Cancer diagnosis is a life changing event that is characterized by emotional, physical, and financial difficulties. The cost of care may seem to many families as overwhelming as the disease itself. High deductibles and copays to travel costs of treatment, the costs of finance are piled up in a short time. Nevertheless, patients and their loved ones need not deal with this economic pressure without support. Knowing the options and resources available, families are able to go through the complicated world of medical costs and concentrate on what is really important, which is recovery and healing.
Using Nonprofit Grants and Insurance
The initial step in fighting against increased health care expenses is a full evaluation of your health insurance policy. It is necessary to know your out of pocket maximum, network, and prescription covers. Be not afraid of delegating one of your family members, as the insurance quarterback, to help them monitor claims and appeal denials.
In addition to insurance, there are a wide range of nonprofit organizations that provide specific assistance. These organizations offer grants which may pay all the ways such as transportation to medication co-pay. To be able to identify special diagnoses, it is important to find special assistance. As an example, families who need financial assistance for pancreatic cancer patients may use the services of such organizations as the American Life Fund. Such organizations even have money specifically set aside to assist in the special and high expenses of aggressive treatment measures and this is a lifeline when savings are at their limits.
Discovering Viatical Settlement
In the case of life insurance policy holders, they usually have a silent asset that is able to have immediate liquidity. Viatical settlement is a lump sum of money that a person with a severe form of illness can get by selling his or her life insurance policy to a third party. This amount of payout is generally lower than the death benefit, but much higher than the cash surrender of the policy.
This alternative transforms an asset in the future to current funds which can be utilized without any limitations. The money can be used to pay the hospital bills, mortgage payments, or experimental treatments that could be denied by the insurance, and the family can afford them. This is money that does not have to be repaid at any time as opposed to a loan and offers real financial relief at an extremely crucial time. Firms dealing with such settlements would be able to help the family through the process to get a fair value of their policy.
Pharmaceutical Assistance and Social Security
The unaffordability of prescription is one of the biggest obstacles to care. Several pharmaceutical firms have Patient Assistance Programs (PAPs) that are offered at no cost or reduced prices to those who are qualified. Also, the patients may use websites such as NeedyMeds and GoodRx to locate coupons and discounts.
To those who cannot work because of their condition, the Social Security Disability Insurance (SSDI) is an important asset. Some forms of aggressive cancers qualify as Compassionate Allowances and this is usually faster in achieving the application and patients receive their benefits in weeks and not months.
Conclusion
Cancer financial toxicity needs a multi-pronged management approach. Families can create a safety net by integrating insurance advocacy, nonprofit grants, and new financial instruments, such as viatical settlements. Proactive measures in obtaining funding ensure the financial stability of the family, which will in addition minimize stress and enable the patient to dedicate all their time to their health and family.
