Financial toxicity and a cancer diagnosis is something I’ve written about before. Here now is some fresh info on the topic from the Canadian Cancer Society that underscores the very real financial burden that accompanies a cancer diagnosis.
The first-of-its-kind report, entitled Canadian Cancer Statistics: A 2024 special report on the economic impact in Canada, was developed by the Canadian Cancer Statistics Advisory Committee in collaboration with CCS, Statistics Canada and the Public Health Agency of Canada with analysis conducted by the Canadian Partnership Against Cancer. It reveals the substantial financial toll of a cancer diagnosis in Canada, with the average cancer patient grappling with financial toxicity and nearly $33,000 in costs including out-of-pocket expenses and lost income during treatment and recovery.
Cancer patients and caregivers shoulder a $7.5 billion annual financial toxicity burden
According to the report, people with cancer and their caregivers shoulder 20% of Canada’s total cancer costs – with financial toxicity amounting to a staggering $7.5 billion this year alone. With rising cost of living, and more people in Canada facing a cancer diagnosis due to a growing and aging population, this number is expected to climb over the next decade to $8.8 billion per year.
“Cancer comes with an incredibly high price tag – it’s unacceptable to know that such a significant portion of costs fall on people with cancer and their families,” says Dr Jennifer Gillis, Director of Surveillance, Canadian Cancer Society. “This report gives us a look at just how high those costs are. With this new data, we must ask ourselves what more can be done to support Canadians at a time when their focus should be on their health and recovery.”
Financial toxicity contributes to worse health outcomes
Financial toxicity can contribute to worse health outcomes, with some opting to delay or forgo aspects of their treatment. Those who need to work less or leave their job due to illness, along with caregivers who need to take time off, risk losing essential health coverage and income.
The burden isn’t felt equally, with those in lower-income households and those on fixed incomes disproportionately affected, and those in rural and remote communities far from treatment paying more for travel costs to receive necessary care. According to recent data from MNP Ltd., more than 50% of Canadians have less than $200 left at the end of the month after paying their bills. For many, $33,000 could represent years of savings for important goals like buying a home or paying off a mortgage, funding an education or saving for retirement.
Just because cancer has arrived in your life, your day-to-day expenses don’t suddenly disappear. There are bills and mortgages and taxes to be paid and groceries to be purchased. Over 80% of women diagnosed in their working years take a leave of absence from their job, which likely means long-term disability and a reduction in income. Spouses also often need to take time off from work as well to help with caregiving duties and childcare. On top of that, a cancer diagnosis brings with it additional, out-of-pocket costs that include things like prescription drugs, homecare, assistive devices, wigs and head coverings, family care, travel-related expenses and accommodations. The more advanced the diagnosis, the greater the cost burden and the less likely that someone can work full-time.
My family felt the financial toxicity pinch too
As a person who is self-employed and the primary household earner, I remember vividly having the “what if Ellyn can’t work for a year” conversation with my husband and our financial planner after I learned of my breast cancer diagnosis. We needed to run the worst-case scenarios and set in place those plans, which, if enacted, would have eaten dramatically into our retirement savings. I also remember the pharmacist calling to inform me that my Lapelga shot, which had to be administered after every chemotherapy session would cost me $400 out of pocket EVERY TIME.
In the blog I wrote about financial toxicity I offered up the names of a few organizations dedicated to helping those with a financial burden. In addition as ans part of this announcement, the CCS is calling on governments to provide more support to reduce the cost of cancer by making your voice heard. If you are Canadian reading this blog, S=sign our petition today at cancer.ca/costofcancer.
CCS also offers various supports to ease the financial burden of cancer care, including rides to treatment, accommodation, travel-related financial assistance and free wigs or prosthetics. Visit cancer.ca to find out what supports are available in your region.
Other key findings in the report
- The total cost of cancer to society is expected to be $37.7 billion in 2024.
- Health systems costs are expected to account for 80% of societal costs for cancer, approximately $30.2 billion in 2024.
- Lung, breast, colorectal and prostate cancer, combined, are expected to account for 47% of health systems costs and combined are projected at $14.2 billion in 2024.
- The first year after a cancer diagnosis is the costliest for people with the disease. Costs for people with cancer and their caregivers for the first year of care are projected to total $5.2 billion in 2024, which is just under half of the costs borne by health systems for this phase of care.
