As if dealing with cancer isn’t enough, families also have to worry about cancer costs. People suffering from this condition have to cover the doctors’ assistance, the drugs, the treatments, hospital stays, and many other expenses.
In this article, we’ll explain how much cancer treatment costs, and what it entails.
Price of Cancer Treatment in the US
The price of treatment can vary significantly based on your coverage as well as the type of treatment you’re currently receiving. For example, you might have to pay from $1,000 to $20,000 annually (even higher without insurance). Even with all the government assistance, US citizens spend several billion dollars each year for cancer treatment.
As a condition that affects your body on a cellular level, cancer is hard to treat. It doesn’t help that the ailment often comes back, causing additional expenses. Chemotherapy and radiation are among the biggest costs, but we also need to think of patient advocate expenditures as well as lost work days.
Chemotherapy medication alone will cost you from $1,000 to $12,000 a month. So, if you need to get three sessions a year, you’ll have to fork out $36,000. Even those who have full insurance will likely have to spend massive amounts of money via coinsurance.
Factors that Affect the Treatment Cost
Each patient has unique requirements during cancer treatment. So, it is really hard to provide a universal cost assessment. Here are a few factors that have the biggest impact on pricing:
- Cancer type
- Cancer stage
- Treatment frequency
- Treatment goals
- Treatment location
- Inssurance
Having full insurance, or at least being underinsured, is the best way to mitigate the costs. Unfortunately, about 43% of citizens fall into the underinsured category. In other words, these individuals had to cover cancer treatment expenses that were 10% or more of their annual income.
Breakdown of Cancer Costs
Cancer treatment expenses are an extremely complex category that involves numerous subcosts. We can further classify these costs into medical, non-medical, and lifetime expenses.
Medical Expenses
- Doctor-Related Expenses
Aside from the initial consultations and exams, you’ll need continuous checkups. Your doctors will have to monitor your state over time and suggest changes to your treatment (if and when necessary). Even with full insurance, there’s a good chance you’ll have to copay for this expense.
- Medical Procedures
In many cases, a patient will have to go through a surgery or some other type of medical procedure. In this particular case, you’ll be charged for equipment use, room use, doctor and nurse participation, etc. Generally speaking, the more complex the procedure, the more money you’ll have to spend.
- Imaging Tests
At the very start, you’ll need to go through numerous diagnostic procedures, including MRIs, CT scans, and X-rays. Aside from covering equipment costs, you’ll also have to cover the radiologist fee and the subsequent medication. Keep in mind you’ll undergo additional testing once cancer treatment is finished.
- Medication
Chemotherapy will cost you an arm and a leg, especially if you don’t have medical coverage. However, your drug costs don’t stop there. You might need something to deal with nausea, a common side effect during chemotherapy.
- Specialist Visits
You have a lot of specialists that provide additional services for cancer patients. These experts are usually expensive, but significantly improve the likelihood of full recovery. They can assist you with speed recovery or physical therapy. Depending on a specialist, your insurance might or might not cover the costs.
- Additional Services
Aside from the traditional medical experts, you might also work with patient advocates. These experts can help you out with insurance and guide you through different administrative hoops. Some patients even hire counselors, who assist them in carrying the mental burden.
- Hospital Days
Many people don’t think about hospital days. However, if you had a surgery or suddenly felt ill, you’ll have to cover additional hospital days. Aside from paying the standard fee, you might also have to buy additional medication and cover other necessities.
Non-Medical Expenses
- Lost Wages
Perhaps the biggest, unspoken cost of cancer treatment comes in the form of lost wages. People who are going through chemotherapy or have just undergone surgery are unable to show up to work. This is especially troublesome for freelancers and contractors who depend on wages.
- Travel and Transport
Many people nowadays travel to other cities to meet experts. While transportation costs are rather insignificant compared to some other expenditures, they might add up fast, especially if you have to make several round-trips. Patients have to consider car-related costs, parking, gas, tolls, bus, train, and airplane fares, as well as AirBnB.
- Family Care
Cancer treatment is especially troublesome for single parents and those taking care of their elderly parents. In these cases, you need to spend extra money for nursing homes or child care. You might also need to cover the costs of house maintenance and cleaning, which you might no longer be able to perform.
Lifetime Expenses
- Lost Wages
Lost wages might not be a temporary problem. Depending on your cancer, you might be completely debilitated and can’t return to work. This is especially common for patients who had a brain tumor or some other ailment that disrupted their usual body functions.
- Specialist Visits
After curing the cancer, you should continue visiting the doctor’s office. Many cancers return after a few years, so you have to be aware of this risk. Unfortunately, this leads to additional costs and stress.
Last Thoughts
Whether or not you have coverage, you’ll have to spend a lot of money for cancer treatment. From drugs to hospital stay and doctor fees, there are numerous expenses you should be aware of.
So, if you’ve just been diagnosed, it wouldn’t be a bad idea to learn more about your current insurance and what it entails. We also recommend that you hire a patient advocate who specializes in this area; this person can save you a lot of money over time.