Not only does a terminal cancer diagnosis take a toll on your physical and mental health, but on your finances as well. Healthcare bills can be a huge source of stress for cancer patients and their families. Many patients spend too much time and energy figuring out how to cover costs before they can even begin treatment. Planning for the various costs of treatment will help you enjoy your time with family and maintain a high quality of life for as long as possible. To help you navigate the financial landmine often associated with cancer, Average Joe Finances shares the following information.
Find Out What Costs You Should Expect
According to Drugwatch, the costs of cancer treatment can be broken up into 3 main categories: doctor visits, hospital stays, and prescription drugs. This includes lab tests, treatments, surgeries, and home health services. Just one month of chemotherapy can cost upwards of $10,000, with more expensive treatments for more serious types of cancer. In addition to health treatments, you must also be prepared for hidden costs. These include expenses you face for traveling to specialized treatment centers, lost income from missing work, paying for meals and lodging while away from home, child care costs if you’re a parent, and the costs of nutritional supplements.
If you’re concerned about the costs of cancer treatment, don’t hesitate to talk to your healthcare team about it. They know about less-expensive treatment options and can help you switch over to more affordable prescription drugs or find alternative services that are just as effective. Other options include clinical trials. These scientific studies provide the opportunity for cancer patients to have access to new, untested medications that could prove effective for treating and relieving symptoms. In order to join a trial, search for available trials, and fill out the necessary paperwork to determine if you’re eligible.
Decide Where to Draw the Line
The costs that come with treatment for advanced cancer are often more expensive than those for more treatable types. It’s important that you consider what stage you’re at when deciding how much to spend on your care. For example, if you’re young, you may be willing to put everything you have toward maintaining your health for as long as possible. People who are older or who are already experiencing a very low quality of life may not want to face extensive medical procedures to extend their lives by a few months or years.
Know What Your Health Insurance Will Cover
If you have health insurance, the financial burden of a cancer diagnosis will be easier to deal with. There are various types of insurance, including managed care plans, catastrophic coverage, cancer insurance, and fee-for-service plans. Insurance will cover a portion of the costs, but you’ll be left to foot the rest of the bill. Most insurance plans will require you to pay a fee or a percentage of the costs for services. You’ll also have to pay a certain amount, called the deductible, before insurance will help you out with the costs. Before you seek out cancer treatment, make sure that you choose health providers within the network of your insurance plan. You may need to get formal referrals from your primary care doctor before seeing specialists to ensure they’ll be covered by insurance.
If you’re low-income, you may qualify for Medicaid assistance, which can help offset some of the costs of cancer treatment. Unfortunately, some studies have found that patients relying on Medicaid receive poorer treatment than those with health insurance.
Know When It’s Time to Have the Difficult Conversation
The end-of-life discussion can be extremely difficult for families, but it must take place. It’s important to have a conversation with your healthcare providers and your loved ones about what you want for your end-of-life arrangements. People who have this conversation end up in hospice care earlier, which is associated with higher quality of life near death. Make sure you clearly communicate your desires to your family, even if it’s uncomfortable to talk about. The American Cancer Society recommends talking about treatment decisions with your loved ones so they can better understand why you made the decision to stop treatment or to move forward with hospice care. In advanced stages of cancer, the focus is often on quality of life rather than the length of life, which can be difficult for loved ones to accept.
Worrying about meeting the financial costs associated with cancer care can prevent you from living your life to the fullest while you still can. Too many terminal patients feel like a financial burden on their families. Plan to cover the costs of your treatment early and have discussions with the right people to help you and your family avoid this additional and unnecessary stress.