by Life Credit Company | Apr 17, 2019 | Financial Assistance for Cancer Patients
Student loan debt affects millions of Americans, causing crippling debt that has become an unfortunate fact of life that has impacted most for decades. What many don’t consider is what happens when other pressing financial concerns present themselves, such as in the case of a cancer diagnosis. The intersection of student loan debt and cancer payments may seem insurmountable at first, but thankfully there are options to help ease these burdens. The Deferment for Active Cancer Treatment Act is one of the primary ways patients can balance student loan debt and cancer costs, helping them maintain their financial health in order to get back on the path to physical health. Before this legislation was enacted in 2018, the process for having student loan deferred during cancer treatment was uncertain and came with lots of red tape. Lenders typically approved such requests arbitrarily, with little formal protocol in place and, even if payments were temporarily halted, loan holders still accrued interest at the same rate. As many know, student loan interest can significantly add to the overall amount owed, so simply allowing people to stop their monthly payments for a time wasn’t much of a help for cancer patients. That’s where the Deferment for Active Cancer Treatment Act comes in. The legislation amended the Higher Education Act of 1965 to mandate that lenders must allow those in active cancer treatment to pause their loan payments as well as stop accruing interest during the deferment period. Once the patients are back on their feet, they simply resume their payments just as they had before. The bill was supported by a bipartisan...
by Life Credit Company | Apr 10, 2019 | Cancer Treatments & Therapies
Side effects of cancer treatment are varied, depending on the type of therapy, the individual diagnosis, and the person’s body; however, it’s fair to say most cancer patients will have to deal with some unfortunate side effects. The most known effects of chemotherapy are hair loss and nausea, but this treatment and others can cause a host of other negative physical impacts. Neuropathic cancer pain is one phenomenon associated with a number of chemo drugs. Neuropathy, which occurs after damage to the peripheral nerves, may present as numbness, tingling and burning in the hands and feet, numbness around the mouth, loss of sensation, constipation, physical disorientation, and weakness. Patients who have previously been treated with chemotherapy and those who have been diagnosed with diabetes, alcoholism or malnutrition are all at higher risk for neuropathic cancer pain. While each patient’s case is different, according to Healthline, there are a number of home remedies for neuropathic pain that may provide some relief, such as: Exercise: Regular exercise, to the extent that is safe and comfortable for patients, promotes proper blood flow, can reduce blood pressure and slow nerve damage. Warm bath: Warm water can help increase blood flow, which may decrease the symptoms of neuropathy. Essential oils: Chamomile and lavender are especially known to decrease inflammation and promote circulation. Meditation: Already used by many cancer patients, meditation can be particularly beneficial for helping patients to learn to overcome neuropathic cancer pain. Acupuncture: Stimulating pressure points can trigger the body to release chemicals that help it manage pain. Vitamins: Vitamin B, either in food or as a pill, is especially helpful for...
by Life Credit Company | Apr 3, 2019 | Understanding Your Life Insurance Policy
If you’re facing a financial crisis because of a medical diagnosis, you may be considering selling a life insurance policy. On the surface, this option may seem like the right path, if you can net enough money to pay your bills and live out the rest of your days without focusing on finances. However, for those with terminal illnesses, selling a life insurance policy through a process known as a viatical settlement can have many unintended side effects — putting your financial health, and that of your family, at risk. So just why are viaticals a bad investment? Here are three of the primary reasons to steer clear of these settlements and consider instead options like LifeCredit’s Living Benefits Loans, in which you simply borrow against — and not sell — your life insurance policy. 1. Jeopardizing Your Finances When you enter into a viatical settlement, you’re selling a life insurance policy for less than it’s worth. You’re not only cheating yourself out of that money you deserve but you may also be jeopardizing your current income. Because of the influx of cash, you may be cut off from income-based benefits like Medicaid — again, these are benefits you deserve and have paid into; however, the viatical settlement may mean this income that you likely count on could end. Additionally, you will have to pay taxes on the amount you receive in the viatical settlement, which could significantly reduce the total. 2. A Gamble with Time Those who are considering selling a life insurance policy may have received a terminal diagnosis and are likely scrambling to get their affairs...
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