Cancer has a significant financial impact on patients and caregivers

The Canadian Cancer Society and the Government of Canada have published a report on the economic impact of cancer in Canada which puts figures to the costs paid by people with cancer and their caregivers, both indirectly and out-of-pocket.

The report, Canadian Cancer Statistics: A 2024 special report on the economic impact of cancer in Canada, says about 20 per cent of the total societal cost of cancer falls on patients and caregivers themselves. The remaining 80 per cent in the analysis are costs incurred by health systems. The costs incurred by both include lost time costs, lost earnings, and direct, out-of-pocket expenses including prescription drugs, home care, homemaking services, devices, family care, travel-related expenses and accommodation, along with vitamins and supplements.

Lung cancer most costly 

The report also looks at costs by cancer type saying the economic impact varies depending on the cancer in question. Lung cancer was identified as being the most costly.

Broken down, per patient costs for people with cancer and their caregivers, over the lifetime of the individual, averaged across all cancer types, individuals lost an average of $11,199 in time costs, $16,018 in out-of-pocket costs and $5,560 in indirect costs. “In total, and averaged across all cancer types, an individual is expected to incur $32,778 in costs related to cancer over their lifetime.” 

The report notes that private health insurance in Canada accounts for approximately 13 per cent of spending on health services not covered by public insurance programs but only 60 per cent of Canadians are covered by private health insurance, most often as a benefit of employment.

Following the release of the report, Insurtech company MyChoice added its own analysis, saying the $33,000 in out-of-pocket costs and lost income represents about 79 per cent of all liquid assets that an average Canadian between age 35 and 44 has, not including pension assets. In addition, they say direct, out-of-pocket expense are expected to increase 20.35 per cent in the next 10 years.