The rising costs of cancer care and treatments have led to a common reference known as financial toxicity. According to Scott Page, CEO of LifeGuide™ and the individual behind AltCare, financial toxicity can be defined as the stress that comes from the high cost of cancer treatment. Not only do financial stressors negatively impact healing, but they can also cause frustration, despair and loss of hope for all involved.
You don’t have to let the high cost of cancer treatment wreak havoc on your family. There are alternatives available to finance cancer treatment:
- State Assistance: In many states, individuals who lack health insurance may be eligible for financial assistance for medical bills. While there are many restrictions that are related to your income and assets, it’s worth looking into when financial toxicity of chronic illness is weighing on your mind. Check with your local health department for more information.
- National Organizations: In conjunction with organizations such as the American Cancer Society, many non-profits are joining forces to help alleviate the financial stress of cancer care and treatments. From fundraising opportunities to donations, you’ll find that these non-profits are focused on helping cancer patients heal.
- Crowdfunding: When all else fails, many cancer patients and their families turn to crowdfunding to help cover medical expenses associated with cancer care and treatments. GoFundMe, one of the most popular crowdfunding sites, allows anyone to set up an account and then transfer funds to the cancer patient. Anonymous donations are allowed, and donors can offer messages of hope when financially contributing to the patient’s cancer care and treatment.
- Life Insurance Policies: Did you know that it’s possible to cash-in a portion, or all, of your life insurance policy to offset the cost of cancer treatments? Meeting with a financial adviser, such as the team at LifeGuide™, can reveal opportunities that you may not know are right at your fingertips. Cashing in a life insurance policy allows you to retrieve the funds you need to pay off medical and household expenses while also giving you the financial freedom to focus on healing.
When struggling with a chronic illness, such as cancer, it’s important to focus on healing versus stressing over the cost of cancer treatments. You have viable resources available with AltCare and LifeGuide™ to help you do just that.
Find the Support You Need with LifeGuide Partners
Working in conjunction with AltCare, LifeGuide Partners offers financial information and guidance to seniors, access to a highly experienced referral network of planning professionals, and a safe and secure process for retirees to plan for the future. We offer innovative solutions including selling your life insurance policy, if no longer needed, to reduce the financial toxicity of cancer care and treatment. Contact us today to learn more about how we can assist you with all your life insurance questions and concerns.