Insurance Not Enough to Cover Medical Expenses for Cancer Patients
By Consumers for Quality Care, on May 22, 2024
According to a survey by the American Cancer Society’s Cancer Action Network, nearly half of all cancer patients have medical debt, even though nearly all these consumers have health insurance, NBC News reports.
The survey found that 47 percent of cancer patients reported having medical debt, with half of those consumers carrying more than $5,000 of medical debt. Of cancer patients with medical debt, all but two percent had health insurance when their medical debt was incurred.
Karen Knudsen, CEO of the American Cancer Society, noted that many cancer patients find that they are underinsured once they begin treatment. “While it is terrific that 98% had some form of coverage, what this tells us is that’s clearly not enough. Cancer care is really devastating to people’s financial position,” said Knudsen.
Medical debt can have devastating consequences, particularly for cancer patients. As a result, patients may skip or delay medical care for fear of going further into debt, or cut necessities like food, clothing, and housing. Medical debt can also wreak havoc on a patient’s credit score, making it harder to take out a loan or rent an apartment. The study also found that medical debt among cancer patients disproportionally affected Black and Hispanic consumers, who were about twice as likely to report medical debt as compared with white respondents.
The study noted that the increased prevalence of both private and public high-deductible health insurance plans has worsened the medical debt crisis in the country. These plans force consumers to pay thousands of dollars for medical services before their insurance begins to cover these expenses.
Having insurance is not enough. CQC urges lawmakers and insurers to find solutions to deliver affordable health care for Americans and prevent consumers from going into medical debt for seeking the care they need.
