by Life Credit Company | Oct 17, 2019 | Financial Assistance for Cancer Patients
When a medical crisis hits, one of the first things you may be thinking—but one of the last things you’re prepared for—is how to meet the financial burden of your diagnosis. In the case of cancer, patients have to contend with co-pays, treatment costs, medication regimens, leaves of absence from work and many more factors that can cause the medical bills to pile up, and debt to quickly climb. Thankfully, like other big-ticket expenses in life, there are loans available that can help patients confront some of that debt. If you’re exploring how to get a loan for medical expenses, the first thing to consider is the source, as everyone from banks to healthcare providers to private organizations have begun offering medical loans. The type of loan is also key, as each has a set APR that could end up pushing accrued interest sky-high and a term length that must also be evaluated realistically in light of the patient’s financial situation. It’s important to establish whether you want a fixed or variable loan rate—the first of which guarantees a locked-in interest rate, and the latter that can change over time. Eligibility is also a consideration, as personal loans all have varying requirements for applicants, particularly around credit score. Another avenue for getting a loan to cover medical expenses is through life insurance. In some cases, policyholders can borrow against their policy through a collateral assignment, which involves transferring the policy into the lender’s name so that that entity is the primary beneficiary. Alternately, options like Life Credit’s Living Benefits Loans also allow you to borrow against the value of...
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 | Oct 3, 2019 | Cancer Research & News
Cancer has a wealth of immediate impacts on a patient’s life: disrupting normal routines, work and school commitments, finances and countless other areas. It can also have a long-lasting effect on family-planning. However, with enough forward-thinking and preparation—and plenty of research about what cancer patients need to know about preserving fertility—those who are aiming to become parents don’t have to let their plans get knocked off course. There are a number of reasons that infertility and cancer are known to go hand in hand. For one, treatments such as chemotherapy and radiation can do extensive damage to both men and women’s reproductive systems, damaging both eggs and sperm. Miscarriages are an unfortunate reality for many patients, and treatment-related damage can also lead to birth defects if a child is carried to term. While the risk for treatment-related genetic damage does subside a year after a treatment, some patients may be permanently affected. Additionally, both treatments and medications can also affect hormones and other organs, making conceiving and carrying a challenge. However, there are options for those who still want to fulfill their goal of starting or expanding a family. Here’s what cancer patients need to know about preserving fertility: Embryo freezing: In this method, before a woman begins cancer treatment, her eggs are retrieved and fertilized with the sperm of a partner or donor. The resulting embryos are frozen and stored for future use, at which time they can be reimplanted in the woman’s uterus or that of a surrogate. While a successful approach, it can be costly, with prices as high as $8,000. It can also be time-consuming,...
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