by Life Credit Company | Oct 10, 2019 | Financial Assistance for Cancer Patients
Healthcare costs are seemingly rising every day, and for those facing critical illnesses such as cancer, the medical bills are also likely piling up. If you’ve asked yourself, “How can I get help paying my medical bills?” you’re certainly not alone. Americans across all walks of life — from differing backgrounds, and all grappling with a range of diagnoses and prognoses — are being impacted by exorbitant medical expenses. The demand for lowering prices has generated a number of options for patients. Here are just a few: Medical Credit Cards: Many health providers offer this option to specifically cover medical expenses. It’s important to do your research before opting into a medical credit card, as they don’t all cover the same conditions and procedures. Credit requirements may also apply, along with strict repayment time limits. Specialty Credit Cards: Credit card companies often feature specialty credit cards to help customers in unique situations, such as those who are in school or are in a particular line of business. Some companies have also launched programs for specialty credit cards that can be used exclusively for medical care. 0% Credit Card: This is an option for those with very good credit, as most 0% credit cards require top-notch credit scores. If you qualify, you may be eligible to use the card without accruing any interest for a set time period; however, you have to pay off the balance before that timeframe ends or face high interest rates. Payment Plans: Negotiating an individualized payment plan with your provider can help alleviate some of the financial burdens. Each healthcare provider is different, though many will require a...
by Life Credit Company | Aug 20, 2019 | Financial Assistance for Cancer Patients
If you’re considering the regulations regarding taxes on life insurance settlements, you’re not alone: The issue is a complex one, with a number of nuances depending on your individual circumstances. Tax on Life Insurance Settlement First, it’s important to understand the basics of a life insurance settlement, typically known as a viatical settlement. Policyholders who have a permanent life insurance policy and are facing a terminal illness may be eligible to sell their policy in order to access cash for end-of-life preparations. The settlements are typically less than the policy’s cash value, but give the policyholders immediate access to the funds, which can be a vital benefit for those grappling with the serious financial obstacles associated with a critical illness. In general, the proceeds from these types of settlements are not taxed like regular income. However, there are some exceptions. What Do the Laws Say? In 1995, the federal government undertook a major overhaul of the laws regarding taxes on life insurance settlements in a broad legislative package known as the Health Insurance Portability and Accountability Act (HIPPA). This law mandated that proceeds from a viatical settlement, as well as accelerated death benefits — another way some individuals may try to take advantage of the value of their policy before their death — are tax-free. However, in order to qualify for that exemption, the policyholder must have a terminal illness and have a life expectancy of less than two years. Additionally, the company purchasing the policy from the individual must be licensed and have experience with prior viatical settlements. If all of those conditions are met, the policyholder can...
by Life Credit Company | Jun 10, 2019 | Financial Assistance for Cancer Patients
It’s no secret that cancer care is expensive: From treatment to medication, the financial side effects of a cancer diagnosis are often, unfortunately, one of the first things patients worry about when considering their care. However, on top of the cost of medical treatment, there are a number of hidden, indirect costs of cancer that often significantly drive up the price tag of treatment — and for which patients should be ready. What are some of the Indirect Costs of Cancer? Loss of or Reduced Work Hours: When someone is being treated for cancer, his or her lifestyle may be completely upended. If they’re working-age, they may need to take an extended leave from their job, reduce their hours (and, subsequently, their income) or could lose their position altogether. While disability may be an option for some, it won’t entirely close the gaps caused by lost wages. Childcare: While the person battling cancer is the focus of any treatment plan, there are likely many other people who will be affected. For instance, if the patient has children, there needs to be attention given to childcare: With long hours spent at therapy and even more hours spent recuperating from treatments or surgery, caring for a child at the same time is impossible. That means many parents need to line up after-school sitters or arrange for new transportation to and from school or extracurricular activities — all indirect costs of cancer that few people consider. Personal Caregiver: If a cancer patient is older or doesn’t have a strong support system nearby, he or she may also need to consider caregiving options...
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 | Jan 4, 2019 | Financial Assistance for Cancer Patients
While the challenges facing cancer patients are vast, the obstacles their caretakers struggle with are often just as daunting. If a parent falls ill, chances are his or her adult child is still of working age and may need to juggle work schedules, family obligations and financial commitments with care-taking. Using FMLA to care for a parent with cancer is one way some Americans try to close those gaps. What is FMLA? The Family and Medical Leave Act is designed to help employees manage the realities of balancing work and family. Passed in 1993, the federal law allows workers of certain employers to take a leave of absence from their job if they or a family member is facing a medical crisis such as cancer, or for other significant life events, such as the birth or adoption of a child. While the law does not mandate that employers pay workers during their leave, it does guarantee that their job or an equivalent one will still be available upon their return and that the employer continues the worker’s same healthcare coverage. How Can I Use FMLA to Care for a Parent with Cancer? The first step to using FMLA to care for a parent with cancer or another pressing emergency is to talk to your employer. FMLA applies to all public agencies, such as local and state governments and schools, as well as private employers with at least 50 or more workers. Smaller employers can offer FMLA but are not bound by law to do so. Employees also need to meet certain requirements. They must have worked for the employer...
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