Cancer Diagnosis Can Derail Patients’ Finances

Saturday, May 19, 2018 | 10:49 pm

Combined Cancer Cost 1Being diagnosed with cancer is stressful in more ways than one. Both mentally and physically debilitating, the illness can also be a huge financial burden.

A study published in the Journal of American Medical Association found that 39% of cancer patients in the US were spent $700 out of pocket every month. Medical debt can become so unmanageable that around 3% of cancer survivors end up filing for bankruptcy.

Combined Insurance wants to help you plan for any eventuality, and knows that planning ahead in the event of a cancer diagnosis (or other serious medical problem) may sound silly at first, but it’s a vital way to ensure you don’t end up in reams of debt. Here are five things to look out for should such a thing ever happen to you:

1. Treatment costs

Make sure you know what your health insurance covers and more importantly, what it doesn’t. The majority of plans will only pay for a percentage of procedures, medications and doctor visits that you could end up needing. Cancer drugs, in particular, cost an astronomical amount of money.

2. Loss of income

If you’re employed full-time, you may be entitled to 12 weeks of unpaid leave for medical treatment. However, note that that reads ‘unpaid’. This means that although your job may be protected, your bank account certainly isn’t. When you’re having to pay for treatment and have no income, costs can rise quickly.

3. Travel costs

Your nearest cancer hospital may not be down the street. Patients often have to travel pretty far for the best treatment possible. Costs for this (which can even include hotel stays) will eat into your money fast.

4. Professional costs

This may be the last thing on your mind but if you are ever diagnosed with cancer, you will need to think about the following: updating your will, hiring a lawyer to discuss employment law, or speaking to an accountant to discuss taxes and medical expenses. As you well know, professional help doesn’t come cheap.

5. Care at home

When you are being treated for cancer, you will undoubtedly feel tired and sluggish. This means you may not be able to do even the most basic of tasks at home and may need to pay someone to help you with chores, childcare and the like.

Companies like Combined Insurance can help cover things standard insurance policies won’t. Combined can help secure your future, and your finances, in times of trouble and strife. Call Tamela today, and let her find you some peace of mind knowing that Combined will be there when you need them.

For more information call Tamela Rucker at (909) 541-0076, or visit https://www.combinedinsurance.com/us-en/.

 

 

 

 

 

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