Cancer has a profound impact on individuals, affecting their physical, emotional, and financial health. The American Cancer Society Cancer Action Network highlights that nearly half of cancer patients and survivors experience significant medical debt, with many carrying balances exceeding $5,000 for over a year.
This financial burden often leads to severe depletion of life savings, especially within the first two years of diagnosis. The escalating costs associated with cancer treatment not only harm patients but also create a cycle of financial toxicity that compromises their chances of survival and quality of life.
Financial toxicity manifests when the high costs of cancer care force patients to make difficult choices that can adversely affect their treatment. For instance, patients may skip doses of medications or forgo essential care due to unaffordable expenses related to transportation or housing near treatment centers. As new, life-saving therapies continue to rise in price, the situation becomes increasingly unsustainable, with patients facing greater financial risks and health threats.
This issue extends beyond individual patients, impacting employers who provide health insurance to a significant portion of the workforce. Cancer has emerged as the leading healthcare cost for mid- and large-sized organizations in the United States, burdening them financially.
As cancer diagnoses are expected to exceed 2 million in 2024—partly due to an aging population but also affecting younger individuals—employers must consider how they can alleviate this financial strain on both their employees and their businesses.
Early detection of cancer significantly benefits patients, families, and employers alike by improving survival rates and reducing overall treatment costs. For example, treating colorectal cancer at an early stage can save over $145,000 in treatment costs compared to late-stage diagnoses. Evidence suggests that increased access to preventive care and early detection strategies could reduce cancer mortality rates significantly, emphasizing the need for initiatives that promote screening.
Unfortunately, access to cancer screening remains a barrier for many, with 65% of eligible Americans not up-to-date on their screenings. The COVID-19 pandemic has exacerbated this issue, leading to millions of missed screenings. Factors such as financial insecurity, logistical challenges, and social determinants of health prevent individuals from seeking necessary preventive care, highlighting the need for new strategies to overcome these barriers.
To address these challenges, the American Cancer Society (ACS) is taking a multi-faceted approach to improve access to care and reduce financial toxicity. Their recent partnership with Color Health aims to enhance screening access through at-home testing and support services. Additionally, initiatives like Road to Recovery and ACS Hope Lodges address transportation and accommodation costs for treatment.
Advocacy efforts to expand Medicaid and implement cost-smoothing policies for prescription drugs are also crucial in alleviating financial burdens. By prioritizing early detection and supporting employees in accessing screening, employers can significantly mitigate the financial and health impacts of cancer, ultimately contributing to the fight against the disease.
