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Financial burden of cancer as much as a mortgage

Published on 28/11/2013

Cancer is costing families an estimated £7,000 per year in loss of income and travelling costs, according to a new report from Demos.

Cancer can be finacially challenging

Research shows that sufferers of cancer can also suffer financially by as much as £570 a month – the average monthly cost of a mortgage in the UK. The report titled Paying the Price draws upon previous research from Macmillan and the University of Bristol.

The report found that 83% of people experiences negative financial repercussions as a result of combating cancer. The biggest impact came from the loss of earnings, which affected 30% of people.

More than 70% of people experienced additional costs due to travel to and from treatments and appointments – an average of £143 a month. A third of people diagnosed with cancer experience a drop in income, while 25% cannot afford to heat them homes up adequately.

Income protection is designed to cover up to 70% of your income if you cannot work through accident or sickness, such as cancer.

Ciarán Devane, Chief Executive at Macmillan Cancer Support, said: “As well as everything else, a cancer diagnosis can be financially crippling. It also hits when someone is at their most vulnerable.

“Sadly, there is no magic bullet because the financial challenge cancer patients face is often complex and varied. “

The report from think-tank Demos called for more flexibility for cancer patients in their employment as is given to parents and carers. It calls for a culture shift to make companies more ‘cancer-friendly’ for employees and relieve some of the financial pressure that comes with living with cancer.

Demos is also behind the initiative currently in use in Finland whereby sufferers and survivors are entitled to part-time sick leave so that they can maintain a steady income whilst reducing their workload.

Private health insurance can give you fast access to cancer treatment so you can recover as quickly as possible and can back to work as normal.

© ActiveQuote Ltd. 2013

Categories:  Income ProtectionHealth InsuranceHealthMedical
Financial burden of cancer as much as a mortgageCancer is costing families an estimated £7,000 per year in loss of income and travelling costs, according to a new report from Demos.     tweet it on twittershare with your friends on Facebookshare with your friends on MySpaceBlog it on your LinkedIn profile

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