For many women, a diagnosis of breast cancer provokes the fear of physical survival. But hot on the heels of worrying about one's mortality comes the fear of being able to financially survive cancer. A 2014 study suggests that about 25% of long-term breast cancer survivors go into debt to pay for their treatment, with the impact falling most heavily on minority women. In addition, 12% reported that they still are struggling with their medical debt four years after being diagnosed.
Molly MacDonald, the founder of The Pink Fund, an organization that provides breast cancer patients with short-term financial aid while they are in active treatment, uses the term financial toxicity to describe the financial backlash of cancer treatment. She describes it as the "emotional, mental, and physically debilitating-often-life threatening financial side effects induced by cancer treatment." Financial stress can lead patients to decrease their use of oral drugs to spread them out, or skip doctor appointments, says MacDonald. In 2005, MacDonald was blindsided by her breast cancer diagnosis. As a response to her own financial struggle with her treatment, and to prevent other women from having to undergo the same burdens, MacDonald decided to create The Pink Fund. Here's her story.
Cancer Treatment Stick Shock: Mounting Bills And High Insurance Payments
In 2005 I was transitioning between jobs and thought it would be wise to get some of my annual medical diagnostic tests out of the way, never suspecting I would have a problem with my mammogram. I had an early stage of breast cancer and that derailed my career opportunity. I had no savings because I had been through a financially devastating divorce. Now I had a Cobra premium of $1,200 a month to maintain my health insurance throughout treatment. I did not qualify for Medicaid, perhaps because I had a newer vehicle or qualifications were done on my previous year's income.
