Money Managing Strategies for Cancer Patients
Patient undergoing tomotherapy, face and body covered. (Photo credit: Wikipedia)
People who have been diagnosed with cancer or know someone with cancer know the hardship it brings emotionally, physically and also financially. Cancer isn’t an illness for people that are less fortunate because it will literally cause financial troubles with the costly medications and treatments for survival.
If you are curious about a few money managing strategies for cancer patients, then you have come to the right article. We will try to provide you with techniques on how to manage your finances through simple everyday methods that could help you save up for costly treatments and how to avoid unnecessary expenses. Let’s not waste any more time and get right to the main point, shall we?
Let us begin with a little rundown of some of the high cost treatments and medications that cancer brings with it if a person is diagnosed. Cancer medication can cost more than $200,000 a year and that even depends on the medication that your oncologist plans for your treatment.
Some medications may be cheaper while others are very expensive. Keep in mind that these medications are to be taken daily for a certain number of months too and could add up in more dollars annually. Let’s take for example a drug that treats leukemia, breast cancer, lung cancer and melanoma called Iclusig. Iclusig cost around $5,000 to $5,300 for 30 tablets which comes out to an estimate of at least $138,000 per year. Besides medications, cancer patients and their families also have to face finances when it comes to radiation, surgeries, chemotherapy, special dietary foods that the patients can eat and so on.
Talk to your insurance company for options
As early as you can try to find out what your insurance covers. You can ask your insurance company to assign a case manager for you so that you can talk to the same person every single time you have questions and they already know all about your case. Ask your insurance company about cancer medications, treatments, prescriptions, hospital stays and home care. You can get a breakdown from your doctor about the expenses you may have. IF YOU DON’T HAVE INSURANCE or YOUR INSURANCE IS LIMITED, try and contact your state or local department of social services for more options.
Budget, budget, budget
Budgeting is vital in managing money for cancer patients, or any person that needs to spend for their illness. Include your immediate family in the talk about expenses. Talk about where to cut expense and what the monthly budget is. Things will surely change but this is for the best for the patient and the family. By making a plan, everyone can plan ahead and have other options IF EVER plan A doesn’t work out. Figure out how much money is saved up that can be used for cancer treatments. Does you or your family have assets that could be sold or liquidated? What are the monthly expenses that you can change around to save more money? Make a list for all these choices and talk in a calm and wise manner with your family to figure this all out.
Scope out financial aid programs
There a several financial aid programs for patients with cancer. Do research at your local hospital, ask your doctor or do research online to find out what those programs near your area are. Try searching for the website for the National Cancer Institute to get a list.
Be on top of your credit
If you have debt on your credit card, don’t be afraid to inform your creditors because they may provide options for you to lower your payments. They could also provide you with financial assistance programs as well.
Be organized
This is one of the main keys to managing finances for cancer patients. Keeping a notebook with lists and other things you need to write down could be very helpful. Dealing with cancer could involve a lot of paperwork and documents and you may need some papers every now and then. Write things down so that you can be reminded. Use post-it notes and put them in a place where you can see them at all times so that you don’t forget.
Fighting cancer doesn’t have to be done alone. You and your family don’t have to deal with it because there are many organizations that want to help out. Many people may want to support you through your finances especially because cancer treatments are costly. Be wise and act early so that you can manage your money for the essential medications and treatments for your illness.
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Category: Medical
