When you hear the words, “you have cancer,” you experience a myriad of concerns: medical, emotional, family. Though it’s not likely at the top of your list of concerns, financial matters are just as important.
Along with the direct medical costs of your care, you will have a lot of costs not covered by insurance. These non-medical issues can tap your bank account quickly, like transportation to and from treatment, or child care during doctor appointments. Other items will make your life easier but are not considered medically necessary and are not covered by insurance.
That’s not even counting the daily expenses like food and shelter.
According to the nonprofit Cancer Financial Assistance Coalition, which includes the American Cancer Society and 13 other groups that offer assistance to cancer patients, your finances should be near the top of your list to stave off crises down the road. The CFAC has several tips for patients and their families to avoid that unneeded circumstance.
How to manage your finances
- Understand what’s covered and what’s not
If you have insurance, it will likely cover most of your care, but not all of it. Read your policy. Meet with your insurance agent and ask questions. Know that a denial of coverage can be appealed, both with your insurance company and your state insurance governing board.
- Know your rights
You can avoid the pitfalls if you know the laws affecting you. If you’re forced to leave your job because of cancer, federal COBRA laws can allow you to keep your coverage for up to three years. The Family and Medical Leave Act may allow you to take a leave of absence from work to get treatment.
- Know what you don’t know, seek those who do.
Most health care systems know the financial aspects of care are a major concern and will provide financial counselors to help you. Your care team can help you navigate common pitfalls and even get financial assistance that you need.
Don’t hesitate to ask. They may also be able to help you talk to your other, non-medical creditors to let them know your situation and rework payment plans. You may be able to get a disability waiver for your mortgage, car loan or other debts.
- Meet with a social worker.
Again, most care centers will provide access to these experts. They can help you find your way to other benefits, like co-pay relief programs and patient assistance programs pharmaceutical companies have in place to help patients get medication. They can also be your link to volunteer groups that can help with transportation, home care and child care programs.
Help is out there during this tough time. All you have to do is ask.
