Cancer survival rates have been steadily increasing in recent years thanks to improvements in research and treatment. While this is uplifting news, it also brings about new complexities associated with surviving cancer. Aside from the physical effects of cancer that can remain, and the emotional impact a diagnosis often brings, financial burdens have become a very common factor in survivorship.

Using data from a survey of cancer survivors taken in 2012, researchers at Kaiser Permanente Center for Health Research found that one-third of the survivors had gone into debt due to cancer, with three percent filing for bankruptcy. Increased risk of debt and bankruptcy were associated with younger age, lower income, and public health insurance.

While much of this risk is associated with the high costs of treatment, there is also the impact that cancer has on the ability to work and the need to take time off. While it remains unclear which types of cancer result in the most financial hardship, it is clear that educating yourself on treatments and resources will help to be the most prepared. Take a look at our Legal and Financial Sections for advice on managing finances following a diagnosis.

If your financial situation has been significantly impacted by your cancer diagnosis and has you wondering what the next step is, check out our Financial Consulting Program. With generous support from Morris Retirement Advisors, our Financial Consulting Program offers cancer patients and survivors an opportunity to get guidance regarding their financial concerns. Fill out your application now!