Cancer patients are likely inundated with questions. At first, they may be focused on their diagnosis and prognosis, but more issues may arise as treatment and therapies begin, such as how to manage their everyday tasks like work and raising kids when they’re dealing with such pressing medical problems, or the best way to tackle mounting medical bills.
Many of the uncertainties cancer patients have regard finances, which have been very intertwined with cancer care. Increasingly, patients are turning to financial counselors to seek guidance and explore resources, such as financial assistance and programs that allow patients to borrow against life insurance.
Benefits of a financial counselor
A cancer diagnosis can be overwhelming, as can the financial problems a diagnosis brings. In such a time of crisis, patients should be focused on their physical and mental health, not their financial wellness.
That’s where a financial counselor can come in. Such individuals are trained to know the ins and outs of the financial world, and it’s becoming more common for financial counselors to have specific training regarding assistance for cancer patients. With that knowledge, they can walk patients through how to work with insurance companies, identify financial pitfalls to watch out for, suggest ways to save or cut corners and teach them which medical bills to prioritize.
In addition to financial education, financial counselors can offer important resources they’ve learned about from their work in the industry. For instance, with Life Credit’s programs, patients can borrow against life insurance to provide needed financial relief.
Things to consider
While financial counselors can be extremely beneficial, patients should also keep some aspects in mind.
Some counselors may be employed by a particular hospital or insurance company, so while they may offer valuable guidance, their advice may also be tailored to help their employer. That’s why it’s important to always question counselors’ advice, educate yourself and seek a second opinion.