Cancer patients and their families face a financial crisis while they are going through their treatment, according to the results of a report published based on research we commissioned called ‘The Real Cost of Cancer’.
A large number of patients face a severe drop in income while at the same time running up extra bills on a range of items such as home heating, parking, childcare, travel, prescription charges, hospital stays, over-the-counter drugs, consultant visits, dental care, physiotherapy as well as clothing and personal care.
The average extra spend per month for a cancer patient is €862, even for patients with a medical card or private health insurance, according to the survey.
Those who cannot work, work less or lose income as a result of having cancer face an income drop averaging €1,400 a month, or €16,750 per year.
Overview of Real Cost of Cancer research findings
Specific average costs on medical care per month include:
€303 spent on medical costs that cannot be claimed back. They include things like over-the-counter medication, hospital stays, specialist dressings and GP visits. These costs affect 77% of cancer patients;
Four out of five cancer patients pay an additional €69 to cover the medication they need to manage the side effects of their treatment (for example, fatigue and nausea).
Specific average costs on day-to-day household expenses per month include:
€226 on increase in childcare costs as a result of not being able to care for dependents;
€153 on increased food and drink expenses because of the time being spent out of the home;
€140 on increased heating and electricity bills (chemotherapy patients often feel the cold worse than people not going through treatment);
€99 on additional domestic support;
€53 on increased phone bills.
Specific average costs on travel expenses per month include:
€166 on traveling to and from appointments;
€62 on hospital parking;
€179 on other costs associated with appointments.
On average, one off purchases cost cancer patients:
€891 to modify their home;
€653 on dental work and care;
€511 on wigs and hair pieces;
€215 on specialist equipment for the home (example, a commode);
€704 on ‘other’ one-off costs.
Loss of Income
In almost all cases, cancer patients are working less as a result of having cancer. Many have either retired or become unemployed.
60% of cancer patients are on a reduced level of income since they were diagnosed;
The reduction on average is €16,785 per annum or €1,400 per month.
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Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie