Facing a life-threatening disease can be a devastating experience for any Tennessee resident. In addition to getting treatment and fighting for one's life, an individual with an illness such as cancer often faces considerable medical expenses as well. Even if a person is able to go into remission from the disease, those expenses can lead to that individual seeking debt relief for years to come.
It was recently reported that one-third of individuals who are considered working age and who have survived cancer are facing considerable debt. Among that number of individuals, three percent filed for bankruptcy. These statistics are not altogether surprising as cancer treatment costs can be up to $60,000 a month. For individuals who are facing medical-related debt stemming from cancer treatment, the debt amount exceeded $10,000 in over half of those cases.
Individuals are particularly vulnerable to medical debt if they are younger in age, have a low income and utilize public rather than private insurance. The costs associated with treatment often stem from prescriptions, surgeries, hospital stays and other fees, which can quickly accumulate. Additionally, individuals who have cancer often must take time away from work in order to seek treatment, and that time away could negatively affect their income and ability to pay bills.
Though it is unfortunate that individuals fighting for their lives must also contend with financial issues, they may be able to find help through bankruptcy and other debt relief options. Tennessee residents who are facing medical debt may wish to explore their options and determine which paths may be the most feasible for them to follow. Bankruptcy could help interested parties work toward gaining a fresh financial start.
Source: NBC News, "Debt, Bankruptcy are Rewards for Cancer Survivors", Jan. 5, 2016