The staggering costs that come with cancer treatment are leaving millions of families financially devastated, even forcing them to sell their homes, a charity has warned.
By 2020, almost half of Britons will experience cancer at some point in their lives – and deal with the monthly cost of care that is currently at £570 ($823), according to Macmillan Cancer Support. Among the hardest hit by the financial burden, the group added, are working parents with young kids.
Homes undergoing cancer treatment are typically left with about £365 ($527) each month after spending for essentials like food and utility bills, which leaves them with a yawning gap of hundreds of pounds every time. The brunt is even harder to bear because many are unable to work, resulting in a massive income drop.
Vulnerable families could then be forced into debt, even selling their homes in the process.
"At a time when thousands of families are struggling to make ends meet, a cancer diagnosis can be the straw that breaks the camel’s back, sending them into financial freefall,” said Macmillan Chief Executive Lynda Thomas.
The average family would be left with a monthly shortfall of around £270 ($390).
Cath Harding felt the financial difficulty herself when she was diagnosed with cancer back in January last year.
“I was told that I could be off work for up to 12 months. And then it hit me. How am I going to pay my bills?” the 58-year-old told the BBC, recalling her increased expenses as well that included heating bills and gluten-free food.
Last year, Macmillan is said to have helped 90,000 people affected by cancer through £267 million (approximately $386 million) worth of benefits. The charity provides grants, advice and financial guidance to these patients to tackle money problems before they spiral out of control.
The shock costs of cancer and other serious diseases can be addressed in different ways. Some insurance policies in the United Kingdom, for instance, release a tax-free lump sum with a diagnosis of cancer or another threatening condition such as stroke and heart attack.
An income protection product too will pay out in the event of a long-term illness.
Finance expert Emma Cross recommends money-saving tips for cancer patients and their families, including getting travel reimbursed, reviewing one’s pension options, looking into tweaking one’s mortgage plan, switching to 0 percent interest credit card and accessing free prescriptions.
“You may be eligible for a Macmillan grant, a small one-off payment which can be used for a variety of things such as extra clothing or to help with heating bills,” said Cross, who advises cancer patients through Macmillan. “You may also be able to get help from your local council for specific expenses such as adapting your home to make independent living easier.”
This year in the United States, an estimated 1.7 million new cases of cancer will be diagnosed, with nearly 600,000 dying from the disease. Approximately 39.6 percent of men and women will be diagnosed with the condition at one point in their lives.
Photo: Kat Grigg | Flickr
