According to America’s Debt Health Organization, cancer accounted for approximately $87.8 billion in healthcare costs in 2014, with most money paid by private health insurance companies and government programs. Although it’s essential to focus on your health after a cancer diagnosis, the financial challenges associated with paying for cancer treatment can make life stressful.
Fortunately, a wide range of financial assistance programs are available to assist cancer patients and family members, helping them to cope with potentially devastating financial and emotional strains. If you lack health insurance or you’re enrolled in a policy with high deductibles, knowing where to find financial assistance can help you avoid medical debt.
Financial Assistance for Cancer Patients
While many financial support organizations offer low-cost assistance for cancer patients, some larger charities provide a diverse array of services, referrals, information, and counseling. In many cases, charities and other national financial assistance programs provide direct financial assistance with housing, treatment, and caregiver costs, especially for cancer patients who can’t work due to their illness. If you’re struggling to cope with the financial burden of a cancer diagnosis, the following financial assistance programs may be able to help:
American Life Fund
The American Life Fund helps cancer patients obtain large sums of cash within two weeks by guiding them through the process of selling their life policy. With extensive experience providing financial help for cancer patients, American Life Fund can help you understand how a viatical settlement can help you and your family members pay for cancer treatment, medication, and other medical expenses. Unlike other financial assistance programs, viatical settlements help reduce monthly bills by eliminating monthly insurance premiums and do not restrict the use of your funds.
Cancer Financial Assistance Coalition
The Cancer Financial Assistance Coalition provides access to multiple national organizations that provide financial support to cancer patients. The coalition offers a searchable database with links to financial resources, including prescription assistance, breast cancer treatment, and surgical procedures.
American Cancer Society
Founded in 1913, the American Cancer Society (ACS) has played a significant role in turning cancer into a treatable disease. American Cancer Society offers a wide array of resources for cancer patients, including information about prevention, diagnosis, treatments, and support. ACS has chapters throughout the United States.
Low-income households may also qualify for financial aid through government programs. Contact Medicare, Medicaid, and the Social Security Administration to determine your eligibility for government financial aid. If you already participate in government programs or if you’re uncertain about qualifying for financial support, visit their websites.
Caregivers and Family
Many financial assistance programs help cover out-of-pocket costs associated with caregivers and cancer treatment. If you’re considering asking a friend or relative to become your caregiver, it’s important to remember that becoming a caregiver is more than just a physical job, and it can be extremely emotional and stressful. Although financial assistance programs and viatical settlements don’t take away all of that burden, they eliminate many of the financial challenges and provide financial relief to caregivers.
In many cases, when a friend or relative becomes a caregiver, they sacrifice their careers, time with friends and family, and even their well-being to take care of their loved one. Consequently, individuals with cancer should focus on finding a healthcare provider or respite caregiver with experience caring for cancer patients. When cancer patients receive viatical settlements or direct financial assistance, they can use some of their proceeds to give their caregivers a much-needed break.
At Rahway Regional Cancer Center, a cancer treatment center in Rahway, NJ, every aspect of cancer treatment—from insurance paperwork to chemotherapy—is professionally handled by a compassionate team with precision, expertise, and care. Rahway Regional Cancer Center provides concierge-level service at no additional cost to provide emotional and financial support to cancer patients and family members throughout the cancer treatment process.
Although receiving a cancer diagnosis can be devastating, knowing where to find financial resources can provide peace of mind and help you focus on your health.