All articles tagged with #financial burden
Originally Published 5 months ago — by CBS News
A recent study shows that a cancer diagnosis significantly increases out-of-pocket costs for privately insured patients under 65, with costs rising as the disease progresses, highlighting the need for policy reforms to support affected individuals.
Originally Published 1 year ago — by Daily Mail
Lisa Monk, a mother from Texas, endured aggressive chemotherapy and was given a terminal cancer diagnosis, only to later discover that she never had cancer. The initial pathology report was allegedly wrong, leading to unnecessary chemotherapy and significant physical and emotional trauma for Lisa and her family. Despite being relieved by the good news, Lisa still feels angry and is dealing with ongoing financial burdens from the medical bills.
Originally Published 1 year ago — by Enterprise News
Raynham farmer Tony Arruda, brother of Mary-Lou Arruda who was murdered in 1978, has been battling stage four colon cancer and facing severe mobility issues after undergoing treatments. The farming community and friends have rallied around him, providing support with daily tasks and financial assistance. A gofundme has been set up to help cover expenses as Tony continues his rehabilitation, with a long road ahead including a liver resection.
Originally Published 1 year ago — by Trinidad & Tobago Express Newspapers
The Diabetes Association of Trinidad and Tobago (DATT) has highlighted the significant economic burdens faced by individuals with kidney disease in Trinidad and Tobago, where dialysis sessions can cost around $4,000 per treatment. As World Kidney Day 2024 is marked, the focus is on advancing equitable access to care and optimal medication practice, emphasizing the link between diabetes and kidney disease. DATT emphasizes the need for increased awareness, support, and resources to ease the financial strain on affected individuals and calls for healthier living and diabetes management to safeguard kidney health. The association also notes the transformative potential of kidney transplants but highlights the challenge of finding suitable donors and the need for increased efforts to raise awareness about organ donation.
Originally Published 2 years ago — by Business Insider
Many baby boomers are not financially prepared for retirement, with 43% of 55- to 64-year-olds having no retirement savings and 30% of people over 65 being economically insecure. As they age out of the workforce, strain on the healthcare system, government programs, and the economy is expected, placing a financial burden on younger generations. The "Sandwich Generation" is increasingly juggling caregiving for both aging parents and young children while working, leading to emotional and financial strain. The scarcity of long-term care facilities and staffing shortages further exacerbate the challenges, creating a growing financial burden on younger generations and a drag on the economy.
Originally Published 2 years ago — by CNBC
Divorces can be financially burdensome, with costs ranging from $1,500 to $140,000 or more, depending on the complexity and whether it goes to trial. The financial impact of divorce includes dividing assets, setting up separate households, legal fees, and potential child custody battles. To prevent a costly divorce, experts suggest considering prenuptial agreements, which can protect both parties' interests and save money in the long run. It's important to address the financial implications of divorce early on and seek assistance from professionals and resources available to navigate the process.
Originally Published 2 years ago — by RochesterFirst
Governor Hochul has signed the "Direct Pay Bill" into law, which will require health insurance plans to directly reimburse ambulance providers for transporting out-of-network patients. This will alleviate the financial burden on EMS companies and ensure timely care, as patients will no longer have to act as intermediaries in the payment process.
Originally Published 2 years ago — by The New York Times
The United States lacks a coherent system for providing long-term care, leaving many aging individuals and their families to struggle with the soaring costs of in-home care, assisted-living facilities, and nursing homes. As the price tag for long-term care continues to rise, millions of families face potential financial ruin. The population of Americans aged 65 and older is projected to increase by over 50% by 2050, exacerbating the challenges. The US devotes less of its GDP to long-term care compared to other wealthy countries, and there is a lack of political will to invest in a comprehensive financing and insurance system for long-term care. Efforts to create a national long-term care system have repeatedly failed, leaving families to rely on Medicaid, which has its own limitations and gaps in coverage.
Originally Published 2 years ago — by CNBC
Homeowners associations (HOAs) are becoming increasingly common in the US, with roughly 84% of newly built, single-family homes sold in 2022 belonging to HOAs. However, some homeowners are experiencing financial burdens and legal disputes with their HOAs. In one case, a couple in Georgia ended up paying over $12,000 in fines and garnished wages to their HOA, in addition to legal fees. While HOAs can help maintain property values and manage shared amenities, there is mixed data on their impact. Homeowners who have disputes with their HOAs often struggle to find help from official government channels, and change in HOA regulations typically happens at the grassroots level.
Originally Published 2 years ago — by New York Post
A new study from the University of Michigan reveals the staggering financial burden of dementia on families. Within the first eight years of diagnosis, out-of-pocket healthcare costs more than doubled for dementia patients, while their net worth decreased by over 60%. Dementia patients also required triple the amount of caregiving hours and were five times more likely to enter nursing homes. The need for long-term care, lack of skilled providers, and the high cost of care contribute to the financial strain. The study highlights the urgent need for improved public long-term care programs and resources to alleviate the financial and non-financial impacts of dementia on individuals, families, and society.
Originally Published 2 years ago — by Fox News
A new study from the University of Michigan reveals the staggering financial cost of dementia on families. Within the first eight years of diagnosis, out-of-pocket healthcare costs more than doubled for dementia patients, while their net worth decreased by over 60%. The study also found that dementia patients required triple the amount of caregiving hours within two years of symptom onset and were five times more likely to enter nursing homes. Long-term care services, such as home medical care and nursing homes, are often too expensive to be covered by seniors' own financial resources. The financial toll highlights the need for improved public long-term care programs and resources for dementia patients and their families.
Originally Published 2 years ago — by Barron's
A record 17.5% of new-car buyers in the third quarter paid over $1,000 a month for a vehicle, compared to less than 7% three years ago, according to automotive data provider Edmunds. This increase in monthly payments highlights a growing financial burden for car buyers.
Originally Published 2 years ago — by USA TODAY
The recent $1.76 billion Powerball jackpot has sparked discussions about why people are so obsessed with playing the lottery, despite the astronomically low odds of winning. Experts suggest that the lottery allows individuals to indulge in fantasies of financial freedom and escape from socioeconomic burdens. However, playing the lottery can also have negative consequences, such as worsening mental health and addictive behaviors. While most people can play for fun, a small percentage develop gambling addictions, leading to severe consequences like job loss, homelessness, and family fractures. Experts advise setting a budget, being mindful of motivations, not relying on winning to solve financial problems, and seeking help if gambling becomes problematic.
Originally Published 2 years ago — by The New York Times
The costs associated with owning a car have skyrocketed, creating a financial burden for many drivers. The average annual cost of new-car ownership has risen to $12,182, reflecting increased purchase prices, maintenance costs, and finance charges. With 92% of households having at least one car, and 22% having three or more, car expenses have become a significant portion of household budgets. The article highlights the experiences of five car owners who are struggling with the high costs, including lease payments, loan interest rates, insurance, gas, and maintenance. These expenses, combined with other financial obligations, are causing stress and even delinquency for some borrowers.
Originally Published 2 years ago — by NBC News
As federal student loan payments resume, college students and recent graduates are facing the challenge of repaying their loans after the pandemic disrupted their college experience. Many Black students, who already carry a higher burden of student debt, were hopeful for President Biden's student loan forgiveness plan, which was struck down by the Supreme Court. While Biden aims to provide relief for loan borrowers, the resumption of payments has left students unprepared for the financial obligation. Black graduates face specific challenges due to disparities in generational wealth. Despite the difficulties, some students have found positive outcomes from the pandemic, such as increased focus on academics and stronger friendships.