How Treating Cancer Traps Survivors in Medical Debt

Posted on April 20, 2015 at 12:00pm by

The most serious illnesses are often the most expensive to treat. Medical debt can become crippling for survivors of serious illnesses, and our post today will provide readers with an example of how enormous the costs can become.

Cancer is a good example of an illness that can cause survivors financial ruin. Depending on the type of cancer, how long a patient undergoes treatment, and additional health complications, it is possible for bills to approach hundreds of thousands of dollars or more. In some cases, health insurance will not cover the full cost of treatment.

According to a study by the IMS Institute for Healthcare Informatics, the cost of treating cancer has risen significantly since 2003. In 2003, a month’s worth of cancer fighting drugs cost $5,000. By 2014, the cost doubled to $10,000.

According to online medication price finder GoodRX, cancer drugs such as Herceptin, used to treat early stage breast cancer, can cost up to $45,732 a year. For many people, the costs associated with cancer are significant and will persist long after a successful treatment regimen.

Should I File for Bankruptcy To Get Rid Medical Debt?

Depending on the specifics of each individual case, the Bankruptcy Code allows individuals with high levels of medical debt to file for bankruptcy. Owing tens or hundreds of thousands of dollars and defaulting can have serious consequences, such as lawsuits and wage garnishments. Cancer survivors should be able to focus on recovery without worrying about medical debt.

Our readers can watch Kansas City bankruptcy attorney Neil Sader explain how filing for bankruptcy can help individuals who are trapped in debt. For regular news updates, follow The Sader Law Firm on Facebook.

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