The term 'financial toxicity' describes the distress and negative health outcomes caused by the high out-of-pocket costs associated with cancer treatment. As medical expenses for oncology care continue to rise, experts are emphasizing the need for proactive financial planning to mitigate the risk of bankruptcy and treatment non-adherence.

Financial toxicity is not merely a matter of debt; it is a clinical issue. When patients cannot afford their medications or follow-up care, their physical health outcomes often decline. Financial planners and oncology social workers are increasingly collaborating to help patients navigate insurance complexities, utilize patient assistance programs, and manage long-term savings.

While the medical community focuses on biological treatment, there is a growing consensus that financial health is a social determinant of health. Strategies recommended include reviewing insurance coverage before treatment begins, exploring disability benefits, and setting up emergency funds specifically for medical contingencies. The goal is to reduce the cognitive load on patients, allowing them to focus on recovery rather than the immediate threat of financial ruin. Despite the availability of resources, many patients remain unaware of how to access financial aid or how to restructure their personal finances to accommodate a chronic illness diagnosis.