by Life Credit Company | May 3, 2019 | Financial Assistance for Cancer Patients
When an adult is diagnosed with cancer, the fallout is life-changing; however, when the medical emergency strikes a young person, the impact is often even more overwhelming. Apart from the emotional toll of a child struggling with an illness, parents have to manage new challenges to their work/life balance, learn how to be patient advocates and find the financial support to enable the best treatment possible. Though no one anticipates their children will be diagnosed with cancer, it is important to plan ahead for the worst-case scenario, such as through life insurance for children with cancer. Life insurance can be a vital resource for those who are facing a serious illness. For instance, Life Credit’s Living Benefits Loans allow policyholders to borrow against their death benefit to pay for costs associated with conditions like cancer. There are also ways parents can extend the value of their life insurance to their children. One option is for a parent or guardian to purchase a standalone life insurance policy in the child’s name. Typically, these policies are structured as whole-life policies and build cash value over the years. Many allow policyholders to borrow against the value, which can be a source of help for cancer patients and their families; often, families with young children don’t have significant savings at their disposal, so being able to tap into life insurance for children with cancer can ease many of the financial worries families have so they can focus on helping their child get well. However, parents need to fully research the provisions of such policies, as many require children to be healthy for a...
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...
by Life Credit Company | Mar 14, 2019 | Cancer Treatments & Therapies
Looking your best can have you really feeling your best — and that’s particularly important for cancer patients. We all know how satisfying it is when our skin is smooth, our nails buffed and polished, and our hair perfectly styled but for those undergoing treatment for cancer, finding that fulfillment can be especially hard. Many patients encounter challenges and changes to skincare during chemo and other therapies to treat cancer. As the treatments attack and kill cancer cells, they are also affecting skin cells, the body’s first and most visible line of defense against the outside world. Rashes, dry and brittle nails, and itching skin are all common impacts on skincare during cancer treatments, along with the more well-known side effect of hair loss in chemo patients. In a way, changing skin health can be a good thing, as it signifies cellular changes, suggesting a treatment is heading in the right direction; however, for patients who are already battling serious side effects, disruptions to their lives and financial stress, having another thing to worry about will seem like anything but positive news. And while effects on skin health may seem a nuisance in the grand scheme of obstacles that cancer patients are facing, dry, cracked skin can be extremely painful as well as put patients at further risk of infection, meaning it’s important that they take skincare during cancer treatments seriously. There are ways that patients can promote skin health — before, during and after treatment. Memorial Sloan-Kettering Cancer Center advises patients to begin a skincare regimen about one week before undergoing chemotherapy. The facility suggests using fragrance-free products, such...
Recent Comments