The long-term effects of cancer survivorship on household assets

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dc.contributor.authorPak, Tae-Young
dc.contributor.authorKim, Hyungsoo
dc.contributor.authorKim, Kyoung Tae
dc.contributor.otherSungkyunkwan University (SKKU)
dc.contributor.otherUniversity of Kentucky
dc.contributor.otherUniversity of Alabama Tuscaloosa
dc.date.accessioned2023-09-28T19:32:04Z
dc.date.available2023-09-28T19:32:04Z
dc.date.issued2020
dc.description.abstractBackground Less is known about the impact of cancer on household assets and household financial portfolio during which cancer survivors face higher mortality risk. Economic theory predicts that cancer survivors would deplete their wealth in such a way that meets immediate financial needs for treatment and that hedges the risk of anticipated medical expenses associated with recurrence. Building upon this prediction, we examine long-term changes in household assets in response to cancer diagnosis among middle-aged and elderly Americans (age >= 50). Results Using the 2000-2014 waves of the Health and Retirement Study, we estimated the household fixed effects regression that regresses household assets on time elapsed since cancer diagnosis (<= 2 years, > 2 but <= 4 years, > 4 but <= 6 years, and > 6 but <= 8 years). Regression estimates were adjusted for demographic characteristics, general health condition, employment outcomes, and household economic attributes. Household assets were measured by total net worth as well as the amount of savings held in each asset category. The loss of household assets attributable to cancer was estimated to be $125,832 in 2015 dollars per household with a cancer patient. This change came from statistically significant reductions in investment assets, miscellaneous savings, real estate equity, and business equity, and increases in unsecured debt. We also found 17.2-28.0% increases in cash and cash-equivalent assets from + 2 years since diagnosis through the rest of the study periods. The accumulation of cash was observed for both the well-insured group (multiple coverages) and those with limited insurance (single coverage). Conclusions The results showed evidence of both asset depletion and precautionary accumulation of liquid assets among cancer survivors, which reduces risk exposure of household financial portfolio. Our findings highlighted that household asset is an important source of liquidity to finance cancer care and to absorb the expected expenditure risk associated with cancer recurrence. We also showed that health insurance provides limited coverage of health risks associated with cancer.en_US
dc.format.mediumelectronic
dc.format.mimetypeapplication/pdf
dc.identifier.citationPak, T.-Y., Kim, H., & Kim, K. T. (2020). The long-term effects of cancer survivorship on household assets. In Health Economics Review (Vol. 10, Issue 1). Springer Science and Business Media LLC. https://doi.org/10.1186/s13561-019-0253-7
dc.identifier.doi10.1186/s13561-019-0253-7
dc.identifier.orcidhttps://orcid.org/0000-0003-2380-7256
dc.identifier.urihttps://ir.ua.edu/handle/123456789/11399
dc.languageEnglish
dc.language.isoen_US
dc.publisherBMC
dc.rights.licenseAttribution 4.0 International (CC BY 4.0)
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectCancer treatment
dc.subjectFinancial toxicity
dc.subjectHealth shock
dc.subjectAsset depletion
dc.subjectBackground risk
dc.subjectOUT-OF-POCKET
dc.subjectPERSONAL FINANCIAL BURDEN
dc.subjectECONOMIC BURDEN
dc.subjectBREAST-CANCER
dc.subjectUNITED-STATES
dc.subjectHEALTH
dc.subjectCOST
dc.subjectCARE
dc.subjectRISK
dc.subjectIMPACT
dc.subjectEconomics
dc.subjectHealth Policy & Services
dc.titleThe long-term effects of cancer survivorship on household assetsen_US
dc.typeArticle
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