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Could cancer lead to bankruptcy?

On Behalf of | Jan 6, 2020 | medical debt | 0 comments

Getting a cancer diagnosis is devastating enough on its own, but when you realize the financial impact of the disease, it becomes even more terrifying. Many people in Kentucky face financial issues due to having cancer. It is something that puts the state of the insurance crisis in this country under a microscope. The last thing you need when fighting this disease is concerns about paying bills and keeping your finances on track.

CNBC explains that a cancer diagnosis leads to an array of problems that snowball and create the potential for financial trouble. It starts with the medical bills. Treating cancer is not cheap. Even if you have good insurance, you will still likely pay quite a bit out-of-pocket. With the high costs of treatment, this could mean spending every last dollar you have to get well. This is especially true if you have gaps in your coverage that increase the amount you must pay for yourself.

There is also the potential that you will not be able to keep working. You may qualify for protection if you are an employee, but if you work on a contract basis, then you will have no protection. You could lose your source of income. You also would not have protection under laws such as the Family and Medical Leave Act. You also would not have access to benefits that could help you get by.

On top of this, the stress you have over your finances will affect your ability to heal. This can mean longer treatments and more need for medical services, which only add to the bills already piling up.

The best thing you can do when you receive a cancer diagnosis is to make a financial plan to avoid these issues. This information is for education and is not legal advice.