The hidden costs of cancer for young survivors is derailing their financial futures
You are suddenly faced with an unexpected health shock that not only threatens your physical health, but also your financial future. Most of your time is now spent feeling unwell and travelling to and from the hospital for treatment, while your friends and colleagues continue to build their careers.
This is the reality for nearly 1.2 million adolescents and young adults diagnosed with cancer each year worldwide, a number that is projected to rise. Just over 9,000 Canadian adolescents and young adults are diagnosed with cancer annually, and 85 per cent of them will survive their illness.
And while survival is the primary goal, many don't realize that it comes with a hidden price that extends far beyond immediate medical costs.
It is estimated that the average Canadian affected by cancer faces $33,000 in lifetime costs related to their illness, totalling $7.5 billion each year for patients and their families.
But we have recently discovered the true economic impact on adolescents and young adults with cancer is often far greater than the previous numbers show and lasts much longer than previously recognized.
The financial penalty of survival
We compared 93,325 Canadian adolescents and young adults diagnosed with cancer and 765,240 similar individuals who did not experience cancer, and found that surviving cancer leads to long-term reduced income, which may last a lifetime.
On average, a cancer diagnosis results in a greater than five per cent reduction in earnings over a 10-year period after diagnosis.
As expected, income loss is more pronounced right after diagnosis, with survivors earning 10 to 15 per cent less in the first five years.
However, these hidden survival costs are not the same for everyone, and the financial toll varies greatly depending on the type of cancer. For instance, survivors of brain cancer see their average annual income drop by more than 25 per cent. This is a devastating financial burden — and one that endures.
The true lifetime effects are unknown, but it is not difficult to imagine how a financial setback like this can completely derail a young person's financial future.
Why cancer costs young survivors more
Adolescents and young adults who are survivors of cancer experience 'financial toxicity,' which refers to the direct costs of cancer, such as treatment or medication costs, and indirect costs like reduced work ability, extended sick leave and job loss.
Over one-third of young cancer patients report financial toxicity.
Many cancer survivors experience lasting adverse physical and cognitive effects that limit everyday functioning.
Even in the Canadian universal health-care system, which does not require payment for cancer treatment, many younger Canadians are unable to work and need to rely on family members for financial support.
The impact on work capacity is significant for adolescents and young adults who are just beginning their careers, causing them to miss critical years of career development during treatment and recovery that can have cascading economic effects.
These challenges can ultimately lead to financial instability and hardship.
Paying the price
Beyond the individual hardships, the issue of financial instability among young cancer survivors is becoming a broader societal challenge.
In 2025, young Canadian cancer survivors are entering an economy with an unfavourable job market and rising youth unemployment, as well as a widening gap between wages and housing affordability. Rising inflation and general unaffordability are also compounding financial difficulties young Canadian cancer survivors face, ultimately making financial recovery more challenging.
Income is a fundamental social determinant of health, and financial inequities can perpetuate health disparities in cancer survivors after treatment.
Patients are forced into making devastating financial choices like depleting their savings and incurring debt.
Policy
A Canadian Cancer Society 2024 report highlights the urgency for support systems to address financial well-being after cancer.
Based on our research, which assesses the financial life of adolescent and young adult survivors of cancer, we have some recommendations for Canadian policymakers, businesses and primary care providers.
Policymakers should:
Make employment insurance benefits that better support survivors post-treatment.
Provide tax credits for groups of cancer survivors disproportionately affected by financial toxicity, such as those with brain cancer.
Primary care providers should:
Incorporate financial navigation counselling into their cancer care.
Provide resources for navigating insurance and financial assistance programs.
Routinely screen for financial toxicity as part of survivorship care.
Employers should:
Create a supportive work environment that accommodates the unique needs of cancer survivors.
Recognize the physical and mental challenges faced by young survivors and provide flexible work arrangements.
Young cancer survivors have already faced one of life's most difficult challenges. They shouldn't have to struggle with financial insecurity.
By recognizing that survivorship starts at cancer diagnosis, we must broaden the conversation about cancer care beyond the clinical to the economic.
This article is republished from The Conversation, a nonprofit, independent news organisation bringing you facts and trustworthy analysis to help you make sense of our complex world. It was written by: Giancarlo Di Giuseppe, University of Toronto and Jason D. Pole, The University of Queensland
Read more:
Sun advice from a skin cancer researcher and physician
Cancer is affecting more young people than ever before: How health care can learn to meet their needs
Routine mammograms do save lives: The science
Jason D. Pole does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointments.
Giancarlo Di Giuseppe does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Trump administration tiptoes into testing prior authorization in traditional Medicare
Traditional Medicare plan holders have typically not had to wait for prior authorization before receiving medical treatment. Until now. The Centers for Medicare & Medicaid Services (CMS) recently announced a new program to test prior authorization requirements for certain services in six states starting Jan. 1. The states — New Jersey, Ohio, Oklahoma, Texas, Arizona, and Washington — will apply prior authorization evaluations to more than a dozen services. CMS says the pilot program is intended to root out 'fraud, waste, and abuse,' but as Medicare Advantage members know well, prior authorization can lead to frustrating delays in care. How it works CMS will contract with private companies to deploy 'enhanced technologies, including artificial intelligence (AI)' to conduct the authorization reviews. It won't apply to in-patient or emergency services or treatments 'that would pose a substantial risk to patients if significantly delayed,' according to a CMS press release. Specific services that will require prior authorization are skin and tissue substitutes, electrical nerve stimulator implants, and knee arthroscopy. There is genuine concern about the costs of some of these items and services. A recent New York Times article highlighted pricey medical products, including paper-thin bandages made of dried bits of placenta, for Medicare patients. The Biden administration had approved a plan to limit Medicare's coverage of the bandages, known as skin substitutes, which were reportedly being sold for roughly $10,000 per square inch. An updated Medicare policy proposes setting a significantly lower payment rate. The new prior authorization program 'is focused on reducing wasteful spending, which is an important goal for Medicare,' Jeffrey Marr, a health economist at the Brown University School of Public Health, told Yahoo Finance. 'I expect that the use of prior authorization in this model is likely to reduce the overall level of Medicare spending,' he said. 'Selecting potentially low-value services is a critical part of setting up a well-functioning prior authorization system.' The key question for CMS to address is whether prior authorization can work in traditional Medicare in a way that does not deny or discourage high-value care that improves beneficiaries' health, Marr said. One red flag: 'The companies that will make the prior authorization decisions will be paid a percentage of the savings that they generate for Medicare. This creates an incentive for participants to deny a high share of services,' he said. Sign up for the Mind Your Money weekly newsletter By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Prior authorizations are part of the Medicare landscape How often do prior authorizations pop up for seniors with Medicare and Medicare Advantage plans? In traditional Medicare, services that often require prior authorization include certain outpatient hospital services, non-emergency ambulance transport, and durable medical equipment. For 2023, under 400,000 prior authorization reviews for traditional Medicare beneficiaries were submitted to CMS, according to KFF data. Medicare Advantage plans, which are offered by private insurers, are a different story. Almost all Medicare Advantage enrollees — 99% according to KFF research — must receive prior authorization for some services. These are typically higher-cost services, such as inpatient hospital stays, skilled nursing facility stays, chemotherapy, and other drugs. That common practice, combined with AI used to scan these requests, is a thorny issue. 'Prior authorization processes and requirements, including the use of artificial intelligence to review requests, may result in administrative hassles for providers, delays for patients in receiving necessary care, and in some instances, denials of medically necessary services, such as post-acute care,' according to Jeannie Fuglesten Biniek, co-author of the KFF report. To allay that fear, CMS noted in the announcement: 'While technology will support the review process, final decisions that a request for one of the selected services does not meet Medicare coverage requirements will be made by licensed clinicians, not machines.' The prior authorization program will not alter Medicare coverage or payment rules, for now, but other services may be added later. There has been pushback. More than a dozen members of Congress sent a letter on Aug. 7 to CMS administrator Dr. Memet Oz to urge him to 'put patients and providers first by cancelling' the model and requested more details about how the program will be implemented. 'The use of prior authorization in Medicare Advantage shows us that, in practice, [this proposal] will likely limit beneficiaries' access to care, increase burden on our already overburdened healthcare workforce, and create perverse incentives to put profit over patients,' the lawmakers wrote.A pivot in MA authorization In an odd juxtaposition, a week prior to trumpeting this new Medicare pre-authorization model, the administration announced that it had a non-binding commitment from insurance plans to reduce prior authorization in Medicare Advantage. In late June, the Department of Health and Human Services announced an initiative coordinated with companies including Aetna, Blue Cross Blue Shield, Humana, and UnitedHealthcare, to streamline prior authorization processes for patients covered by Medicare Advantage. Under the initiative, electronic prior authorization requests would become standardized by 2027. 'Pitting patients and their doctors against massive companies was not good for anyone,' US Health and Human Services Secretary Robert F. Kennedy, Jr. said in a statement. 'We are actively working with industry to make it easier to get prior authorization for common services such as diagnostic imaging, physical therapy, and outpatient surgery.' Oz added: 'These commitments represent a step in the right direction toward restoring trust, easing burdens on providers, and helping patients receive timely, evidence-based care.' Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work," and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter
Yahoo
2 hours ago
- Yahoo
Trump administration tiptoes into testing prior authorization in traditional Medicare
Traditional Medicare plan holders have typically not had to wait for prior authorization before receiving medical treatment. Until now. The Centers for Medicare & Medicaid Services (CMS) recently announced a new program to test prior authorization requirements for certain services in six states starting Jan. 1. The states — New Jersey, Ohio, Oklahoma, Texas, Arizona, and Washington — will apply prior authorization evaluations to more than a dozen services. CMS says the pilot program is intended to root out 'fraud, waste, and abuse,' but as Medicare Advantage members know well, prior authorization can lead to frustrating delays in care. How it works CMS will contract with private companies to deploy 'enhanced technologies, including artificial intelligence (AI)' to conduct the authorization reviews. It won't apply to in-patient or emergency services or treatments 'that would pose a substantial risk to patients if significantly delayed,' according to a CMS press release. Specific services that will require prior authorization are skin and tissue substitutes, electrical nerve stimulator implants, and knee arthroscopy. There is genuine concern about the costs of some of these items and services. A recent New York Times article highlighted pricey medical products, including paper-thin bandages made of dried bits of placenta, for Medicare patients. The Biden administration had approved a plan to limit Medicare's coverage of the bandages, known as skin substitutes, which were reportedly being sold for roughly $10,000 per square inch. An updated Medicare policy proposes setting a significantly lower payment rate. The new prior authorization program 'is focused on reducing wasteful spending, which is an important goal for Medicare,' Jeffrey Marr, a health economist at the Brown University School of Public Health, told Yahoo Finance. 'I expect that the use of prior authorization in this model is likely to reduce the overall level of Medicare spending,' he said. 'Selecting potentially low-value services is a critical part of setting up a well-functioning prior authorization system.' The key question for CMS to address is whether prior authorization can work in traditional Medicare in a way that does not deny or discourage high-value care that improves beneficiaries' health, Marr said. One red flag: 'The companies that will make the prior authorization decisions will be paid a percentage of the savings that they generate for Medicare. This creates an incentive for participants to deny a high share of services,' he said. Sign up for the Mind Your Money weekly newsletter By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Prior authorizations are part of the Medicare landscape How often do prior authorizations pop up for seniors with Medicare and Medicare Advantage plans? In traditional Medicare, services that often require prior authorization include certain outpatient hospital services, non-emergency ambulance transport, and durable medical equipment. For 2023, under 400,000 prior authorization reviews for traditional Medicare beneficiaries were submitted to CMS, according to KFF data. Medicare Advantage plans, which are offered by private insurers, are a different story. Almost all Medicare Advantage enrollees — 99% according to KFF research — must receive prior authorization for some services. These are typically higher-cost services, such as inpatient hospital stays, skilled nursing facility stays, chemotherapy, and other drugs. That common practice, combined with AI used to scan these requests, is a thorny issue. 'Prior authorization processes and requirements, including the use of artificial intelligence to review requests, may result in administrative hassles for providers, delays for patients in receiving necessary care, and in some instances, denials of medically necessary services, such as post-acute care,' according to Jeannie Fuglesten Biniek, co-author of the KFF report. To allay that fear, CMS noted in the announcement: 'While technology will support the review process, final decisions that a request for one of the selected services does not meet Medicare coverage requirements will be made by licensed clinicians, not machines.' The prior authorization program will not alter Medicare coverage or payment rules, for now, but other services may be added later. There has been pushback. More than a dozen members of Congress sent a letter on Aug. 7 to CMS administrator Dr. Memet Oz to urge him to 'put patients and providers first by cancelling' the model and requested more details about how the program will be implemented. 'The use of prior authorization in Medicare Advantage shows us that, in practice, [this proposal] will likely limit beneficiaries' access to care, increase burden on our already overburdened healthcare workforce, and create perverse incentives to put profit over patients,' the lawmakers wrote.A pivot in MA authorization In an odd juxtaposition, a week prior to trumpeting this new Medicare pre-authorization model, the administration announced that it had a non-binding commitment from insurance plans to reduce prior authorization in Medicare Advantage. In late June, the Department of Health and Human Services announced an initiative coordinated with companies including Aetna, Blue Cross Blue Shield, Humana, and UnitedHealthcare, to streamline prior authorization processes for patients covered by Medicare Advantage. Under the initiative, electronic prior authorization requests would become standardized by 2027. 'Pitting patients and their doctors against massive companies was not good for anyone,' US Health and Human Services Secretary Robert F. Kennedy, Jr. said in a statement. 'We are actively working with industry to make it easier to get prior authorization for common services such as diagnostic imaging, physical therapy, and outpatient surgery.' Oz added: 'These commitments represent a step in the right direction toward restoring trust, easing burdens on providers, and helping patients receive timely, evidence-based care.' Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work," and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Trump administration tiptoes into testing prior authorization in traditional Medicare
Traditional Medicare plan holders have typically not had to wait for prior authorization before receiving medical treatment. Until now. The Centers for Medicare & Medicaid Services (CMS) recently announced a new program to test prior authorization requirements for certain services in six states starting Jan. 1. The states — New Jersey, Ohio, Oklahoma, Texas, Arizona, and Washington — will apply prior authorization evaluations to more than a dozen services. CMS says the pilot program is intended to root out 'fraud, waste, and abuse,' but as Medicare Advantage members know well, prior authorization can lead to frustrating delays in care. How it works CMS will contract with private companies to deploy 'enhanced technologies, including artificial intelligence (AI)' to conduct the authorization reviews. It won't apply to in-patient or emergency services or treatments 'that would pose a substantial risk to patients if significantly delayed,' according to a CMS press release. Specific services that will require prior authorization are skin and tissue substitutes, electrical nerve stimulator implants, and knee arthroscopy. There is genuine concern about the costs of some of these items and services. A recent New York Times article highlighted pricey medical products, including paper-thin bandages made of dried bits of placenta, for Medicare patients. The Biden administration had approved a plan to limit Medicare's coverage of the bandages, known as skin substitutes, which were reportedly being sold for roughly $10,000 per square inch. An updated Medicare policy proposes setting a significantly lower payment rate. The new prior authorization program 'is focused on reducing wasteful spending, which is an important goal for Medicare,' Jeffrey Marr, a health economist at the Brown University School of Public Health, told Yahoo Finance. 'I expect that the use of prior authorization in this model is likely to reduce the overall level of Medicare spending,' he said. 'Selecting potentially low-value services is a critical part of setting up a well-functioning prior authorization system.' The key question for CMS to address is whether prior authorization can work in traditional Medicare in a way that does not deny or discourage high-value care that improves beneficiaries' health, Marr said. One red flag: 'The companies that will make the prior authorization decisions will be paid a percentage of the savings that they generate for Medicare. This creates an incentive for participants to deny a high share of services,' he said. Sign up for the Mind Your Money weekly newsletter By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Prior authorizations are part of the Medicare landscape How often do prior authorizations pop up for seniors with Medicare and Medicare Advantage plans? In traditional Medicare, services that often require prior authorization include certain outpatient hospital services, non-emergency ambulance transport, and durable medical equipment. For 2023, under 400,000 prior authorization reviews for traditional Medicare beneficiaries were submitted to CMS, according to KFF data. Medicare Advantage plans, which are offered by private insurers, are a different story. Almost all Medicare Advantage enrollees — 99% according to KFF research — must receive prior authorization for some services. These are typically higher-cost services, such as inpatient hospital stays, skilled nursing facility stays, chemotherapy, and other drugs. That common practice, combined with AI used to scan these requests, is a thorny issue. 'Prior authorization processes and requirements, including the use of artificial intelligence to review requests, may result in administrative hassles for providers, delays for patients in receiving necessary care, and in some instances, denials of medically necessary services, such as post-acute care,' according to Jeannie Fuglesten Biniek, co-author of the KFF report. To allay that fear, CMS noted in the announcement: 'While technology will support the review process, final decisions that a request for one of the selected services does not meet Medicare coverage requirements will be made by licensed clinicians, not machines.' The prior authorization program will not alter Medicare coverage or payment rules, for now, but other services may be added later. There has been pushback. More than a dozen members of Congress sent a letter on Aug. 7 to CMS administrator Dr. Memet Oz to urge him to 'put patients and providers first by cancelling' the model and requested more details about how the program will be implemented. 'The use of prior authorization in Medicare Advantage shows us that, in practice, [this proposal] will likely limit beneficiaries' access to care, increase burden on our already overburdened healthcare workforce, and create perverse incentives to put profit over patients,' the lawmakers wrote.A pivot in MA authorization In an odd juxtaposition, a week prior to trumpeting this new Medicare pre-authorization model, the administration announced that it had a non-binding commitment from insurance plans to reduce prior authorization in Medicare Advantage. In late June, the Department of Health and Human Services announced an initiative coordinated with companies including Aetna, Blue Cross Blue Shield, Humana, and UnitedHealthcare, to streamline prior authorization processes for patients covered by Medicare Advantage. Under the initiative, electronic prior authorization requests would become standardized by 2027. 'Pitting patients and their doctors against massive companies was not good for anyone,' US Health and Human Services Secretary Robert F. Kennedy, Jr. said in a statement. 'We are actively working with industry to make it easier to get prior authorization for common services such as diagnostic imaging, physical therapy, and outpatient surgery.' Oz added: 'These commitments represent a step in the right direction toward restoring trust, easing burdens on providers, and helping patients receive timely, evidence-based care.' Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work," and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
