Breast Cancer and Budgeting
- Laura Carfang, Ed.D.
- Aug 7, 2022
- 5 min read
Updated: Oct 27
A breast cancer diagnosis is not only emotionally overwhelming—it can also carry an enormous financial burden. From tests and treatments to lost income and unexpected costs, the price of breast cancer goes well beyond the clinic. Understanding these expenses and learning how to manage them can help ease one of the many stresses that come with a diagnosis.
The True Cost of Breast Cancer
The financial impact of breast cancer varies depending on the stage of diagnosis, insurance coverage, type of treatment, and geographic location. On average, the cost of treatment for breast cancer can range from $20,000 to over $100,000 in the first year alone. This can include:
Diagnostic testing: Mammograms, biopsies, MRIs, and genetic testing can cost hundreds or even thousands of dollars.
Surgery: Lumpectomies, mastectomies, and reconstructive surgeries may require hospitalization and multiple procedures.
Chemotherapy and radiation: These treatments are not only lengthy and intensive, but also costly, especially if administered over several months.
Targeted therapies and immunotherapy: Newer, more personalized treatments can be highly effective—but also significantly more expensive.
Hormonal therapy: For some patients, medication may be prescribed for 5–10 years post-treatment.
Follow-up care and scans: Even after active treatment, ongoing appointments, imaging, and lab tests add up.
Medical bills are just the beginning. Many people diagnosed with breast cancer face non-medical costs as well: transportation to appointments, wigs and prostheses, specialized bras, dietary supplements, mental health counseling, and more. For those who need to reduce work hours or take unpaid leave, lost income becomes another stressor.
In case you missed it on Monday, we have a stellar podcast episode with Dianne Webb, CFP, all about financial planning. She breaks it down in easy and relatable ways!
Creating a Medical Budget
Taking control of your finances after a breast cancer diagnosis can feel empowering. Here are some tips to help you get started:
1. Understand Your Insurance
Take time to understand your health insurance plan—what’s covered, what’s not, and what your out-of-pocket maximum is. Be aware of deductibles, co-pays, and whether you need pre-authorization for certain treatments. Call your insurance provider and ask for a case manager—someone who can help explain benefits, track claims, and serve as a point of contact throughout your treatment.
2. Estimate and Track Costs
Ask your healthcare team for a treatment plan with projected costs. Create a spreadsheet to track:
Medical appointments
Prescriptions
Lab work and imaging
Out-of-pocket costs
Insurance payments and balances
Being organized helps you stay on top of bills and spot errors.
3. Explore Financial Assistance
Many patients are unaware of the financial assistance available. Start by speaking with your hospital’s social worker or financial counselor. They can help you:
Apply for charity care or hospital financial aid programs
Access co-pay assistance foundations (e.g., PAN Foundation, CancerCare, The Assistance Fund)
Find nonprofit grants (such as SurvivingBreastCancer.org’s support resources)
Pharmaceutical companies also often offer assistance programs for costly medications.
4. Budget for Non-Medical Needs
Transportation, meals during treatment, childcare, and help with daily chores can add up. Consider including these categories in your budget:
Gas, parking, or rideshare to appointments
Prepared meals or grocery delivery
In-home care or cleaning services
Mental health services and support groups
If friends or family ask how they can help, point them toward gift cards for essentials or services that will ease your load.
5. Plan for Work Interruptions
Talk to your employer about medical leave, FMLA (Family and Medical Leave Act), or short-term disability. Understand your rights, and don’t be afraid to ask for flexibility.
If you’re self-employed, consider applying for temporary financial assistance or crowdsourcing platforms like GoFundMe to bridge income gaps.
Budgeting won’t eliminate the stress of cancer—but it can give you back a sense of control in a time that often feels uncertain.
Content Across The Web
“Budgeting is understanding your income and your expenses. What comes in, and then what goes out. When serious life changes happen, the earlier we can adjust our spending to reflect our financial realities, the less of a mess we’re creating for ourselves later on. Taking it step-by-step and starting early will prevent adding [more] stress later.”
Once you know how much you’re already spending, start thinking about additional expenses that should be added to your budget, like travel during treatment, medication, lost income from your partner’s time off work, etc.
Talking to your doctor and insurance company as early as possible is important to help better understand how much these expenses will be. From there you can start planning how you will pay for them, whether that is from existing savings or borrowing from a bank. Read More.
You don't need to navigate this unfamiliar space alone. Financial counselors and oncology social workers are well-versed in the expenses that come along with a cancer diagnosis and can help you come up with a payment plan and better understand your insurance coverage. "Most cancer centers have social workers on staff. If yours doesn't, you can get free help from CancerCare."
Disability insurance is also something to consider and is best to look into as early as possible. "Loss of income is one of the greatest concerns for those facing breast cancer, especially metastatic. If you have recently been diagnosed, it may feel like it is too early to consider disability insurance. It's not. This is another issue better dealt with before it's needed. You may have disability insurance through your work or through a private policy, or you may need to consider Social Security disability. Since the process of applying for social security disability is lengthy, the best time to apply is as soon as you need it. " Read More.
Knowing all the associated expenses that come with a cancer diagnosis can help plan and budget for them as they arise. Some expenses are more obvious, like treatment, mastectomies, and breast reconstruction surgeries. But there are some additional "hidden" costs you may not have accounted for:
Transportation
Insurance copays and/or out-of-pocket expenses
Medications and nutritional supplements
Extra childcare
Time off for yourself
Time off for your family members.
As mentioned above, a financial planner can help you navigate the expenses that come with a breast cancer diagnosis. Here are some tips to choose the right financial planner for your situation.
"If you’re concerned about affording a financial planner, see if your care team or social worker can recommend someone who provides pro bono (free) or reduced-fee services for people with cancer. If cost isn’t a major concern, you can search for a Certified Financial Planner™ in your area through the Financial Planning Association. There are other organizations with searchable databases as well, such as the National Association of Personal Financial Advisors and the Society of Financial Service Professionals. In addition to finding a professional who is certified, you’ll want to know that he or she has experience helping people deal with the unique financial challenges that serious illness brings. Read More.
