CARMEL, Ind., Sept. 30, 2014 /PRNewswire/ -- The majority
(62%) of America's middle-income cancer survivors say they were not
financially prepared for cancer diagnosis and treatment, according
to a new study released by the Washington National Institute for
Wellness Solutions (IWS).
The study – Insights from Survivors: Managing the Personal,
Emotional and Financial Impact of Cancer – surveyed 400
Americans who were 25 to 65 at the time of diagnosis and had
received radiation or chemotherapy in the past 10 years.
Two-thirds of respondents (65%), all with an annual household
income between $35,000 and $100,000,
did not have sufficient household income to cover treatment-related
expenses and incurred debt. After treatment:
- 30% reported debt of $10,000 or
more
- 15% reported debt of $20,000 or
more
- 11% of those younger than 50, or who were diagnosed with Stage
III or IV cancer, incurred more than $40,000 in debt
More than half of survivors (57%) felt that at least one aspect
of their treatment cost more than they expected. They were
also surprised by the extent of the direct and indirect expenses
not covered by medical insurance.
To view the full infographic click here.
Funding treatment
More than half of the respondents
(55%) withdrew from personal savings or investment accounts to
finance treatment. Credit cards were used by nearly half (46%).
Although nearly half (46%) of all cancer patients in the U.S.
are working age (younger than 65), younger survivors were markedly
less prepared. Survivors younger than 50 were three times
more likely to borrow money from friends and family (27 vs. 8%), or
withdraw from their 401(k), than their older counterparts (24 vs.
9%).
Making diagnosis and treatment a priority
More than
four in 10 survivors (44%) advise others facing cancer to be
proactive about their treatment. They recommend getting involved by
doing research, paying attention to warning signs and discussing
treatment with a doctor.
"Those battling cancer need to make their diagnosis and
treatment a priority," said Barbara
Stewart, president of Washington National. "Selecting
the right facility, prioritizing and following treatment protocols,
and seeking outside support are key for good outcomes."
A broad range of support systems are available to those who are
facing cancer, but even so, the study finds that many personal,
financial and emotional needs go unmet. One in four (25%) wished
they could have talked more to other survivors through support
groups. Among the support services the survivors recommended
are:
- Services of the American Cancer Society, including ACS Hope
Club, ACS Reach to Recovery program and ACS Hope Lodge
- Look Good Feel Better
- Grocery delivery services and online shopping, such as
Amazon.com
- Cleaning for a Reason
Social media is a tool used by more than one-quarter of
survivors (28%) to find and share information. Among those who used
social media, Facebook was most popular, chosen by three-fourths
(74%) of social media users.
Lasting impact
The long-term challenges of physical and financial recovery after
cancer treatment are undeniable:
- 44% report less physical strength
- 31% are less financially secure
- 24% feel their career prospects are worse
However, nearly 9 in 10 (85%) cancer survivors look back on
their experience and recognize that at least one aspect of life has
actually improved. And, across all ages, genders and cancer
stages, nearly half of survivors (45%) ranked living a healthy
lifestyle a top priority following treatment, up from one-fourth
(28%) before diagnosis.
"This study provides valuable insight from cancer survivors
about all stages of diagnosis and treatment," Stewart added. "We
hope these findings help cancer patients and their loved ones
prepare for and overcome the emotional and financial hurdles of
battling this disease."
Methodology
Insights from Survivors: Managing the
Personal, Emotional and Financial Impact of Cancer is part of a
series of studies commissioned by the Washington National Institute
for Wellness Solutions. It was conducted in May 2014 by Zeldis Research, an independent
research firm. The full report can be viewed at
WNInstituteforWellness.com.
A nationwide sample of 400 middle-income Americans participated
in the internet-based survey. All respondents:
- Have a household income between $35,000
and $100,000
- Had been diagnosed with cancer within the past 10 years
- Received chemotherapy and/or radiation
- Were between the ages of 25 and 65 at the time of
diagnosis
Respondents were excluded if they had Medicaid insurance at the
time of treatment. Significant subsample differences were
tested at the 95 percent confidence level.
About the Washington National Institute for Wellness
Solutions
The Institute for Wellness Solutions is Washington
National's research and consumer education program. The
organization sponsors studies and supports awareness campaigns to
help Americans meet the challenges of critical illnesses.
Specifically, the institute provides insight and practical advice
about wellness and illness prevention, illness care and treatment,
and managing the total costs—financial and personal—of critical
illnesses. To learn more, visit
WNInstituteforWellness.com.
Washington National Insurance Company, a subsidiary of CNO
Financial Group, Inc. (NYSE: CNO), has helped Americans since 1911
to protect themselves and their families from the financial
hardship that often comes with critical illnesses, accidents and
loss of life. The company remains dedicated to helping
middle-income Americans who work hard and want to protect
themselves and their loved ones. To learn more, visit
WashingtonNational.com.
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SOURCE Washington National Institute for Wellness Solutions