by Life Credit Company | Dec 6, 2018 | Financial Assistance for Cancer Patients
While every cancer diagnosis is unique, most share the common factor of the news being sudden and unexpected. As such, few people have any sort of contingency plan for handling such a medical crisis. Their daily routines, work schedules and especially finances are often thrown into disarray, meaning they and their loved ones need to quickly figure out some stopgap measures to ease the stress and help them focus on getting better. While family and friends may dive in to help with daily responsibilities, emergency financial aid for cancer patients is also available to address the monetary aspect of a cancer crisis. One of the first sources of financial aid for cancer patients can often be found at healthcare facilities, which usually are able to connect patients with a financial consultant. Such an individual will be able to offer insight into relevant programs and policies to help patients navigate the complex world of cancer costs. However, patients should be cautious about the advice offered by hospital-employed financial advisors, as they do have the organization’s own interests in mind, as well as those of the patient. Finding one’s own financial aid for cancer patients is another avenue. One way to access emergency funds is through a patient’s own resources, such as life insurance. Some insurance companies allow holders to borrow against the value of the policy; however, such arrangements typically only involve whole life insurance and may require a pre-written rider to enable such circumstances. Alternately, programs such as Life Credit’s Living Benefits Loans allow life insurance holders with at least $75,000 in their policies to receive up to half of their death benefit and then repay that loan and regain control...
by Life Credit Company | Nov 20, 2018 | Financial Assistance for Cancer Patients
Financial assistance is most often associated with college tuition, but it’s also available for another very costly time in one’s life: a cancer diagnosis. From life insurance loans for cancer patients to initiatives that help patients with everyday expenses, there are a number of programs available to alleviate the financial burden that most cancer patients face. Here are a few of the options cancer patients can consider when looking to get their finances on the right track—so their health can follow: · Cancer Financial Assistance Coalition: If you’re looking for a broad overview of the different options available, Cancer Financial Assistance Coalition’s website provides ample information. Users can sort through programs for people with varying needs, from meal-delivery services to wish-fulfillment initiatives. Life insurance loans for cancer patients: Not all life insurance policies allow holders to draw on their value; policies usually must meet certain requirements, and patients often have to have a terminal prognosis. Instead, Life Credit’s Living Benefit Loans program allows policyholders with at least $75,000 in any type of life insurance to borrow up to 50 percent of the policy’s death benefit, which is often released in just days and can be used to cover a range of costs. Life Credit Company provides Living Benefit Loans to those who need it. Follow Life Credit’s simple 3 step process to financial assistance for cancer patients. Local-level programs: While many large national agencies offer resources, there are also local efforts across the country. The American Cancer Society and United Way, for instance, each enable patients to search for individualized services tailored to their geographic locations. Condition-based efforts: People...
by Life Credit Company | Nov 14, 2018 | Financial Assistance for Cancer Patients
An early diagnosis and expert treatment are both keys to recovering from prostate cancer. Another often overlooked element of this journey is financial help for prostate cancer patients, which can assist them in receiving proper care and reducing stress—which can take a toll on one’s mental and physical health. Prostate cancer is a very survivable disease, but intervention usually involves surgery or even a series of surgeries combined with other therapies like radiation treatment. Costs vary widely and often depend on insurance and diagnosis, but a recent study by the University of California San Francisco found that one surgery for low-risk prostate cancer can cost more than $19,000, with a high-risk treatment averaging around $50,000. So, what financial help for prostate cancer patients is available? There are a number of options, such as the American Cancer Society’s wide-ranging resources for patients with varying types of cancer, including prostate. Cancer Care also offers individual condition-based financial resources, along with counseling and other assistance programs. There are also options for patients to access their own resources, such as through Life Credit’s Living Benefit Loans program. Patients with at least $75,000 in life insurance are eligible to receive up to half of their policy’s death benefit, which can be used as financial help for prostate cancer and those with other conditions. Borrowing against their own life insurance enables patients to access funds into which they’ve already paid quickly and easily, and to regain full ownership of the policy once the loan is repaid. Financial help for prostate cancer can be a significant contributor to one’s future health, as patients—even those who are...
by Life Credit Company | Oct 18, 2018 | Financial Assistance for Cancer Patients
Cancer is a costly condition, one that puts patients at significant risk for financial burden, and even bankruptcy. When patients are facing a serious medical threat, they need all of their attention focused on their health, not their finances, yet the unfortunate reality is that many patients’ are caught between the two. However, research has shown that when patients can alleviate some of their financial stress, it benefits both their physical and mental health—and sets them up for a greater chance of success on the path to recovery. That’s why free resources for cancer patients are so vital. There are a number of areas where patients can access both information and financial assistance. Here are a few places that offer free resources for cancer patients: Government Agencies Patients may be eligible for financial-assistance programs through the federal government. Many such initiatives only apply to those from low-income households or over certain ages, but patients of all backgrounds should check eligibility requirements regardless. For instance, Centers for Medicare & Medicaid Services can provide vital free resources for cancer patients to help them close the financial gap that could make the difference in their health. Cancer Nonprofits One of the primary ways patients access both information about and funding for their care is through nonprofit organizations. The American Cancer Society is a nationally known agency with a range of programs to help patients pay for treatment. It also operates chapters throughout the country that provide local-level resources about everything from free transportation services to financial consultants. Healthcare Agencies Many organizations with a healthcare focus devote a segment of their work to...
by Life Credit Company | Sep 27, 2018 | Financial Assistance for Cancer Patients
It’s an unfortunate reality that cancer is costly. While insurance is designed to help patients defray medical costs, cancer coverage is often a process filled with red tape, loopholes and a lot of headaches. Immediately after a cancer diagnosis, those who are uninsured will likely start researching getting life insurance with cancer, while patients who currently subscribe to a policy may explore their coverage to see what’s included, what’s not and how to bridge those gaps. Both will likely encounter some roadblocks. Getting life insurance with cancer can be more challenging than it should be, as providers may deny the person because cancer can be considered a pre-existing condition; the same approach may be invoked even for those who have long been paying into their insurance policy. Given the rising cancer rates in the country, some insurance companies have instated specific cancer insurance policies to help patients navigate the exorbitant costs associated with treatment, many of which may not be covered by their primary insurance. However, in most cases, plan participants need to sign up for this coverage before a diagnosis, making getting life insurance with cancer through that company a nonstarter. Even those predisposed to cancer may not seriously consider that they would develop the disease, nor would those who are otherwise healthy, so thinking ahead and paying extra premiums in case often isn’t on most plan participants’ radars. What then can patients do to defray treatment costs? Programs like Life Credit’s Living Benefits Loans allow patients to tap into another resource besides health insurance: life insurance. This initiative connects patients with up to half of their life...
by Life Credit Company | Sep 19, 2018 | Financial Assistance for Cancer Patients
While much of the discussion about the impact of cancer centers on the physical repercussions of the disease, there are many other areas of a person’s life that are affected. Finances, for instance, often take a very serious hit when a person is battling cancer. What causes these hardships? The cost of treatment is perhaps the most significant roadblock for many patients. The price tag associated with chemotherapy, pill regimens or surgery can seem prohibitive to many; even with insurance, medical bills can pile up into the tens of thousands. That doesn’t include other costs, such as co-pays, transportation, equipment, and more. There are also a number of lifestyle changes that can impact finances. For instance, patients may have to reduce their working hours or stop working altogether, which can cripple the incoming cash flow. Factor into that added childcare costs while the person is in treatment or recovering and the challenging financial landscape comes more into focus. What are some ways to cope with these hardships? Patients may tap into their savings to meet these added costs, and can even borrow against life insurance. This is a more strategic approach, as it allows the person to meet immediate needs while still thinking about the future. Some insurance policies, particularly those that are whole or life, may allow holders to borrow against life insurance, though they will have that provision written into their policy and have to meet a range of criteria. Another option is a program like Life Credit’s Living Benefits Loan initiative, which has more flexibility eligibility requirements and is open to both whole- and term-life policyholders....
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