A cancer diagnosis can be devastating. Not only are you faced with the terrifying prospect of fighting a life-threatening illness, but you also must figure out how to pay for your medical treatment. With healthcare costs being notoriously high in the US, the financial burden of cancer treatment can be more than many individuals and families can bear. According to a 2018 study, 42% of cancer patients burn through their life savings within two years of diagnosis. Thankfully, I was lucky enough to beat cancer and come out of it financially stable. In this post, I will share some steps I took that may help you, too.
Inspect Your Insurance
The first thing I did to prepare my finances for the cancer battle was to understand the nitty gritty of my health insurance policy. I read the policy document from cover to cover, highlighting key points and fine print that related to cancer treatment. This helped me to figure out what costs were covered, what my out-of-pocket expenses might be, and if there were any restrictions on treatment options.
Of course, a lot of it was still very confusing. So, I contacted my insurance provider with a list of questions. They were able to provide me with a case manager who guided me through the complexities of my care options. Don't spare any effort to understand your health insurance coverage! It can affect everything from the type of drugs you can take to the specialist you can see and the network of hospitals you can access.
Cut Your Costs
At the time of my diagnosis, my wife and I were paying a mortgage, car payments, and her Master’s degree student loan. In the beginning, we believed that we could continue to manage all these expenses while also paying for my cancer treatment. However, we quickly realized that it was not feasible when letters from our lenders started pouring in. While the lenders were sympathetic, they couldn't offer any leniency on our loan payments.
We had to make some tough decisions and cut our costs in order to free up funds for my treatment. I read about how to sell a house in foreclosure and managed to get a good cash price for our property from a reputable direct buyer. We paid off the mortgage and downsized to a small apartment that was closer to the city center. This allowed us to sell the car and still have enough money left to add to the medical piggy bank.
Protect Your Income
In the earlier days of my diagnosis, maintaining some level of income provided me with financial stability and a crucial sense of self-worth. But I knew that I had to start putting plans in place for when I was not well enough to work full-time. I applied for disability benefits through the HR department at work and talked with my company to explore options such as part-time work or remote work arrangements.
I was also extremely lucky that I was eligible for FMLA. FMLA stands for the Family and Medical Leave Act (FMLA), and it provided me with job security and unpaid leave for up to 12 weeks while I dealt with my medical issues. This meant that I did not have to worry about losing my job while undergoing treatment, because I honestly did not have the presence of mind to think about finding new work during that time.
Seek Aid and Assistance
As a last line of defense, I reached out to non-profit organizations and support groups that offered assistance to cancer patients. I learned that there was really no shame in seeking help when facing a medical crisis. Some of the organizations that aided me in one way or another included:
- The American Cancer Society offers various financial assistance programs to help with expenses such as transportation, lodging, and medication.
- CancerCare offers financial assistance for expenses such as transportation, copays, and home care. They can also help with child care for people with kids.
- The Patient Access Network Foundation helps patients afford essential medications by covering or reducing copays.
In my state, there were also programs offered through the Department of Health and Human Services that helped with insurance claims, diagnostic testing, and some medical expenses. I am not religious, but I found that some local places of worship provided financial assistance to individuals with serious illnesses.
On days when my wife was unable to accompany me to my treatment, social workers from my hospital provided much-needed encouragement and companionship throughout the process. The treatment facility also had a support group and therapist available, and they helped me to stay strong and motivated, even on the toughest days.
Inspect Your Insurance
I am eternally grateful to have escaped from cancer with (most of) my body and my finances intact. The only thing I would have done differently would have been to sell my house earlier, before the overdue fees began to pile up. I know that going through paperwork like insurance policies and healthcare benefits is the last thing on your mind when you receive a cancer diagnosis, but it is truly essential to help you win the battle of dollars and cents. Cancer is not only a physical battle but also a financial one. I hope these tips will help you achieve victory!