Financial Assistance for Cancer Patients | Life insurance Loan

What Can You Expect to Spend Out of Pocket When You Have Cancer?

The cost of cancer treatment may be one of the first worries that crosses someone’s mind when he or she receives a cancer diagnosis. Fears over how to pay—and even if they can pay—for quality care shouldn’t be top of mind for those dealing with life-threatening illnesses but, unfortunately, that is a reality for far too many people. Research has consistently found that cancer patients face serious risk to their financial well-being because of their care. It’s difficult to determine the average cost of cancer treatment—as each person’s insurance, diagnosis and treatment is different—but one study found that patients were paying, on average, 11 percent of their income in out-of-pocket treatment costs. Sixteen percent of those surveyed reported significant financial distress, and that was despite 60 percent of those individuals having health insurance. Where exactly does all the money go? What are the out of pocket costs of cancer treatment?   Co-pays: Visiting doctors and specialists on a regular basis can amass a significant number of office co-pays. Treatment: From pill regimens to chemotherapy, many patients are expected to pay at least part of treatment costs out of pocket. Testing: With high-deductible plans so common these days, the routine testing before, during and after cancer treatment can come with a high price tag. Lifestyle changes: Many patients overlook the lost wages that stem from reduced working hours that are often necessary during and after treatment. Transportation: Getting to and from medical appointments can be costly, as patients often have to enroll in transportation services or rely on rideshare options when loved ones aren’t available. The American Cancer Society’s Costs of...

How Expensive Is Cancer?

Just how much does cancer cost? It’s difficult to pinpoint, but what is easy to determine is that cancer can be extremely expensive, even financially toxic for some people. The Cancer Action Network estimates that the 2014 cost of cancer care in the United States was a staggering $87.8 billion, a number shared by patients, employers, insurance companies and public programs. CAN notes it’s difficult to put a price tag on the individual costs of cancer because there is so much variation in treatment methods and insurance options, but out-of-pocket expenses may easily exceed $200,000, according to the organization’s cancer treatment cost statistics. Forbes estimates that the average cost of cancer treatment was equal to about 11 percent of patients’ income in the United States. Where does all the money go? There are a number of things that drive expenses, such as high prescription costs, copays for doctor visits, exorbitant costs of treatments like chemotherapy and hospital fees for surgery. Then there is the indirect, and often unexpected, cost of cancer care. Expenses like childcare, mental-health treatments, transportation to appointments, lost income from reduced working hours and potentially a job loss all add onto the cancer treatment cost, and can significantly overwhelm patients. Financial Help For Cancer Patients Some may be so eager for quick cash that they decide to sell their life insurance policy in what is called a viatical settlement. Such an agreement involves the transfer of a policy to a third party for less than what it is worth, with the policyholder able to use the lump sum proceeds to address his or her immediate financial needs....

Converting Life Insurance Into Cash: What Does This Mean for a Cancer Patient?

When facing mounting debt, some people may begin to explore the best way to convert life insurance into income. This is a challenge frequently encountered by those grappling with a medical emergency, such as cancer. Income for cancer patients is often sorely needed. When someone is undergoing cancer treatments, he or she may not be able to work or may have to work fewer hours, leading to reduced pay, which can make paying necessary bills like mortgage or rent a major roadblock. On top of shifting lifestyle changes, cancer and other medical conditions often come with hefty price tags. From treatment to medication and everything in between, patients facing serious illnesses are also likely facing serious costs. That’s why some searching for ways to generate money for cancer patients may turn to life insurance.  Life insurance is generally considered a way to protect one’s assets and beneficiaries after death, but in some cases, its value can be maximized while a person is still living. Some insurance companies allow for an individual to draw cash advances from the amount they have paid into a policy in case of emergency, such as if he or she is facing a terminal illness. However, the type of policy is key, as such an allowance is typically only used for permanent, or whole, policies. Policyholders can consider converting term to whole life in order to access funding for cancer patients, though that approach can have some drawbacks, such as higher premiums, which can be an obstacle for those already dealing with increased medical costs. Life Credit takes a different approach with loans that allow...

What is a Death Benefit Rider?

Life insurance is traditionally understood as helping people plan and prepare for the end of their lives. Many policyholders aim to use the amount of their plan to help beneficiaries pay for things like funeral costs, to settle final arrangements or to help reduce debt once they have passed. However, after the lifelong investment that many sink into a plan, they should be able to use the value whenever they need it and, that’s where a death benefit rider may come in. How Does a Death Benefit Rider Work? A rider functions like an add-on to an insurance plan, allowing the policyholder to opt for certain protections that are customized to his or her particular situation. There are different forms a death benefit rider can take, but many center on giving the individual access to the cash value of his or her insurance plan while he or she is still alive. For instance, an accelerated death benefit generally enables policyholders who have been diagnosed with a terminal illness to draw cash advances against the value of the death benefit. Another option is the enhanced death benefit, which pays out the highest investment gain the policy attained, even if the market value is less. Those with a variable annuity death benefit may be able to attach riders to enable cash advances and a payout that is higher than the minimum. Pros and Cons of Death Benefit Riders Death benefit riders can help policyholders customize a plan that makes sense for them; however, there are some factors to consider. Riders do increase the cost of a plan, which could be a...

Can you Take Out a Loan on a Term Life Insurance Policy as a Cancer Patient?

When it comes to life’s most expensive moments — college, a wedding, buying a house — many people turn to loans. Loans can also be used for not-so-happy moments, such as a medical crisis like cancer. With treatments, medications and lifestyle changes like lost wages, cancer financial assistance is vital for many patients, some of whom consider borrowing against a life insurance policy for some quick cash. There are a number of options for life insurance loans, which depend on the patient’s particular policy, as well as the details of his or her prognosis. A Different Approach to Borrowing Against Term Life Insurance Some life insurance companies will allow clients to draw on the cash value of their policy as a form of financial aid for cancer patients. The patient will be responsible for paying the loan back to the company, often at an interest rate of 5-9 percent. However, that option is only available for those with a permanent policy, or one that covers the policy holder for life, while term holders, those whose policies are designed for a set period of time, are ineligible. Even though term holders may have paid a significant amount into their policies, they’re not able to access that money in an emergency. Life Credit Company takes a different approach to life insurance...

Could Alcohol Raise Skin Cancer Risk?

Everyone has heard that exposure to the sun can increase your chances of developing skin cancer. But now researchers are exploring the possibility that something else many people encounter frequently could also be compromising their health. Significant alcohol consumption is widely accepted to be a health hazard, and could be putting people at increased risk for skin cancer. The link between alcohol and skin cancer has been a source for study for some time, and a team from Brown University and Harvard Medical School recently delved deeper into the topic. Researchers undertook a review of several-hundred studies focused on the link between alcohol consumption and the development of basal and squamous-cell carcinomas — the two primary forms of skin cancer — which included about 95,000 cases. According to the study, an increase of 10 grams a day in alcohol consumption can up a person’s risk for skin cancer. Specifically, that amount increases basal-cell risk by 7 percent and squamous-cell risk by 11 percent. To put those numbers in context, 10 grams of alcohol is less than just one standard beer or glass of wine. So, what does the research mean for cancer prevention? The study highlights the need for increased awareness about the dangers of excessive alcohol consumption. Unlike some genetic predispositions for cancer, alcohol consumption is behavior-related; the more people understand the link between drinking and skin cancer, the greater the likelihood they’ll avoid dangerous behaviors. While prevention is often targeted to populations who have never had a diagnosis, skin cancer is often a very survivable disease, and those who have beat it in the past should be...