Of all the things to cope with after a cancer diagnosis, finances usually sit high on that list. It makes sense when you consider how expensive cancer treatment is and how, even with good insurance, it can leave a person battling medical debt. If you’re looking to avoid medical debt after a cancer diagnosis, we’ve broken down some ways below:
Obtain a cancer insurance policy
One of the safest ways to ensure you do not accumulate medical debt is to have a plan in place. While primary health insurance is designed to help cover some of your treatment costs, much is still left in the hands of the patient. In these situations, a cancer insurance policy can make all of the difference between mounting debt and managing effectively.
If you’re not sure what a cancer insurance policy is, it works much like any other insurance policy. You’ll apply for policy and make monthly premium payments to keep the policy active. Upon receiving a cancer diagnosis, you may then use your supplemental insurance policy to help with expenses associated with treatment.
Create a budget
If you’ve been recently diagnosed with cancer, one of the first actions you might take is tightening your finances. Spending less on discretionary things and even less on necessities like food can all help to cut corners on the budget and make more funds available for cancer treatment and management.
While having to cut down on the things you love is not ideal, budgeting can be a helpful approach to avoiding medical debt. Even if you manage to make co-payments here and there or purchase medication with those additional funds, you can help to avoid hefty interest rates or debt over time.
Connect with professionals
Not sure you can handle all related finances to a cancer diagnosis? You’re not alone. One option many find helpful is to turn to the cancer community for information on public or grant? based programs to help manage the costs of cancer. Speaking with professionals will provide first? hand insight into what your options are and how you can prepare to avoid the financial stress of managing alone.
Hold a fundraiser
The internet has made it easier than ever to reach new audiences and raise awareness, and in this case, money. Plenty of online platforms allow you to create a secure page for donations that can help to cover the costs of your overall treatments or a specific need. If you’re looking to avoid financial burdens, this may be an ideal way to boost funds with the help of loved ones and complete strangers alike.
The bottom line
A cancer diagnosis can be frightening, but one aspect that shouldn’t be is the finances. Whether you’re looking for preventative options or coping with a recent diagnosis, these tips can help you to understand the best options for your unique needs. Remember that getting a cancer insurance policy is one of the best approaches for a supplementary option, followed by taking advantage of the resources available to you.
Coverage is underwritten by Aflac. This is a brief product overview only. Coverage may not be available in all states, including but not limited to ID, NJ, NM, NY and VA. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Plans and riders may also contain a waiting period. Refer to the exact plans and riders for benefit details, definitions, limitations and exclusions. For availability and costs, please contact your local Aflac agent/producer. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK.
Content within this article is for informational purposes only and does not constitute legal, financial or medical advice regarding any specific situation. Aflac cannot anticipate all the facts that a particular employer will have to consider in their benefits decision? making process.
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