Prostate Cancer Can Affect Your Financial Health

Prostate Cancer Can Affect Your Financial Health
Treating cancer is expensive. Missed work, loss of income, high deductibles, a substantial reduction or depletion of savings, or going into debt. It all adds an  additional layer of stress to the already-stressful challenge of coping with prostate cancer. A survey conducted by the Association of Oncology Social Work (AOSW) showed "66% of patients with major financial challenges suffer depression or anxiety." According to AOSW's survey "40% of patients reported depleting their savings, almost 30% reported dealing with bill collectors, and 54% of those handling a major/catastrophic financial burden said it had become more difficult in the past year to afford treatment." The same survey found that financial issues affect a patient’s willingness/ability to continue with necessary ongoing treatment. In fact "29% delay filling prescriptions due to financial pressures, and 22% skip doses of their medications," it said. Delaying or skipping doses of cancer-fighting treatment medications has an impact on the success or failure of treatment. According to an article in Fierce Heath Care, prostate cancer patients who filed for bankruptcy were almost twice as likely to die as those who remain solvent. Protect your financial health There are things you can do to that may help you protect your financial assets and avoid bankruptcy: Buy health insurance: Insurance companies are not allowed to disqualify you for a pre-existing condition. Open a health savings account: This allows you to pay for your out-of-pocket medical costs with pre-taxed earnings. Not everyone qualifies, so it’s important to get accurate information before opening this type of account. If you are on Medicare you can’t open an HSA. Sell or cash in a life insurance policy: Many policies
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