January 2015 - Life Credit Company

Something to Consider: Loans for Cancer Patients

All loans for cancer patients are not the same. Just like understanding the different types of cancer treatments, knowing how different loans work will help you choose what’s best for you. Facing One Common Problem Although the types of cancer vary, the vast majority of them do share one problem: huge medical bills and other financial needs brought on by the disease. Those needs can be wide ranging, such as spending money to cross something off a bucket list to paying for basic living expenses. Each person and their needs are unique. There are many sources of financial support, from networks of family, friends and relatives, to investments to fund raisers. We’ve discussed some of these in past blogs, and you probably know we specialize in loans on life insurance. The Viatical Settlement The American Cancer Society notes that there are several ways to access money in a life insurance policy. One is the viatical, or life settlement. This is the sale of a life insurance policy when the insured person (or viator) is not expected to live very long. The holder gets a lump sum cash payment, after having their estimated life expectancy certified by a doctor. That life expectancy can be as long as several years. But the length of life expected has an impact on the value of the policy, which is usually sold for anywhere from 30% to 80% of its face value. The downside is that the entire death benefit goes to whoever purchases the policy, cutting out beneficiaries. Loans on Life Insurance We offer loans structured in very specific ways, focused on the...

Cancer Patients and the Affordable Care Act

How does the Affordable Care Act affect the need for financial assistance for cancer patients? It’s a complex relationship with countless variables, however, there are some features that affect so many people they’re worth taking a closer look at. The Good News for Cancer Patients First, there is no longer a lifetime limit or cap on how much coverage patients can receive in a lifetime. For people with chronic illnesses and those that have large expenses, such as cancer, this unlimited coverage can be important. Secondly, most covered benefits cannot be subjected to an annual dollar limit which is important for the same reason. Third, insurers were previously able to revoke insurance for technical problems with applications. This is no longer legal. Insurance can only be revoked in cases of fraud. People cannot be denied coverage for pre-existing conditions. Finally, some health insurance is cheaper, especially to those who qualify for subsidies. The News that Hasn’t Changed Premium costs are rising for some people. And more generally the Affordable Care Act does not cap the cost of premiums. It does introduce greater transparency and competition in the marketplace. But as health care costs continue to rise; so likely will premiums over time. In the end, this means there’s a lot of good news, yet financial assistance for cancer patients will remain a concern for a long time to come.   Life Credit CompanyWe are a licensed consumer lender that is dedicated to providing financial assistance for patients who are facing serious illness. With a Living Benefit Loan, from Life Credit Company, you can receive up to 50% of your...

Housing Help for Cancer Patients

Cancer patients have a lot to think about. In addition to finding the best doctors and treatment options, there are also responsibilities at home and work that require time and attention. We’ve written about several of these issues in past posts. Now it’s time to take a look at housing needs for those who travel for their cancer treatment. Housing Help for Cancer Patients When a patient is traveling for cancer treatments, having a clean, comfortable place to stay is essential. Fortunately, many organizations recognize that providing housing for out-of-town cancer patients also provides financial help and peace of mind when it’s needed most. And there are some amazing organizations for help for cancer patients that offer housing for both the patient and their families. Explore Your Options There are seven national groups that organize patient housing, from the American Cancer Society to the National Children’s Cancer Society. Ronald McDonald House Charities offer everything from lodging near hospitals to family rooms right in hospitals to serve as places to relieve stress. There’s even housing services aimed at serving actors, courtesy of The Actors Fund. Of the specialized groups, six cancers are covered. Be the Match works with patients who have brain and nervous system cancers. Other groups are focused on providing housing for patients with colorectal cancer, leukemia, lymphoma, multiple myeloma and pediatric cancers. There are additional options as well. The Cancer Financial Assistance Organization offers a service to find local groups near your zip code. Help for cancer patients comes in so many forms. Whether you’re in need of financial help, care giving, housing or medical care, there...