Being diagnosed with cancer is a nightmare for most people. Thanks to advanced technologies, cancer is treatable nowadays. However, it is still one of the most complex diseases in the world. If diagnosed in the early stage, the treatment becomes easier. On the other hand, a late diagnosis of this disease may require extensive treatment. In both cases, the treatment is costly since it involves paying hefty medical bills and medical expenses. So, how much does cancer treatment cost? The following section of this article intends to find an answer to this question.
The Cost of Cancer Treatment in the USA
Before moving forward, let us discuss some statistics, which will help you to understand the cost of cancer treatment in a better way. According to the studies, around 1.8 million new cancer cases have been diagnosed in the USA. Though people have Medicare and other health insurance, studies have found that people pay $5.6 billion annually out of their pockets for radiation therapy, surgery, chemotherapy, etc.
In the period between 2015 and 2020, the cancer treatment cost in the USA has risen from $190 billion to $208 billion. By 2030, the cost will be around $246 billion. Typically, the cancer treatment cost can be divided into three stages: initial, continuing, and the last year of life.
Crucial Factors in Cancer Treatment Cost
The overall cancer treatment cost depends on a few crucial factors. The following section will discuss those factors to help you draw an estimate of your cancer treatment cost.
- Time of Diagnosis: Cancer diagnosed in the early stage is treatable. Moreover, the cost of cancer also becomes lower when it is diagnosed in the early stage. Therefore, people should undergo screening tests to ensure a quick cancer diagnosis in the early stage. If you have cancer patients in your family history, undergoing a screening test is essential.
- Type of Cancer: The overall cost of cancer may rise with the type of cancer that you have been diagnosed with. According to medical experts, there are more than 200 types of cancers. The treatment cost varies from one type to another type of cancer.
- Health Insurance Coverage: The overall cancer treatment cost also depends on the health insurance coverage. Different policies come with different terms and conditions. Therefore, the cost can rise or reduce depending on the health insurance policy that you have chosen.
- Unexpected Costs: In some cases, you pay unexpected cancer treatment costs. For example, an unexpected health issue may lead to immediate surgery and medical care. In such cases, you need to make additional expenses.
Tips to Manage the Cancer Treatment Expenses
When someone in your family has been diagnosed with cancer, you need to adopt an expense management policy to ensure that the treatment goes without hassles. At the same time, preparing for the expenses will help you plan your finances in a better way. Here, in the following section, you can find some useful cancer treatment management tips.
1. Switch to Precision Medicine
The best way to reduce cancer treatment costs is by embracing precision medicine. Precision medicine is a personalized medicinal plan that intends to apply medicines that will work best for the patients. In this case, a pharmacogenomics test has been done to check the DNA profile of the patient. The insights received from the test will help medical professionals prescribe the right medicines to the patients. You need to find a certified lab for pharmacogenomics tests.
2. Search for Financial Assistance
The federal government has brought various policies to help cancer patients meet their costly medical expenses. You need to check whether you are qualified for such financial assistance or not. If qualified, you will find excellent relief in managing your cancer treatment cost.
3. Low-interest Loan for Emergency Expenditure
You need to look for the loans available at the low-interest rates. Various lenders offer medical loans at a low-interest rate. However, in such cases, you must have a high family income. Talk to the lenders and find a short or long-term loan to meet your cancer treatment expenses.
4. Talk to a Financial Counselor
Another good way of managing your cancer expenses is by talking to a professional financial counselor. The counselor is the person, who renders professional financial management suggestions. Adhering to the financial counselor’s guidelines will help you manage the cancer expenses with precision.
Conclusion
Dealing with cancer treatment is the most challenging phase of a person’s life. Not only mental stress, you will find hassles in managing the treatment expenses if someone in your family is a cancer patient. In such cases, you need to develop a robust financial plan to deal with cancer. Hope the tips in managing your cancer expenses helped a lot.
