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By Scott Sanders  There’s nothing easy about getting a terminal cancer diagnosis. Along with completely changing your day-to-day life, it can drain your physical, mental and emotional health, as well as your relationships and finances. And even if you have great health insurance, you’ll have unexpected costs to deal with. Coming up with a financial plan with your health care team beforeyou’re in financial trouble will bring you and your family a little peace of mind. Here are some things to consider when you’re preparing. Treatments Start by doing your research on the treatments your health care team recommends and how much they cost. Costsnot only vary between the different kinds of treatment, but also they can change with the length and location of treatment. It’s not uncommon for patients to have to choose a less expensive, less successful treatment over a more effective but unaffordable treatment. When you plan, be sure to factor in all the scenarios such as clinical visits, radiation treatments, hospital stays, home care, surgery, lab/imaging tests and other procedures or visits that may come up. You’ll also need to consider the costs of drugs. Prescription Drugs Prescriptions are costly. In fact, the high priceof cancer drugs hinders many patients from being able to afford their copay. While intravenous (IV) drugs in offices, clinics and hospitals are often covered by insurance, a growing number of patients are taking oral chemotherapy at home. These pill versions of the drugs are more convenient for the patient and typically work just as well, but most insurance policies won’t cover the costs for oral chemotherapy like they will the IV forms. It can cost thousands of dollars per month, and you usually have to pay for the drugs when you pick them up, rather than pay a bill at a later date. It’s vital you know how much you’ll have to pay for such treatment. Also, look into financial assistance programsoffered by certain drug manufacturers. Insurance Insurance can be confusing enough for any person, but it can be even more confusing for someone who is diagnosed with terminal cancer. Nonetheless, there are typically a few options availableand it’s important to choose the best provider and plan for your situation. Some people who have insurance through their employer can adjust their policy, some qualify for government-funded health care plans and others find it best to get their insurance through the marketplace. As you plan your treatments, factor your premium, deductible and copay into your decision, and make sure your plan pays for at least the majority of your cancer-related costs. Also, you want to make sure your treatments are in-networkwith your insurance provider. It’s impossible to plan for every unexpected cost, but consulting your health care team and carefully choosing an insurance plan will go a long way in getting you the most coverage. Personal Loans Another option you may have is to take out a personal loanto pay for unexpected medical expenses. The best thing about personal loans is their versatility. Many loans are able to finance expenses that aren’t directly connected to cancer treatments, such as credit card bills or other consumer debts. If you’re considering taking out a personal loan to cover cancer treatments, your credit score will determine your loan payment estimate and factoring your score into your plans will help shield you from bankruptcy. Choosing the right personal loan ultimately comes down to getting the best rate you can find (APRs typically range between 4.99% and 35.99%). Cancer is a scary and expensive diagnosis. Having a financial plan will do a lot in bringing you and your loved ones some peace. Get with your health care team to discuss the best path of treatment and the associated expenses. Explore every option for insurance plans, look into personal loans and factor in unexpected costs that are bound to arise. You may not be able to plan for everything, but it’s important to put you and your family in the best position possible. Photo Credit: Unsplash Scott Sanders is the creator of CancerWell.org, which provides resources and support for anyone who has been affected by any form of cancer. He is also the author of the book Put Yourself First: A Guide to Self-care and Spiritual Wellness During and After Cancer Treatment.
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