Finances are not always the first thing people think about when they receive a cancer diagnosis. Top questions might include, what is the prognosis? What are the treatment options? And who are the best specialists?
But increasingly, they must also consider the costs of cancer in addition to its physical and emotional aspects. These costs can add up to significant amounts and the bills often surprise patients.
Various types of cancer-related costs
Unfortunately, the costs of cancer are of various types.
If you have an insurance doctor, you could expect them to cover all of your cancer-related costs, and many of them should be covered. Direct medical costs include tests, medications, procedures, surgeries, and some medical supplies. Health insurance will likely cover these costs if they are deemed “medically necessary.” That is, if your treatment fits the standard guidelines for your specific cancer and your health care providers (HCPs) believe you need them, your insurance is more likely to pay for them.
However, even if your insurance covers direct medical costs, you may need to get your approval beforehand (called “prior authorization”). Getting that approval can be a headache. If your treatment plan is less common or if you want to see a healthcare provider who is not a member of your insurance network, you may not be approved.
Aside from the direct medical costs of your cancer treatment, you may have many other types of expenses. For example, special foods or nutritional supplements may be important, but compound insurance does not cover them. Or, even if medical care is covered, medical services provided in the home may not be covered.
If you must travel to get your medical care, across town or a long distance, you should also consider these costs. Whether you have to pay for hospital parking downtown or have to travel to get specialized care far from your home, travel costs can be a challenge.
If you live with cancer, you may need extra help caring for your children, parents, or pets. You may need more help around the home or with errands that you won’t be able to do for some time. Caregiver costs could be considerable and, for many, unaffordable.
The costs of cancer may be even more difficult to manage because of “opportunity costs” — missed opportunities to make money. If you are having treatment, you may not be able to work or may have to cut back on your work hours. Losing wages or health benefits from your job could turn a financial hardship into a crisis. In a 2022 cost of cancer study Conducted by HealthyWomen and CancerCare, nearly half of people actively receiving treatment experienced some type of financial loss and 6% even lost their jobs.
Dealing with the stress of cancer-related financial difficulties
The first step in managing the very real stress of cancer-related costs is to recognize that you are not alone. HealthyWomen’s cancer costs report showed that paying for cancer costs was stressful for 6 in 10 people surveyed. Nearly 1 in 2 cancer patients reported feeling stress, worry and pressure due to the direct and indirect costs of cancer care.
It is also important to ask for help or allow people to help when they can. The people in your life will most likely want to help, but they may need you to tell them what would be most helpful to you. Perhaps a neighbor can take care of errands or a close friend could help you with household chores. These gestures could save you the cost of hiring someone and could give you a sense of security knowing that you are not alone.
The emotional toll of a cancer diagnosis is real. The financial aspects of cancer only make those challenges more difficult. If you’re feeling distressed, depressed, or generally overwhelmed, getting therapy or other mental health care may also be helpful.
Mitigate financial burdens related to cancer
Without health insurance, the direct costs of cancer can be devastating. But if you don’t have health insurance, there are ways you can get coverage.
If you don’t have health insurance through your job, is there anyone in your household who can add you to their coverage? If not, visit the federal virtual health insurance market(HealthCare.gov) or that of your state. If you recently lost your benefits, you may be able to sign up even if it’s not during open enrollment. If you have low or no income, you may qualify for generous subsidies.
Depending on your income and your state’s regulations, you may qualify for Medicaid, your state’s health insurance for people with very low incomes. Likewise, depending on your age and condition, you may be able to enroll in the Medicare program. These programs offer good coverage and many protections for consumers, often free or at very low costs.
With or without insurance, if you are having trouble paying for medical care, you may qualify for financial assistance from your hospital or clinic. Hospital financial counselors can often guide you through the hospital financial assistance process, which may include a formal application. If your request is denied, you may be able to appeal that decision. Medical interventions will usually also set up a payment plan that allows you to pay small amounts every so often, sometimes interest-free. Be honest about what you can comfortably afford.
If you are unable to get financial assistance from the hospital or medical center, the financial counselor may be able to provide other assistance. It may help you receive support from local community or religious organizations, or even co-pay assistance programs from the drug manufacturer. Some nonprofit organizations will also help you advocate for your rights or settle accounts for you.
Finally, many people turn to crowdfunding campaigns to raise the money they need. Whether it’s just a formal campaign or you’re trying to get financial assistance informally, there’s no denying the power of your community to help you deal with the emotional and financial hardships related to cancer.
From the articles on your site
Related articles on the Web
