Cost of Cancer Care Reported By Critical Illness Insurance Association

LOS ANGELES - May 26, 2020 - PRLog -- Americans will spend over $150 billion this year on cancer care according to the American Association for Critical Illness Insurance (AACII).

"With all attention focused on Covid-19 we are forgetting that every day another 5,000 people hear the dreaded words you have cancer," states Jesse Slome, director of the organization.  The critical illness insurance expert announced the posting of key cancer care facts on the Association's website.

"There needs to be one resource where the most relevant information can be found," Slome explains.  "For example, the findings of a study that revealed cancer patients are 2.5 times more likely to declare bankruptcy compared to those who don't have cancer."

Cancer is no longer the killer it once was Slome notes.  "The survival rate following a diagnosis is high but that comes with a financial toll many are unprepared for," Slome says.  "Today even the best health insurance plans come with deductibles, co-insurance costs and not all cancer treatments and medications may be covered."

The Association director also pointed out indirect costs that will soon be reported.  "Millions of Millennials and GenXers are part of the 'gig economy' and will lose their income when they need to take time off for cancer treatments and recovery," he notes.

"We have 150 million Americans between ages 40 and 60 who are pretty much unprepared for the financial consequences of a cancer diagnosis," the AACII director adds.  "Our research shows that very few have ever heard of the availability of a cancer-only option within today's better critical illness insurance plans."

To access the cost of cancer care data visit the American Association for Critical Illness Insurance website at https://www.criticalillnessinsuranceinfo.org/cost-of-cancer.  AACII advocates for the importance of planning and supports insurance professionals who market critical illness insurance  products.  Visit the Association's website at https://www.criticalillnessinsuranceinfo.org or call 818-597-3205 to learn more.