Financial toxicity
Financial concerns are stressful at the least of times. However, when you have a diagnosis of cancer, going through treatment and managing treatment related side effects that affect work; life can be stressful. Furthermore, apart from having to attend medical appointments during work hours, which may interfere with income, there may also be treatment costs, which can be exorbitant without health insurance (National Cancer Institute, 2024a; Pisu & Martin, 2023). This can all lead to the term ‘financial toxicity,’ which means the adverse direct or non-direct effect that a cancer diagnosis may have on one’s finances (Lenz et al., 2019, p. 1). This toxicity has many aetiologies and may include wage earner status, pre-illness debt, assets, illness-associated costs, ability to work and health insurance among other things (National Cancer Institute, 2024a). If not dealt with, financial toxicity can have severely negative effects on one’s cancer treatment, physical, emotional, psychosocial and spiritual wellbeing (Lenz et al., 2019; National Cancer Institute, 2024b; Pisu & Martin, 2023). For this reason, it is essential that prevention of financial toxicity is one of the first aims of survivorship.
Even though financial toxicity cannot be totally eliminated, it can be managed and reduced to decrease its negative effect. Firstly, our emotional response can be managed to prevent it from having a psychological and physiological effect on our lives. Just taking a walk, doing some exercise or even going out with friends is a good way to take our minds off of our financial worries. Secondly, and more practically, we can try to find ways of dealing with it, such as seeing a financial advisor, who may give tips of reducing the financial burden. At Bloomhill, we often refer individuals to Stream Financial, who offer a free initial consult to discuss issues around superannuation and accessing insurance. It is also important to determine out of pocket costs, copayments (payments made to doctor’s appointments or prescriptions), deductibles (amount paid before insurance kicks in, or excess) and co-insurance (the percentage cost you pay for a service) (National Cancer Institute, 2024b). Bloomhill also seeks to reduce the financial burden on those with cancer by accessing Cancer Council fuel and food vouchers for those going through treatment, Welcome Care Funds and Financial Hardship Assistance. Remember, Bloomhill is here to reduce your burden over your whole cancer experience.
References
Lenz, R., Benson, A. B., & Kircher, S. (2019). Financial toxicity in cancer care: prevalence, causes, consequences, and reduction strategies. Journal of Surgical Oncology, 120(1), 85-92. https://onlinelibrary.wiley.com/doi/10.1002/jso.25374
National Cancer Institute. (2024a). Financial toxicity and cancer treatment (PDQ) – health professional version. National Cancer Institute at the National Institutes of Health. https://www.cancer.gov/about-cancer/managing-care/track-care-costs/financial-toxicity-hp-pdq
National Cancer Institute. (2024b). Financial toxicity and cancer treatment (PDQ) – patient version. National Cancer Institute at the National Institutes of Health. https://www.cancer.gov/about-cancer/managing-care/track-care-costs/financial-toxicity-pdq#:~:text=Financial%20Toxicity%20and%20Cancer%20Treatment%20discusses%20the%20increased
Pisu, M., & Martin, M. Y. (2023). Financial toxicity: a common problem affecting patient care and health. Nat Rev Dis Primers, 8(1), 1—10. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9731797/pdf/nihms-1838730.pdf
Please contact our Nurses on 07 5445 5794 or [email protected] if you have any questions.
All information provided by Bloomhill is mainly based on research from the Qld Cancer Council and best practice guidelines. Our model of care utilizes the Clinical Oncology Society of Australia (COSA) domains of wellness along with available clinical evidence. Always consult your care team regarding matters that affect your health. This is a guide intended for information only.
