The Pink Fund, a Michigan-based national non-profit that provides financial assistance to breast cancer patients undergoing treatment, released a survey today revealing that patients under age 40, face a greater financial burden than older patients. The survey indicates nearly 50% of those under 40 have depleted their life’s savings, raided their retirement accounts and/or taken on significant debt to keep up with the costs of their treatment.
When it comes to medical expenses and related out-of-pocket costs, younger patients have built up fewer assets and savings in life, and are almost twice as likely to go bankrupt. Because of their age, they can also expect to pay the costs for additional years of treatment and monitoring.
“The survey indicates younger patients face incredible financial hardships when it comes to paying for their medical treatment and recovery,” said Molly MacDonald, Founder and CEO of the Pink Fund. “At a time of life when people are typically enjoying one of the most secure and comfortable times, a breast cancer diagnosis destroys that security. A younger survivor is faced with medical costs along with the fear and anxiety of a pre-existing condition and its long-term implications and treatment.”
Over two years, The Pink Fund polled over 1,000 female breast cancer patients and survivors to find out how the costs associated with their treatment are affecting their personal finances, career, and overall well-being. The second year’s survey focused specifically on asking younger survivors the financial challenges they faced, so they could be compared with older patients. The results were disturbing.
The full study can be accessed at The Pink Fund.
About The Pink Fund
The Pink Fund, founded in 2006 by breast cancer survivor, Molly MacDonald, is a 501(c)(3) public charity that provides financial support, which helps meet basic needs, decreases stress levels and allows breast cancer patients to focus on healing while improving survivorship outcomes. The 90-day grant program covers non-medical cost-of-living expenses, such as health insurance premiums, housing, transportation and utilities. Payments are made to their creditors. To date, The Pink Fund has paid out more than $3 million. For more information, visit www.thepinkfund.org.
For more information, visit www.ThePinkFund.org.
