Cancer survival rates are higher than ever. Advances in modern medicine have made it possible for people to achieve remission from cancers that used to be a death sentence. Chemotherapy, surgery, radiation treatments and immunotherapies can all combine to give people the best possible chance at recovery.
Unfortunately, those who beat cancer often end up facing intense financial pressure afterward. In some cases, cancer survivors must file for bankruptcy because the cost of their treatments could otherwise negatively affect their lives for years to come.
Cancer care is costly
The best forms of cancer treatment may not be available through every insurance provider. The new immunotherapies, for example, may not be covered at all. Other times, patients may have steep coinsurance obligations.
They have to pay a percentage of their total costs, which could be hundreds of thousands of dollars. A majority of cancer survivors end their treatment with significant medical debts.
Unfortunately, medical creditors are not especially patient with former patients. Frequently, they engage in aggressive collection efforts or sell debts to collection companies that may then sue cancer survivors. The stress of dealing with financial insolvency can worsen a person’s health. Collection efforts can endanger future income, home equity and bank accounts.
Both Chapter 7 and Chapter 13 bankruptcy proceedings can be reasonable options for people who have recently survived cancer and now need to address staggering levels of medical debt. The best option depends on whether a cancer survivor has returned to work and what property they own. In many cases, filing for personal bankruptcy can eliminate medical debts and give cancer survivors a fresh financial start.