Young People with Cancer Are at High Risk of Financial Hardship
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Young people with cancer are at high risk for experiencing financial distress, according to a new study. Financial distress refers to the problems a person can have while managing the costs of cancer. These issues are also known as “financial toxicity” or “financial hardship.”
The study was presented at the 2024 ASCO Quality Care Symposium.
How financial distress impacts young people with cancer
In , researchers asked people with cancer ages 18 to 39 about their financial problems. More than half of the young adults surveyed had financial struggles.
- 28% had trouble paying for at least one essential, like food, housing, or transportation.
- 24% had to use their savings to pay for treatment.
- 25% borrowed money or took out loans to pay for treatment.
- 7% had no savings to fall back on.
- 10% did not have enough money to pay for treatment.
- 7% took less medication than prescribed because they could not afford it.
Young people with cancer are more likely to have medical debt for a variety of reasons. For example, younger people are less likely to have established a savings account. Without savings, it can be harder for them to pay for treatment.
Depending on when they are diagnosed, young people with cancer may also need to take breaks in their education or careers during a time that is crucial to their financial growth. For instance, they may need to take leave from work or school to focus on treatment. This can lead to delays in graduating and missed opportunities at work.
Financial resources for young people with cancer
“This study highlights the deep need for resources to better support young people with cancer in managing the high costs of cancer treatment. It also shows how important it is for young people with cancer to seek help. Often, these resources may be available nearby, but many young people may not know where to look,” said Cristiane Decat Bergerot, PhD, an American Society of Clinical Oncology (ASCO) expert and head of Supportive Care at Oncoclínicas&Co.
If you’re experiencing financial problems during cancer, there are resources available to help. For example, many cancer centers provide financial assistance to patients. Local groups may help cover treatment costs to reduce the financial impact of cancer on families.
“It can be devastating to receive a medical bill as a young person and worry about how you will pay for your treatment,” said Dr. Bergerot. “But it’s important to know that there are organizations and people there to help, starting with your care team.”
The American Cancer Society offers several programs to help ease the financial burden of cancer.
- The Road To Recovery program gives free rides to cancer-related medical appointments.
- Hope Lodge?communities provide a free place to stay during treatments.
For more information about available resources, call the 24/7 Cancer Helpline at 1-800-227-2345.
How to talk to your cancer care team about financial concerns
Dr. Bergerot added that the study shows why young people should have discussions with their care team about the costs of their care as soon as possible. “By providing timely education and support, we can help ease the financial burden and allow patients to focus more on their treatment and well-being, rather than worrying about how to cover their costs,” she said.
You may want to ask your care team:
- What resources are available at my cancer center to help me pay for treatment?
- Are there any local or regional programs that help young people with cancer cover treatment costs?
- Is there a financial navigator or social worker who can help me understand the costs of my care?
Dr. Bergerot is a member of .
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Developed by the American ?Society of Clinical Oncology?(ASCO).