Money Tips for People with Cancer
A cancer diagnosis will necessitate a series of scans, meetings with doctors, second opinions, biopsies, surgeries, treatment, recovery, and so much more, depending on your individual circumstances. A cancer patient’s life becomes a whirlwind of activity.
The emotional and physical stress is high. There is, however, an additional stressor – money.
Cancer is expensive and a cancer diagnosis is one of the leading causes for personal bankruptcy nationwide.* The medical costs are a big part of the reason. Those include insurance deductibles and copays, insurance premiums, the cost of non-prescription AND prescription medications, shots, therapies, scans and the assortment of other medical needs and necessities.
Non-medical costs can add up, as well. Costs like travel to and from appointments, new clothes if your weight changes, and a new diet. I started my cancer journey when I was 42 years old, 20 years ago, with three young kids, and a very full-time job. Cancer changed my relationship with money. I confronted it, closely managed it, and worried about it. But along the way, I learned a great deal about how to manage it.
Below are some money tips that people with cancer may want to consider:
REDUCE, REUSE, RECYCLE: Upon diagnosis begin reducing discretionary spending. Be ready to adjust that spending downward more, if needed. Accept that how you spend will change with a cancer diagnosis. Now is the time to ask if you need all of those streaming services, daily morning Starbucks, and magazine or meal delivery subscriptions.
INQUIRE WITHIN: Ask a social worker at your cancer center for financial support. Often, they can connect you with advisors and resources. They do this every day, and you’re not the first, and certainly not the last to ask for help. C’mon, just ask…at the very least, you’ll make them feel great about doing their job.
DON’T BE A BIG SPENDER: Do not. make any big financial spending decisions upon diagnosis or during treatment. The new house, car, pool, or even luxurious vacation – put those decisions on hold. If you’re the one who always pays for family meals or splurges on expensive birthday gifts – well, don’t.
GET TO KNOW THE NON-FOR-PROFIT SECTOR: Lean on non-profit cancer organizations for financial support. For example, the Leukemia Lymphoma Society, the American Lung Association, the National Breast Cancer Foundation, the Prostate Cancer Foundation, the Pancreatic Cancer Action Network and others have resources that you may qualify for. These orgs and other advocacy groups have been created to help patients, like you, going through exactly what you’re going through, no matter what that means. If they don’t have the resources to help you, they will certainly point you in the right direction. Churches can often provide support as well.
PLAN AHEAD: Consider setting up a payment plan with your cancer center. I do this often – and it has been a big source of financial relief.
LEAN ON THE EXPERTS: Seek professional financial help. We worked with our licensed financial advisor for guidance. We also worked with an attorney who was able to shepherd us through the myriad of needs that come up because of cancer, including financial issues.
CREATE A BUDGET: Use online resources to develop a budget – and stick to it. Sounds obvious, but living on a budget and knowing where you can stop hemorrhaging money, will help you create extra cash reserves.
CASH IN: Try and negotiate reduced costs on cancer-related expenditures.
Some hotels provide a preferred rate if you are undergoing treatment while staying at their hotel.
Inquire about parking packages at the local garage, if you are driving in for treatment. Southwest Airlines waived change fees caused by my treatment.
If you have accumulated credit card points or other reward benefits – now is the time to redeem them!
And if you are traveling far from home for your treatment, don’t forget to check to see if there is a local Hope Lodge (by the American Cancer Society) that allows cancer patients to stay free of charge while undergoing treatment.**
BE SURE TO INSURE: If you are lucky enough to have insurance through your employer, make sure to keep it. If you do leave your job, COBRA (in most cases), allows for 18 months of continuous coverage, with the same plan, albeit with costs that are not subsidized by your employer. If you need health insurance, the Affordable Care Act provides many options. I have received great cancer care through a plan available via this program. Go to www.healthcare.gov to find a plan and determine if you qualify. You may even be able to receive a subsidy for it.
CROWDFUNDING: Forget about spaghetti dinners, fundraisers and charity events if you need help with medical bills fast. Instead, consider crowdfunding which has become a safety net for Americans trying to raise money. Websites like Give Forward, Co Fund Health, Indie Go Go, GoFundMe and You Caring have been launched in the last several years with Give Forward raising upwards of $50,000 in a single day.
You’re not alone. Most don’t plan well for a rainy day, let alone the tornado you find yourself consumed by right now. But prioritizing spending, managing your financial resources, and thinking outside the box for extra help can make a world of difference. And as we know, and some of us are just finding out…cancer care can be expensive. But if you consider the tips above, you can stay one step ahead, reduce some of the financial stress, and focus on the big picture – kicking cancer’s a$$!
**Source:
https://www.cancer.org/support-programs-and-services/patient-lodging/hope-lodge.html
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Bill Potts is a Five-Time Cancer Survivor and Author of the book “Up for the Fight. How to Advocate For Yourself as You Battle Cancer.” Available wherever books are sold.