Navigating the waters of your finances can be choppy after a diagnosis. Use this guide as a small breeze in your sails on your way to monetary stability. After identifying what kind of insurance you carry and what the terms of your policies are, you’ll be ship-shape to sail the financial seas.
This is not designed as a complete list of your options nor as a replacement for a financial adviser. Think of it more like a compass that will allow you to ask the right questions and look in the right places while making the most of your resources.
Disability and government aid:
Disability insurance will usually replace 60 to 70 percent of your income when offered by your employer. Once you and your doctor decide whether or not you should be working, find out the definition of disability in your employer’s short- and long-term disability policies.
Social Security Disability Income (SSDI) and Supplemental Security Income (SSI) are programs you may qualify for, as well, if you’ve been working for many years (contributing to your Social Security) or if your family is in need of extra assistance due to low income and limited assets. You’ll have to contact your local Social Security Administration government office to explore all your options.
Medicare is a government-funded insurance program. If you qualify, up to 80 percent of outpatient costs are covered with Medicare Part B, though not all medical institutions are valid under Medicare. Privately-underwritten insurance programs designed to supplement Medicare are called Medigap plans and can help cover the remaining 20 percent.
On the private health insurance front:
Cancer insurance will have you covered, but only for cancer-related costs and often with limiting factors like in-patient-only procedures.
Major medical insurance will cover large percentages of the costs associated with accidents or illnesses like cancer once the deductible is met. The premiums are higher, but the coverage is extensive.
Critical illness insurance pays out a lump sum upon diagnosis, which makes it a convenient and prompt way to pay for medical and nonmedical bills as you choose. This is a supplemental insurance, so be sure to see how it fits in to your existing coverage and premiums.
Life insurance, the elephant in the room:
It may also benefit your family to look into your existing life insurance policy or those available to you. Some allow you to take advantage of benefits while living that can majorly help your financial situation. While discussing or shopping for a life insurance policy is not the most comfortable thing in the world, it can ultimately give you and your family more peace of mind.
Additional programs and resources:
Be sure to look into grants and loans offered specifically for cancer patients struggling to stay financially solvent, such as these organizations: