Facing a cancer diagnosis is overwhelming on its own, but the financial impact adds an extra layer of stress that can be just as challenging. Time away from work is sometimes unavoidable as medical bills from cancer treatment pile up and costs of future cancer care seems daunting. The financial strain and stress can be insurmountable and take you away from what is most important, healing. However, there are strategies and resources that can help ease this cancer financial burden. Below, we’ll walk through practical steps to alleviate financial stress, so you can focus on what truly matters—your health, well-being, and recovery.
1. Plan for Immediate Income Replacement Options
The inability to work during treatment can drastically reduce your income, yet essential expenses don’t stop. Fortunately, there are options to replace lost income:
• Short and Long-Term Disability Insurance: If your employer offers these plans, they may replace a portion of your income while you’re unable to work. Make sure you know your policy’s details, including waiting periods and coverage percentages. For self-employed individuals, consider disability insurance as a protective step moving forward.
• Family Medical Leave Act (FMLA): In the U.S., eligible employees can take up to 12 weeks of unpaid leave with job protection. While it doesn’t provide income, it can help secure your job while managing treatment.
• Supplemental Income Options: If you have a spouse or family member who can take on additional work hours temporarily, this could help offset some of the income gap, although it’s often a challenging option.
2. Viatical Settlements: A Unique Way to Access Immediate Cash
Cancer treatments are expensive, and often patients need funds right away. A viatical settlement allows patients with a terminal or chronic illness, like cancer, to sell their life insurance policy for a lump sum. This cash can be used for immediate needs—whether it’s medical bills, groceries, or mortgage payments. Cancer Care Financial, a viatical settlement company, specializes in assisting patients through the viatical settlement process, ensuring that they understand every step involved.
Did You Know? A viatical settlement typically offers a larger payout than a life insurance loan, as it doesn’t require repayment. Explore more on this at Cancer Care Financial.
3. Leverage Crowdfunding and Social Support Networks
Crowdfunding can be a powerful tool for raising money and sharing your story with a wider audience. Platforms like GoFundMe allow you to set up a campaign to fundraise for treatment and everyday expenses. Here’s how to make it successful:
• Create a Genuine, Personal Story: Sharing specific details about your journey can resonate with donors.
• Utilize Social Media: Share your campaign link on social media and ask friends, family, and community members to help spread the word.
• Regularly Update Supporters: Donors appreciate updates that show progress and the impact of their support.
Learn more about how to use crowdfunding to pay for cancer care on our Cancer Care Financial guide.
4. Seek Help from Public Assistance Programs
Several federal and state programs are designed to assist with medical expenses and living costs:
• Medicaid: Medicaid provides health coverage for low-income individuals, and eligibility varies by state. For those who qualify, Medicaid can cover a significant portion of cancer treatment costs.
• Social Security Disability Insurance (SSDI): Cancer patients who are unable to work may qualify for SSDI, providing monthly payments to cover essential expenses. Applying early can help overcome lengthy processing times.
If applying feels overwhelming, seek help from a social worker or patient advocate who can navigate these options with you.
5. Access Financial Assistance Through Nonprofits and Grants
Many nonprofit organizations are dedicated to helping cancer patients with financial aid for various expenses, from rent and utilities to transportation for treatments. Here are a few options to explore:
• The Pink Fund: Provides short-term financial assistance to cover living expenses.
• CancerCare: Offers financial aid and professional support for individuals with cancer.
• The American Cancer Society: Provides various support services, including transportation assistance.
Visit Cancer Care Financial’s resource page for a list of organizations and grants tailored to cancer patients’ needs.
6. Effective Budgeting and Expense Tracking Tips
Managing your finances during treatment may seem overwhelming, but a structured approach can make it easier:
1. Track Every Expense: Write down all monthly expenses and keep an eye on spending. This can highlight areas where you can cut back.
2. Prioritize Essential Expenses: Focus on housing, utilities, food, and medical costs.
3. Use Budgeting Tools: Free budgeting tools, like Mint or YNAB, can help simplify tracking and create more clarity around your finances.
Remember, even small changes can accumulate over time and provide some relief in challenging months.
7. Explore Debt Relief Options to Reduce Monthly Obligations
Medical debt can quickly accumulate, and credit card debt may rise as you cover essentials. Here are some options to manage and potentially reduce debt:
• Debt Consolidation: This involves combining multiple debts into a single loan, possibly with a lower interest rate, which could reduce monthly payments.
• Credit Counseling Services: Nonprofit credit counseling agencies offer advice and can negotiate with creditors to reduce your monthly payments.
Tip: Talk to lenders directly, as some may offer hardship programs or payment deferrals for individuals facing a serious illness.
8. Use Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)
If you have an HSA or FSA, these accounts offer tax-free dollars for eligible medical expenses. While not every expense qualifies, these accounts can cover a broad range of costs associated with treatment and recovery. Here’s how they can help:
• Cover Out-of-Pocket Medical Costs: Use HSA/FSA funds for copays, prescription drugs, and even certain travel expenses to medical appointments.
• Tax Advantages: Contributions to these accounts are tax-free, and withdrawals for qualified medical expenses are also tax-free.
Note: If you haven’t set up an HSA/FSA before treatment, consider starting one for future expenses to help offset unexpected medical costs.
9. Long-Term Financial Planning for Cancer Survivors
Financial recovery can be as long-lasting as the physical recovery from cancer. Building back stability might take time, but it’s achievable:
• Rebuild an Emergency Fund: Saving even a small amount monthly can create a safety net for future unexpected costs.
• Consider Insurance Coverage for Future Health Needs: Options like critical illness insurance or supplemental cancer insurance can provide a financial buffer if illness reoccurs.
• Invest in Financial Counseling: Working with a financial planner can help you prepare for future medical needs, retirement, or family-related financial goals.
At Cancer Care Financial, we understand that managing post-cancer finances is just as vital, and we are here to help guide you toward sustainable solutions.
Final Thoughts
Facing a cancer diagnosis is challenging enough without the additional worry of financial burdens. By exploring resources like viatical settlements, public assistance, and nonprofit support, you can create a financial strategy that allows you to focus on health and recovery. Remember, support systems are in place—from friends and family to organizations dedicated to easing this journey.
Disclaimer: This article is for informational purposes only and is not a substitute for professional financial or legal advice. Always consult with a financial advisor or legal expert to understand your unique financial options.
