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The Shocking Correlation Between Beating Cancer And Bankruptcy

On Behalf of | Oct 7, 2022 | Bankruptcy

A diagnosis of cancer was once a death sentence, but now there is much more hope available for cancer patients. Although treatment can take months or even years, it is possible for patients to go into remission from many kinds of cancer or even become cancer-free thanks to modern treatment options.

Treatments such as chemotherapy, radiation and surgery, which have long been used in the battle against cancer, have become much more precise and effective. Additionally, there are newer medical options, such as immunotherapies, which can help the body and its fight against the spread of cancerous cells.

For many people, beating cancer is the fight of a lifetime. Unfortunately, that battle may be followed by an ongoing war of attrition against creditors over medical bills. Staggering levels of debt are common for cancer survivors, which is why bankruptcy can be an important tool in some people’s cancer recovery toolbox.

Insurance gaps and uncovered treatments turn into major debt

Some of the best cancer treatments available are still in clinical trials or have yet to receive approval by major insurance carriers. That means that if you want these cutting-edge treatments, you will likely have to pay substantially out-of-pocket or cover the cost entirely by yourself. The cost could easily be thousands of dollars per treatment, and you may have to continue a regimen for many weeks or months for it to successfully treat your cancer.

As if those uncovered treatments weren’t financially devastating enough, you may also wind up dealing with thousands of dollars worth of co-pays, deductibles and coinsurance. When you consider the fact that you have likely been unable to work for the duration of your treatment, repaying those uncovered medical costs may seem impossible.

Bankruptcy can give you a fresh start to go with your cancer-free status

You shouldn’t have to live in fear and stress because of financial hardship caused by the fight for your own life. Medical debts incurred during the treatment of cancer could consume your expendable income and leave you struggling to make ends meet for many years. People who have beat cancer are 2.65 times more likely than others to file for bankruptcy because of those struggles.

The discharge available through bankruptcy proceedings will eliminate your unsecured medical debts, allowing you to move forward with your life without the threat of the hospital trying to secure a lien against your house or a garnishment of your paycheck.