ICYMI: CancerCare Releases Landmark Study
Highlights Financial Impact of Cancer
Looming “Cadillac Tax” Poses Greater Burden
This week, Alliance to Fight the 40 member, CancerCare released its landmarkstudy to provide a comprehensive view of how people experience life with and beyond cancer. The study consisted of six surveys, each with at least 500 respondents, including one on the financial and insurance issues facing cancer patients and their families.
The Alliance is working with CancerCare to repeal the “Cadillac Tax,” which is a 40% tax on health benefits and threatens the employer-sponsored coverage of 175 million Americans. The study illustrates that cancer patients and their families are already under tremendous financial strain. The “Cadillac Tax” must be repealed to prevent further financial burdens for patients that may compromise their ability to pay for life saving treatment.
Key Findings: Financial and Insurance Issues
- Fifty-eight percent of respondents reported being distressed about their finances during treatment. Among those 25 to 54, three-quarters said cancer caused them financial hardship.
- In order to afford treatment, one-third of respondents ages 25 to 54 reported cutting back on daily essentials, such as groceries and transportation, and/or borrowed from family members and friends; 21% missed a utility bill payment; and 17% missed a rent or mortgage payment.
- A quarter reported being dissatisfied with the affordability of deductibles, and nearly 20% were dissatisfied with their poor access to genetic testing, clinical trials, and new treatments or drugs.
- When asked to tabulate their average monthly out-of-pocket spending for treatment-related expenses, non-elderly respondents reported spending $1,112, nearly twice as much as those 65 and older.
- The findings of this survey indicate that costs related to accessing medical care are important barriers to following physicians’ recommendations at the time of a cancer diagnosis.
TheAlliance to Fight the 40 is a broad-based coalition comprised of public and private sector employer organizations, consumer groups, patient advocates, unions, health care companies, businesses and other stakeholders that support employer-sponsored health coverage. This coverage is the backbone of our health care system and protects over 175 million Americans across the United States. The Alliance seeks to repeal the 40% tax on employee health benefits to ensure that employer-sponsored coverage remains an effective and affordable option for working Americans and their families.