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 of the policy as they recover. The program typically releases financial aid for cancer patients within just days, which is especially important considering the costs of treating cancer will likely start adding up immediately.
No one is prepared for cancer, especially for its costs, but with some research, finding the right financial aid for cancer patients is possible.