Financial toxicity (FT) encompasses the monetary burden of paying for cancer care (eg, chemotherapy, surgery) and the negative consequences of such treatments on patients’ financial security.
1 Financial toxicity is associated with immediate and long-term consequences including treatment nonadherence, decreased health-related quality of life (HRQoL), bankruptcy, and an increased risk of mortality.
1-4 In 2014, cancer care spending reached $87.8 billion in the US, with $3.9 billion in direct spending by patients related to out-of-pocket expenses.
5 Older adults (aged ≥70 years) face a unique set of pressures compared with the general population. As of 2020, more than 60% of all individuals with cancer in the US were 65 years or older.
6 Furthermore, although 93% of the population of older adults has health care coverage through Medicare, many are left with large copayments and deductible minimums.
7 In 2017, older adults spent 13.1% of total expenditures on health care costs.
8 The issue of an aging population and increasing cancer prevalence also affects worldwide populations in both high-income and lower-income countries.
9 Using population projections, it is estimated that by 2035, new cancer diagnoses in those 65 years and older are expected to increase from 6.7 million to 14 million globally.
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