How the new year brings increased challenges for families facing cancer

As families across the United States begin the new year, many face financial challenges, including the reset of health insurance deductibles and the aftermath of holiday spending. For families navigating the overwhelming reality of childhood cancer, these financial strains can feel even more stressful.

Holiday spending and financial stress

A survey conducted among 2,000 Americans celebrating the winter holidays revealed that 76% experience emotional distress, often referred to as "money wounds," due to holiday spending (Business Wire). These financial pressures often extend into the new year, creating further stress for families trying to recover from holiday expenditures.

You might remember our origin story took place around a similar time. Our founder Mitch himself overheard a family explaining to their sick child that there would not be Christmas presents that year because of all the expenses from their childhood cancer journey.

And that was over 20 years ago. It is a harsh reality.

Health insurance deductible reset

In January, many health insurance plans reset deductibles, requiring individuals to pay out-of-pocket for healthcare services until the new deductible is met. For those already burdened with medical costs, the reset can lead to increased financial strain (HSATalk).

The financial impact of cancer on families is already staggering. Then January hits after a financially straining holiday season, and the bills must be paid again. They will then be required to meet their deductible and out-of-pocket maximum before insurance fully covers treatment costs. As you can imagine, it can feel even more overwhelming as they navigate their child's illness.

Real-life impact: Pinky Swear All-Star stories

To truly understand the challenges these families face, we encourage you to read their stories firsthand. They powerfully share how cancer affects people’s lives. 

The role of support organizations

The good news is - those who care are making a difference. Organizations that help cancer patients financially like Pinky Swear Foundation are stepping in to help families during these challenging times. By providing financial assistance for everyday expenses such as housing, food, and transportation, Pinky Swear helps ease the burden and allows families to focus on what matters most - their child.

The beginning of the year should be a time for fresh starts and optimism, but for those facing cancer, it is often a reminder of financial hurdles yet to come. Together, we can help alleviate the stress put on families during a childhood cancer diagnosis. 

Sources:

• Business Wire: "Holiday Spending and Financial Stress"
• HSATalk: "Health Insurance Deductible Resets"