When you or a loved one gets a cancer diagnosis, there are so many things to think about. It can quickly become overwhelming. Not only is there your health to consider, but you also have the costs of cancer like chemotherapy and other medicines. This can be many thousands of dollars for one type of medication. Not to mention the potential loss of income from a reduced ability to work.
Add to that hospital stays, doctor visits, and other treatments and it’s easy to see why so many families face such tough decisions with a cancer diagnosis. And your health insurance policy may not cover all associated costs. That leaves the rest of the bill for you to cover out of pocket.
The Costs of Cancer Can Be Overwhelming
Finding the money to pay for treatment is stressful, but it doesn’t have to be overwhelming. There are some options available if you know where to look, including looking for alternative treatment methods, selling a life insurance policy, and starting a fundraiser.
Some of these options may not be right for you, but there might be something else that will fit your needs to cover the costs of cancer.
Find Out If There Are Alternatives Available
There are many different types of cancer, which means there are just as many types of medicine and treatments available. Some cost more than others. For instance, injection medications cost less than oral medications, which can be taken at home. Some insurance companies won’t even pay for the oral ones. If there is an IV option, ask your doctor about it.
Another possibility is enrolling in a clinical trial if other treatments haven’t been successful. Clinical trials can offer innovative, though unproven, alternative treatments to cancer patients.
For example, if you have a leukemia or lymphoma diagnosis, treatment could include a stem cell transplant or a new type of chemotherapy. Before enrolling in a clinical trial, be sure to discuss your options with your doctor. These alternatives can cut down significantly on the cost of treating cancer.
Sell or Accelerate Your Life Insurance Policy
It may be seen as a last resort for many individuals, but the option is there. Sell your life insurance policy in order to get a quick cash infusion to pay for medical bills. There are viatical settlement companies that will purchase your life insurance policy and pay a lump sum. The sum can be used to cover the cost of cancer treatment.
The federal tax code excludes certain types of payouts from life insurance policies if one has a terminal illness. A sale to a viatical settlement company is one option. Another option is an accelerated death benefit. Many term life policies have an acceleration clause. This allows you to take a lump sum to cover the costs of treating a terminal illness like cancer.
There will be different rules depending on which type of policy you have and how long you’ve had it. So you need to do your homework on your policy details. Talk to your life insurance agent or an insurance broker to see what options you may have to sell the policy.
It’s also imperative to talk to your loved ones before you make any decisions. The amount of the benefit they receive in the event of your passing will be less than the original policy amount.
Start a GoFundMe Campaign
Crowdfunding has proven to be a very successful method in getting money to the people who need it most. With platforms like GoFundMe—which ensure that the money’s security and that it gets to the recipient—it’s easier than ever.
Consider using crowdsourcing to help pay for your expenses. This involves garnering donations from people all over the world for one cause. So the downside is sharing a dark part of your life with other people and being vulnerable.
But many people have used this method before and others’ generosity has a chance to shine through in a moment when you need it the most.
Know Your Rights With the Costs of Cancer
It’s important to know what your rights are as an employee, especially if you need to take time off to care for yourself or to stay in the hospital. The Family and Medical Leave Act makes it possible for anyone to take unpaid time off work and still have a job when they return. There are also rights for individuals who are classified as disabled.
Go here for more information.
Finding a way to pay for the costs of cancer can be one of the most stressful things you’ll have to undergo. But keep in mind that there are almost always options. With careful planning and a little help from your loved ones and your social circle, you can ensure that your cancer treatment costs won’t break the bank.
If you’re having financial difficulties, Financial Coach Seth Connell can help you find financial freedom. Call (757) 515-9825 to book your free Discovery Session!
Written by Brittany Fisher from FinanciallyWell.info.