Financial Help for Cancer Patients is Here

Learn about financial help for cancer patients, life insurance loans, borrowing against your life insurance death benefit, viatical settlements, and many other topics. Life Credit Company thrives on being your resource when it comes to financial help for cancer patients.

How to Get a Loan for Medical Expenses

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... read more

How Can I Get Help Paying My Medical Bills?

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... read more

What Cancer Patients Need to Know About Preserving Fertility

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,... read more

New Approaches to Managing Cancer Pain

Pain management for cancer patients is one of the many unfortunate necessities of the disease. Whether it’s from the tumor itself, the treatment or a combination of both, pain is a severe reality for many cancer patients. While there have long been a number of drugs on the market that relieve pain, with the surge in the opioid epidemic, many people are looking for pain-management strategies that don’t involve an addictive medication or even any medication at all. Adding to the issue is the fact that many more people are surviving cancer, and living longer after a diagnosis, which has generated a new demand for pain relief. Fueled by continued research in the area, cancer pain management is a rapidly changing issue, with a number of promising new approaches in development. New Antibody to Reduce Bone Pain Bone pain is a common complaint from those whose cancer has metastasized into the bones, or who had a tumor in the bone to begin with. Prolia was the first drug approved for cancer-related bone pain, and was followed by Fosamax. Now, they may be joined by a new antibody that seeks to block a molecule called nerve growth factor, which signals to the brain that the body is pain. The antibody proved successful in a series of testing with mice and is now in clinical trials with humans. Cannabinoid for Cancer Pain Cannabinoid, a chemical used in marijuana, has also proven promising for its ability to suppress pain. For instance, a study out of the UCLA School of Dentistry found that cannabinoid reduced pain in rats; and because the researchers used... read more

Understanding Key Terms in Your Life Insurance Policy

The benefits of life insurance are innumerable — from the peace of mind you get knowing you can protect your loved ones in the future to the immediate financial assistance that a policy can generate in an emergency, such as through a Life Credit Living Benefit Loan. With so many advantages, however, comes complexity, as there are myriad policies and ways in which they can be maximized. To navigate that confusion, there are some life insurance terms to know that, once you’re familiar with, can build a foundation to help you determine the best way to buy and use life insurance. Life Insurance Terms to Know Dividends: If you have what is known as a “participating policy,” you may be eligible for a portion of the life insurance company’s profits, which are known as dividends. You can apply them to your premiums, take the dividends as cash, buy additional insurance or many other options. Cash value: This refers to the value that has accumulated in a permanent, or whole life, policy. As you pay premiums, a portion of each is set aside to generate cash value that you can later borrow against or, depending on your policy, withdraw. Beneficiaries: This is the person or persons who will receive the death benefit associated with your policy after your passing. You can name one or more individuals, and should periodically revisit the beneficiary list. Surrender value: The surrender value refers to the amount you would get if you opted to cash out your policy, as the insurance company may levy hefty surrender fees, significantly lowering the cash value. That’s why many... read more

Thyroid Cancer Awareness Month: 5 Things You Need to Know

September is Thyroid Cancer Awareness Month, a time when those affected by the disease, researchers and others assess all that we know about thyroid cancer, and all that there is still to learn. From signs of thyroid cancer to treatment options, it’s important to keep yourself apprised of the latest research so that, should your life be touched by thyroid cancer, you can be more prepared to face the diagnosis head-on. Here are five things you should know about thyroid cancer to protect yourself and your loved ones: 1. Rates are on the rise: According to the American Cancer Society, thyroid cancer is the fastest-growing cancer in the country, with rates more than tripling in the last decade. While there are a number of factors that could contribute to that growth, among them better screening and testing techniques, more aggressive forms of the cancer are also becoming more prominent. 2. It is most common among young women: Because the cancer is less complex than some other forms, which may involve a number of genetic mutations, it’s often diagnosed earlier. Women are disproportionately affected, with only about a quarter of diagnoses in America in men. 3. The signs of thyroid cancer: While thyroid cancer is most commonly diagnosed after the presence of a lump, the vast majority of thyroid-related lumps are benign. Other signs of thyroid cancer include pain in the thyroid area, trouble swallowing and persistent hoarseness. 4. Survival rates are decreasing: Mortality rates vary depending on a number of circumstances, but survival is usually quite common, especially if the cancer is caught early; however, survival rates are lowering,... read more