Financial Toxicity and Its Community Impact
The financial burden from cancer resulting from a cancer diagnosis is referred to as financial toxicity. Several studies have been done in recent years to demonstrate that the financial burden of cancer is great and is experienced more deeply by those with metastatic cancer or have a history of cancer because patients with a history of cancer experience greater out-of-pocket costs and are more likely to report being unable to work or have more missed work days than the average individual. Many of these expenses reflect on going care and cost of care for any late or long lasting effects of previous treatment.
Financial Distress from cancer is reported among 49% of advanced stage cancer patients. A study by Duke University found that Cancer doubled your likelihood of filing for bankruptcy.
Several factors that cause this financial distress:
- Wage-earner status of the affected household member (primary, secondary, etc.).
- Pre-illness debt load.
- Illness-associated costs/ Out of pocket medical costs
- The influence of the illness and its treatment on ability to work.
- The presence and terms of the health and disability insurance of the patient.
- Incomes of others in the household.
Beloved Foundation eases the burden for families that are suffering a financial hardship as a result of caring for a loved one with stage 4 or terminal cancer by providing financial and emotional support. We believe that by helping to pay for basic needs, such as rent, utilities and co-pays, that families won’t have the added stress of debt or financial burden now or in the future.
Since we began in 2009, we have given away over half a million dollars in support to families in the inland empire, often preventing eviction and improving quality of life for the patient and caregiver.