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How can a serious diagnosis impact your financial situation?

There are many different implications for your life if you receive a serious medical diagnosis, particularly if this diagnosis is cancer. You may be feeling shock, confusion, grief, and an array of other emotions as you attempt to cope with this situation. Financially, even with solid health insurance, it can be overwhelming and confusing to navigate the complex situation of paying for your care.

According to recent research, the cost of supportive care medications and oncology drugs jumped by 11.5% in 2015. It’s expected that the cost of cancer drugs may increase somewhere between 7% and 10% through the next four years, outpacing inflation. The financial implications of receiving a cancer diagnosis may not be surprising to you, but it can impact your ability to cover all of your bills.

Diverting money to pay for your treatments, therapy and missing time at work can all influence you as you attempt to treat and recover from cancer. It has been well documented that medical bills are one of the leading reasons that individuals consider filing for bankruptcy. Even with health insurance to cover part of the cost, a person coping with a cancer diagnosis may find themselves unable to keep up. Co-pays, treatments, missed days at work, and medication costs all add up quickly. In this situation, it might feel as though you have no choice but to continue doing everything the doctors suggest to treat the condition, but the extra stress and financial pressure can take a toll on you, too.

If you have been doing your best to manage the situation but no longer are able to do so, then contact an experienced New York bankruptcy attorney to determine if this is the right step for you.   Bankruptcy may help you get the fresh start you need. Jayson Lutzky offer free in person consultations to discuss bankruptcy. He is an experienced Bronx attorney and can help you evaluate your options for your financial future. Call 718-329-9500 to set an appointment. Visit www.MyNewYorkCityLawyer.com/Bankruptcy to learn more about bankruptcy and the law.

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