Cancer is a disease that is characterized by abnormal cell growth. The dysfunction within the cell can be caused by genetics or by the environment, and in some cases there is no explanation for why the cancer arises. Over 100 different types of cancer have been identified – some have no cure and some are highly treatable, some are rare and some are extremely common.
For patients that have been diagnosed with any of these common forms of cancer, there is a great deal of information available regarding the various treatments available. Unfortunately, patients need to know more than what to expect clinically; they also need to be able to prepare themselves for cancer treatment costs so that they can make appropriate plans to preserve their financial health while taking care of their physical health. Though most people assume that the stress of being diagnosed with cancer is wholly involved with concerns about health, most cancer patients indicate that cancer costs are what keep them up at night.
The total cost of treating cancer is rarely covered by health insurance, no matter how good your coverage is, as there are always out-of-pocket and unexpected costs that can add up quickly. The more you can plan for your treatment and its costs, the more control you will be able to exert over your finances, and the more you will be able to plan and take advantage of the available resources and experts who can show you how to pay for cancer treatment, which is likely to include doctor visits, lab tests, clinic visits for treatment, procedures, imaging tests, radiation treatment, drug costs, hospital stays, surgery and home care. Each type of cancer’s treatment is also very different. To give you an idea of the range, here are figures from the National Cancer Institute regarding the annualized mean net costs of care for the five most common types of cancer:
It is easy to see how quickly treating cancer can deplete life savings and leave families unable to pay for both medical care and everyday bills, let alone paying for any extras such as family trips, college savings or other niceties. Having a plan in place for taking care of these expenses is important. If you need help and are considering a life insurance loan, Fifth Season Financial can help. Contact us today for more information on how we can turn your life insurance policy into immediate cash to help you pay for your expenses.
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