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MAR 19th 2014

Cancer Diagnosis And Treatment Costs On The Rise

MAR 19th 2014
Cancer Diagnosis And Treatment Costs On The Rise

Have you read the recent cancer news articles and medical studies? The prognosis is not good for cancer diagnosis rates and the cost of cancer treatment in America.

A recent report from CNN on a study by the American Society of Clinical Oncology (ASCO) reveals that the annual number of new cancer cases and diagnosis is expected to increase more than 40% by 2030.

One major factor contributing to the significant increase in cancer diagnosis rates is the rising baby boomer population. Between now and 2030, the population of Americans ages 55 and up will nearly double, going from 60 million to more than 107 million.

Currently, more than 70% of all types of cancer are diagnosed in people ages 55 and above.

Another recent study, from John Hopkins Medical Institutions, indicates that cancer treatment costs are expected to increase 40% by 2020. The increase in the cost of cancer treatment can be attributed to several factors, including:

  • Cancer drug costs rising from $1,000 a month in 1990 to $10,000 a month today, according to the ASCO.
     
  • Advances in radiation treatment and medical technology, which means higher costs for cancer patients.
     
  • Modern cancer care is tailored for patients, allowing doctors to personalize complex cancer treatments, which also means higher medical expenses for patients.

To-date, studies on the high costs of cancer care do not take into consideration non-medical bills or living expenses that can dramatically impact patients and their families, such as lost wages from missing work or transportation and travel to cancer treatments nearby or in another state.

To learn more about supplemental cancer insurance policies and critical illness insurance plans that provide lump-sum benefit amounts of up to $100,000 upon first diagnosis—to be used how a policy-holder chooses for both medical and non-medical bills—visit www.CancerInsurance.com.  

Do you have a cancer or critical illness plan that has helped you financially fight cancer? Please share your story with our readers in the comments below.

(Image via John Hopkins Medicine.)