The financial landscape associated with a cancer diagnosis is challenging, especially for those without adequate insurance coverage.
According to a new study, seniors with cancer who rely on Medicare for insurance but don’t have a supplemental policy in place can pay as much as 63 percent of their income on treatment. Out-of-pocket costs for such consumers can reach as high as $8,000 a year — and that’s on top of premiums.
There are a few reasons for the climbing costs. Medicare covers up to 80 percent of costs associated with cancer treatments, but for the other 20 percent there’s no cap on out-of-pocket expenses cancer patients may have to pay. Cancer treatments can be extremely expensive, with hospitalizations associated with a cancer diagnosis accounting for the greatest health-care costs in the nation.
So what financial resources for cancer patients can help ease the burden? One answer lies in supplemental insurance, also called Medigap coverage. Such plans cover the 20-percent gap Medicare expects patients to pay and, because it’s a lower percentage, the premiums are often much lower than those associated with Medicare.
Unfortunately, many seniors are unprepared for a cancer diagnosis, let alone the financial realities of cancer; such news can come as a shock to both the system and the wallet. While we keep pushing for increased education about cancer prevention and treatment, we also need to pay attention to financial resources for cancer patients.
Life Credit is one such option. With our living benefit loans, we provide up to half of your insurance policy’s death benefit to help people face their cancer diagnosis with one less weight on their shoulders. The transition through a cancer diagnosis can be a tough one, but it can be made slightly smoother by increased awareness about programs like Life Credit and Medigap coverage plans.
Life Credit Company
We are a licensed consumer lender that is dedicated to providing financial assistance for patients who are facing serious illness. With a Living Benefit Loan, from Life Credit Company, you can receive up to 50% of your life insurance policy’s death benefit today. Whether you need to catch up on medical bills, consolidate debt or take your family on a dream vacation, this is your money to spend without restrictions. If you have at least $75,000 of life insurance and have been diagnosed with cancer or other serious medical condition, you may qualify for a loan. Contact us today to speak with a professional counselor who is standing by to assist you.
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