burdens associated with cancer care.
A study led by Dr. Benjamin C. James reveals that cancer patients face significant financial challenges, including a nearly fivefold increase in bankruptcy rates and credit scores averaging 80 points lower than non-cancer patients. The research highlights persistent financial toxicity, particularly among those with bladder, liver, lung, and colorectal cancers, lasting up to 9.5 years post-diagnosis. Factors such as age, race, marital status, and income level contribute to the severity of financial distress, underscoring the need for policy reforms in healthcare and debt collection practices.
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