the Financial Side of Cancer

Cancer treatment is expensive, but a cost that is worth every single penny. But in the midst of all the other things happening, one of my struggles was, how are we going to pay for this?  Thankfully we had insurance, but what about treatment insurance doesn’t cover?  Here are some steps to help think through the expenses. 

First, call your insurance provider and figure out what they will and will not cover. This is hard because, if your treatment fluctuates which most do, you may not know what you need. But getting a ballpark idea is really helpful. 

Then review your current financial situation. Take a look at your budget, and spending habits and see if there are any areas where you need to cut back, and where you may need additional support. 

If you are up for it, develop a budget that takes into account your current income and expenses, as well as any anticipated expenses related to your loved one's treatment. Remember to include regular expenses, such as mortgage or rent, utilities, food, and transportation, as well as one-time expenses, such as medical bills or travel.

Next, talk to the oncology unit, and hospital and look online for assistance programs. There may be government programs or benefits available to help with the financial costs of cancer treatment. I remember the hospital sent a social worker right to my room to help us find and fill out our applications for assistance. 

Here is a difficult but necessary one, long-term planning. It is important to consider the extended financial implications of cancer treatment. This might include planning for potential loss of income if your loved one is unable to work, as well as considering options for long-term care, disability, or end-of-life costs.

Finally, seek professional advice.  There are a lot of wonderful financial planners or professionals who can help you navigate the costs of your loved one’s treatment. There are so many considerations, finding the support you need is crucial, or at least it was for me. 

Lastly, if cancer treatment is very expensive, try to negotiate with the hospital or the insurance provider, you may be able to get the cost reduced or have the option of making the payments in installments that sometimes come with no interest.

It’s a hard time, and it is also very expensive, but know you can do this and you are not alone. There are resources like OneVillage that can help too.

Image Credit: Photo by Josh Appel on Unsplash