Roughly 40% of us are diagnosed with cancer at some point in their life. Fortunately, many cancers are now easily treatable and have a very high survival rate. However, a big obstacle to getting treatment can be the cost.
The average cancer patient in the US will spend a total of $150,000 on treatment. This is a huge sum of money that most people cannot fathom paying, and sadly it can put some people off from seeking treatment.
How to cover the cost of cancer treatment
Fortunately, there are numerous funding methods out there that can reduce the amount of money that cancer patients have to pull from their own pockets. It’s important to be aware of these funding options if you think you or a loved one is likely to require cancer treatment in the future. Below are just some of the main funding options.
Insure yourself against cancer
Most basic health insurance plans are required by law to help pay for cancer treatments like chemotherapy. However, many of these insurance plans will not pay the full amount – in some cases, you may still have to pay 20% of the cost.
The likes of critical illness insurance can help pay the remainder of the cost and can be useful to have in place. Rates for critical illness insurance can vary depending on how much of a risk you pose. Check out this critical illness insurance comparison guide to help you find the cheapest rates.
Explore local grants and assistance
Many cancer charities exist around the US that offer grants to cancer patients. These grants can help pay for the cost of treatment. Just be wary that you may have to meet certain requirements to be eligible such as not earning more than a certain figure per year.
There are other programs out there that can help you afford treatments. This includes advocacy services that help to haggle down the cost of treatment for you, as well as grants and discounts offered by some hospitals if you meet certain criteria.
Start a fundraiser
Some people are able to raise money for cancer treatment by starting fundraisers. This typically involves starting an online fundraiser page and sharing it on social media – people can contribute donations that can then go towards your treatment.
Advocates can also help manage your fundraiser and help you get more donations. A compelling story will typically help encourage people to donate.
Set aside savings for medical costs
Having savings set aside for emergencies is useful. Cancer treatment could be a good use for these savings. Even if this only goes a small way towards funding your care, it could reduce your reliance on loans.
Medical loans/credit cards
There are loans you can take out and credit cards that you can apply for that are designed purely for medical costs. These loans and credit cards don’t charge any interest or additional fees (providing that you pay them back on time). These are a much better option compared to regular loans and credit cards that have interest fees.
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From my experience, the cost of cancer treatment varies widely based on factors like type, stage, and location. Beyond senior rehab facilities medical expenses, it encompasses emotional and financial burdens. Access to insurance and supportive care is crucial. Understanding these costs empowers patients to make informed decisions and seek necessary resources.