Michael recently met with Macmillan Cancer Support to discuss their new report on the financial impact of cancer entitled ‘Cancer - A Costly Diagnosis?’
The report focussed on people’s individual experiences of the financial impact of cancer and highlights three particular policy areas; the implementation of Universal Credit, the support banks and building societies give people living with cancer and the cost of travel insurance.
Over 100 people, many of them living with cancer, came to the Houses of Parliament to share stories of the financial barriers they face after a diagnosis. A number of constituents had written to Michael expressing their concerns and he was delighted to be able to attend the event.
One in two of us born after 1960 will get cancer in our lifetime, and while the physical and emotional consequences of cancer are well-known, the financial impact of a diagnosis can be devastating and 4 in 5 people are, on average, £570 a week worse off as a result of their diagnosis
The financial impact of cancer can move someone from a position of relative security to one of financial distress within a short space of time and people living with cancer are still not getting the right support they need from the government and from financial service providers.
Macmillan also say the travel insurance market is stacked against those affected by cancer with many continuously facing disproportionately high costs and some premiums as high as £10,000 for a simple family holiday. Macmillan are calling for regulators to work with the insurance industry to ensure that affordable and appropriate insurance is available to people after a cancer diagnosis by conducting a full market study.
Michael will continue to work with Macmillan Cancer Support on their campaign to ensure people living with cancer get the right support.