Medical costs, including cancer care, are the leading cause of personal bankruptcy. Unfortunately, when a family faces a life threatening diagnosis such as cancer they’re not just left with the illness but also all of the potential financial hurdles that come along with treatments and hospital visits. The key to reducing any financial hardships is to understand your options.

What are some unexpected costs that families often  incur during cancer treatment?

Traditionally, health plans only cover approximately 60% of the total expenses associated with an extended cancer treatment case, including the following:

  • Experimental drugs

  • Clinical trials

  • Alternative treatment options

  • Lost income due to patient not working and/or spouse taking time off

  • Loss of job

  • Travel expenses to non-local care facilities

Funding treatments and long term care for cancer patients has it’s obvious financial burden. What financial advice can you provide for families that are looking for immediate relief?

  • Utilize savings

  • Contact cancer support non-profits

  • Draw funds from retirement plans (401k, SEP, IRA, etc) for medical necessity

  • Sale of existing life insurance policies

  • Borrow against life insurance policy or take cash surrender value if policies allow

  • Sale of personal assets

How can families prepare both short term and long term for cancer treatment?

The following are options available prior to diagnosis:

  • Purchasing Supplemental Cancer Insurance prior to diagnosis

  • Purchasing additional life insurance

  • Long Term Care Insurance

  • Long and/or Short Term Disability Insurance

What are ways families can prepare both short term and long term for cancer treatment?

The following are options available prior to diagnosis:

  • Purchase Supplemental Cancer Insurance

  • Purchase additional life insurance

  • Long Term Care Insurance

  • Long and/or Short Term Disability insurance