Behind the Diagnosis: Easing the Financial Toxicity of Cancer

Financial toxicity is a common and devastating result of a cancer diagnosis. Defined by the National Cancer Institute as the adverse financial consequences experienced by patients and their families due to the high costs of medical care, financial toxicity can include both direct expenses—such as treatment costs, premiums, and copays—and indirect costs like lost income or travel.

Research funded by the Foundation for Financial Planning and conducted by Dr. Greg Knight, MD, at the Levine Cancer Institute/Atrium Health, found that cancer patients who received pro bono financial planning interventions from CERTIFIED FINANCIAL PLANNER® professionals demonstrated improved treatment adherence, reduced financial distress, and better overall health outcomes. This study highlights the important connection between financial well-being and physical health.

A study in the American Journal of Medicine also found that more than 42% of cancer patients deplete their life savings within two years of diagnosis. In this webinar, participants will explore the financial hurdles cancer patients face and learn practical strategies to implement during financial planning sessions. The session will also cover key considerations when working with this population and illustrate the meaningful impact pro bono financial services can have on patients’ overall quality of life.