The majority (62%) of America’s middle-income cancer survivors say they were not financially prepared for cancer diagnosis and treatment, according to a new study released by the Washington National Institute for Wellness Solutions (IWS).
The study – Insights from Survivors: Managing the Personal, Emotional and Financial Impact of Cancer – surveyed 400 Americans who were 25 to 65 at the time of diagnosis and had received radiation or chemotherapy in the past 10 years. Two-thirds of respondents (65%), all with an annual household income between $35,000 and $100,000, did not have sufficient household income to cover treatment-related expenses and incurred debt. After treatment:
30% reported debt of $10,000 or more
15% reported debt of $20,000 or more
11% of those younger than 50, or who were diagnosed with Stage III or IV cancer, incurred more than $40,000 in debt