Facing Cancer & Finances
How to Regain Control After a Diagnosis
By Triage Cancer
A cancer diagnosis doesn’t just affect your health — it can also significantly impact your financial well-being. Medical bills, time off work, and changes in insurance can create a perfect storm of stress for individuals already navigating a challenging health experience.
According to research, a majority of cancer patients face some degree of financial hardship, sometimes referred to as “financial toxicity.” The good news is that with planning, education, and support, you can take steps to regain control of your financial life. Here are 8 ways to manage finances after a cancer diagnosis.
1. Understand Your Health Insurance Options
One of the most important steps after a cancer diagnosis is evaluating your health insurance options. If you’re uninsured, underinsured, or facing a change in coverage due to work or life changes, learning about all of your health insurance options can help you avoid costly gaps in care. And, you should review your plan each year, to make sure it still works for you.
Tip: When comparing plans, look beyond the monthly premium. Do the math. Multiply the monthly premium x 12, and then add it to the out-of-pocket maximum, to understand the most that your plan and medical expenses will cost for the year. Then check that your providers and medications are covered.
2. Understand How to Use Your Insurance Coverage
Even with insurance, it’s essential to understand what your plan covers — and what it doesn’t. Learning how your plan works can help prevent surprise bills. You can get information about your plan from the plan website, from the Summary of Benefits and Coverage, or if you get coverage through your job, from your employer. And you can always call the number on the back of your insurance card.
Tip: Find out if your health insurance plan requires you to get a prior authorization before you get medical care or a prescription drug. If you don’t, they may refuse to cover your care.
3. Appeal Insurance Denials
Don’t accept a denial from your insurance company without a fight. It’s common for claims to be denied, but you have the legal right to appeal. What that process looks like depends on the type of health insurance that you have. But many patients are successful when they appeal — and persistence often pays off.
Tip: Work with your health care team to gather evidence of “medical necessity” for the care that you are seeking. If you are eligible, request an external appeal through an independent reviewer.
4. Know Your Rights at Work
When facing a cancer diagnosis, people may have questions about deciding whether they should work through treatment, take time off, or even retire. There are laws that provide protection against discrimination at work, give you access to reasonable accommodations, allow you to take job-protected time off, support you in returning to work, and protect the privacy of your medical information.
Often, people are not aware of the choices that they have about working through treatment, taking time off, or disclosing their medical information at work. For those who may qualify for federal disability insurance benefits, and are close to their early or full retirement age, they can make strategic financial decisions about which path to take. Understanding your rights and how these various laws work together, will help you to make educated decisions about how to manage work and a cancer diagnosis in a way that works for you.
Tip: It’s important that you understand your federal rights, and rights that you might have under state or local laws, as they may provide more protection than the federal laws.
5. Understand Disability Insurance Options
For many people, decisions about how to balance a cancer diagnosis and work are often driven by a concern about how to support themselves or their families if they cannot work. Disability insurance can serve as a critical safety net, providing income for those who are unable to work due to a medical condition. There are different types of disability insurance offered through private insurers, some states, and the federal government. Understanding your options can ease financial stress and allow you to focus on your health.
Tip: Disability insurance claims are often denied at first. This is another example of when it is important to appeal any denials to get access to the benefits that you need.
6. Review Your Medical Bills
Cancer treatment often comes with high medical costs — from imaging and lab tests to surgeries and prescription drugs. These bills can quickly become overwhelming, but you have options.
Start by carefully reviewing the bills that you receive from providers and comparing them to the Explanation of Benefits (EOBs) that you get you’re your insurance company. Check for errors or duplicate charges. If something looks off, contact your healthcare provider or insurance company with any questions.
If you’re unable to pay a bill in full, don’t ignore it. Most providers are willing to work with patients and may offer:
- Interest-free payment plans
- Lower lump sum payments
- Financial assistance or charity care programs based on income
Tip: Beware of medical credit cards or paying for your medical bills with your credit cards, as they may have high interest rates. Working out an interest free payment-plan with a provider may be a better option.
7. Apply for Financial Help
If you are finding it a challenge to pay your bills, there may be help. There is a wide range of resources offering financial help, including for:
- Transportation and lodging
- Housing, utilities, and food
- Prescription drugs, medical supplies, and medical equipment
- Health insurance premiums and out-of-pocket costs
These financial assistance programs may be offered through the federal, state, or local governments, cancer-specific organizations, and other nonprofit organizations.
Tip: Cast a wide net. Think creatively about all types of financial assistance that may be useful to you.
8. Ask for Support
Managing finances after a cancer diagnosis can feel daunting — but it’s not impossible. You are not alone. Don’t hesitate to ask for help. Use your resources. Talk to your health care team about any challenges that you are experiencing. They may have resources for you. Think about your community of support – how can they assist you in navigating these challenges. Be creative. Maybe they help you save time and energy by opening your mail and matching up those bills and EOBs, or help you complete applications for financial assistance programs.
Editor’s Note: With the right information, planning, and support, you can reduce financial stress and focus on your health. Visit TriageCancer.org to access up-to-date information about your rights, options for benefits, and resources to help you manage your finances.
