Being diagnosed with cancer is a life-changing experience for a number of reasons. Not only can cancer make you reflect on how you’ve been living your life and what your goals are for the future, it can also add stress to your daily life and make you worried about finances. While the good news is that medical treatments are continuing to advance in incredibly promising ways, the fact remains that these sorts of treatments can be quite costly, even if you have great health insurance.
For this reason, it’s important to come up with a step-by-step plan if you’re truly serious about managing the costs of your cancer treatment. Here are a few steps you can take to maintain financial stability, even as you’re dealing with something as unpredictable as a cancer diagnosis.
Reevaluate your budget.
The first thing you’ll want to do following any serious medical diagnosis is to reevaluate your budget. For example, if you’ve been neglecting your savings accounts, you may want to increase your savings as a buffer in case of another medical emergency. You’ll also likely want to be sure that you’re allocating some of your income to pay for an increase in medical costs, even with insurance coverage. Being able to rest at night knowing that you have a lump of money saved to cover copays and out-of-pocket expenses for the year can be a great antidote to the fear caused by a cancer diagnosis.
Talk to your health insurance provider.
Speaking with your insurance provider is another excellent way to begin planning for your future financially. By double-checking with your insurance plan, you can ensure that your budget is appropriately set up to cover out-of-pocket expenses as well as any copays. It’s also a good idea to make sure that you fully understand what sorts of treatments your insurance does and doesn’t cover. If your doctor recommends a different form of treatment that isn’t covered by your insurance company, then you’ll want to have a deeper conversation about the implications of that treatment regimen. Knowing the medical and financial facts can help you make sound financial and medical decisions, which is paramount when you’re facing an illness like cancer.
Don’t forget to plan for therapy.
When thinking about treatment, don’t forget to budget some extra money for counseling or therapy. Whether you go to therapy individually, with your spouse, or as part of a larger support group of cancer patients is up to you, but it can be crucial in helping you cope with this diagnosis. Many cancer patients experience feelings of anxiety, depression, and even insomnia, and being able to objectively discuss your fears with someone can help you stay in the present and make the most out of your life.
Know where and when to ask for extra help.
Of course, even with careful planning, you may find yourself between a rock and a hard place. Some cancers are more aggressive than others and can advance much more quickly, meaning that you have less time to get your finances together before you’re looking down the barrel of a series of expensive medical bills.
Thankfully, there are a variety of ways to find cancer financial assistance. Businesses like American Life Fund can give qualified patients a lump sum payout on their life insurance policy to help cover immediate, pressing financial needs. If waiting for your life insurance policy to kick in would be the difference between a treatment to extend your life or financial ruin, American Life Fund can give you the assistance you need to continue fighting cancer while respecting your wallet.
