Cancer doesn’t just cost people their lives—it can also cost people their life savings.
This Financial Literacy Month, Wellspring Cancer Support (Wellspring), a charity which provides free cancer support programs across Canada, recognizes that cancer is one of the costliest conditions in Canada. In 2021, cancer-related costs in Canada were $26.2 billion, with 30% of these costs incurred by patients and their families[i]. On average, cancer patients pay $253 per month for out-of-pocket costs related to their cancer diagnosis[ii], with 30% saying they would have to go into debt to pay for these out-of-pocket costs[iii].
Despite publicly funded healthcare in Ontario and Alberta, families and individuals are struggling to keep up with the hidden cancer-related costs, including drugs and treatments, home medical equipment, home care, nutritional supplements, transportation costs, parking, and childcare.
In addition to increased expenses, a cancer diagnosis can impact a patient’s ability to work, resulting in a loss of income. With 34% of monthly income estimated to be spent on cancer-related expenses[iv], this places a devastating financial burden on cancer patients and that doesn’t even consider the financial burden placed on the caregiver. On average, it’s estimated that 26% of caregivers take time off work to care for a person with cancer, losing an average of $2,402 in income per month[v].
Sadly, this is the sobering reality for many Canadians. On top of the already mental and physical stress of living with cancer, up to 40% of cancer patients in Canada report experiencing financial distress because of their diagnosis[vi].
“Hearing you have cancer is one of the hardest things you will ever hear in your life. When you add the pressure of money worries on top of that, it can feel unmanageable. That’s where Wellspring’s Money Matters program comes in,” says Wellspring Manager of Financial and Workplace Programs, Ilene Shiller.
Money Matters aims to tackle financial toxicity through practical one-on-one assistance. Participants work with a Wellspring case manager to analyze their financial situation. In the initial meeting, the case manager will assess eligibility for financial resource programs and devise a plan for income replacement options and assistance with costs related to treatment. While many people require just one appointment, Wellspring also provides ongoing case management for individuals with more complex situations. “The Money Matters program was started because we saw that many people living with cancer didn’t realize the options that were available to them when it came to government, workplace, and community assistance and did not understand how the various programs fit together. We help to not only identify available financial resources but also to complete the necessary application paperwork,” says Ilene.
Discussing personal finances can be difficult and uncomfortable. The Money Matters program allows patients to discuss their financial issues in a safe and non-judgmental setting. The sessions cover a wide range of topics, such as the Canadian Pension Plan, Employment Insurance and social assistance benefits, drug coverage, tax credits, returning to work after treatment, and disability insurance.
One Ontario Money Matters participant, Colleen Turney, was divorced and in debt. She was made redundant, had just lost her father, and was diagnosed with rare eye cancer, all within weeks of each other. “I thought – how will I be able to afford all this financially? The whole system is completely overwhelming and expensive. For instance, my prescription eyedrops cost $70 for a tiny bottle. Some tests and ultrasounds weren’t covered by provincial healthcare, and as I could no longer drive, transportation was really expensive,” she says.
Then, Colleen found Money Matters at Wellspring. “Ilene sat down with me and devised a structured plan for my next steps: I would go on the unemployment benefit and Ontario Works, and if that didn’t work, we would try the Ontario Disability Support Program. She even contacted a charity to see if they could help me with food. She explained the paperwork and information I needed to make it all happen and reviewed all my documents. I wouldn’t have known any of this information without Money Matters. It was like having a step-by-step manual about navigating every situation – it was an incredible support system that I needed at the time,” she says.
Practical and informational support, like that provided by Money Matters, can significantly alleviate the financial burden of cancer, leading to reduced anxiety and greater peace of mind for patients and families.
By addressing cancer-related costs, people like Colleen can live better with cancer.
Learn more about the Money Matters program.
REFERENCES:
[i] Garaszczuk, R.; Yong, J.H.E.; Sun, Z.; de Oliveira, C. The Economic Burden of Cancer in Canada from a Societal Perspective. Curr. Oncol. 2022, 29, 2735–2748. https://doi.org/10.3390/ curroncol29040223
[ii] The economic burden of cancer in Canada, https://www.partnershipagainstcancer.ca/topics/economic-burden-cancer/
[iii] Angus Reid Forum, 2024, https://cancer.ca/en/about-us/media-releases/2024/world-cancer-day
[iv] Patient and family financial burden associated with cancer treatment in Canada: a national study, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8062343/#CR25
[v] Longo CJ, Fitch MI, Loree JM, et al. Patient and family financial burden associated with cancer treatment in Canada: a national study. Support Care Cancer 2021;29:3377–86
[vi] Fitch MI, Longo CJ. Emerging understanding about the impact of financial toxicity related to cancer: Canadian perspectives. Semin Oncol Nurs 2021;37:151174. doi: 10.1016/j.soncn.2021.151174
