Unfortunately, multiple myeloma is notoriously expensive to treat—costing anywhere from under $100,000 to several hundreds of thousands depending on the specific course of treatment— so, it comes as no surprise that most patients can’t afford these outrageous price points.
If you’re worried about how to afford treatment for multiple myeloma, there is good news: you don’t have to compromise your financial security! We at American Life Fund work regularly with multiple myeloma patients to help them financially, which is why we put together this comprehensive list of financial assistance and free money available for multiple myeloma patients.
Here are 6 of the best resources for multiple myeloma patients to get free money and financial assistance.
Financial Assistance For Multiple Myeloma Patients Type #1: Your Life Insurance Policy pays YOU (through a Viatical Settlement)
Anyone struggling with a severe medical condition knows that health insurance doesn’t cover all costs. In the United States, even with government programs such as Medicare and Medicaid, you may still face significant out-of-pocket expenses.
However, what most people don’t know is that a life insurance policy is considered an asset that you own, meaning insurance policy holders can sell their life insurance for a lump-sum cash payment, also known as a viatical settlement.
Not only can you pay towards your medical expenses, but also towards the cost of living expenses, or even a luxurious vacation with your loved ones. As the settlement holder, the freedom and the choice is uniquely yours!
In some cases, individuals can receive 70% of their life insurance policy in as little as 2 weeks with a viatical settlement!
How it works: Unlike life settlements, viatical settlements are designed for life insurance policyholders with life-threatening illnesses, reduced life expectancies, or chronic health issues.
Multiple myeloma patients with life insurance policies can enter agreements with third-party buyers to sell their life insurance policy in return for a lump-sum payment (more than the cash value of the life insurance policy, but less than the death benefit).
The life settlement company takes over by paying the monthly insurance policy premiums, and receives the death benefit after the seller’s passing.
If you’re considering selling your life insurance policy, American Life Fund is here to help. For us, the most important thing is alleviating the financial burden associated with multiple myeloma care, reducing stress, and enabling you to spend more time on the things that matter.
Through our hassle-free application process, American Life Fund will help you get an immediate cash offer for your insurance policy.
Financial Assistance For Multiple Myeloma Patients Type #2: Multiple Myeloma-Specific Financial Grants
There are a multitude of organizations that offer free money to multiple myeloma patients. This type of financial assistance is also known as a multiple myeloma-specific financial grant.
While some grants are generalized and open to applicants with all cancer types, others are specific to multiple myeloma. The best place to search for financial grants you may qualify for is online and through your local nonprofit organizations.
When looking online, try searching for “multiple myeloma financial grants”, as well as the more general but still applicable “cancer financial grants”. The best part about cancer financial grants is that they are free money, and don’t come with strings attached.
Although it can be time-consuming to locate grants, the time invested can pay for itself. When it comes to financial grants, the most challenging part is locating an organization that still has funding available. Don’t be discouraged–remember, persistence is key and resources are out there.
The following organizational funds offer financial assistance in the form of grants to multiple myeloma patients in need:
Triage Cancer and Needymeds (these organizations maintain a long running list of financial assistance resources for cancer patients)
Financial Assistance For Multiple Myeloma Patients Type #3: Utility Assistance
When juggling finances to pay for cancer care, every little bit helps.
Utility assistance is payment provided to help cover the cost of utilities within a home, including payment for home energy costs, bills, and any necessary energy repairs.
Utility assistance helps multiple myeloma patients by taking some of the financial burden off of your shoulders, and allowing you the ability to focus more on investing in your treatment.
Programs such as the LIHEAP (Low Income Energy Assistance Program) offer utility assistance to low-income households, as well as to those experiencing crises. The contact information for this resource differs from state to state, so be sure to check the website. You can also call “211” to locate additional local utility assistance programs for multiple myeloma patients in need.
Their easy to use online websites provide a list of multiple prescription assistance programs that you may qualify for as a multiple myeloma patient.
Another resource offering financial assistance for multiple myeloma patients is Needy Meds. Needy Meds offers a free Drug Discount Card, which provides savings of up to 80% on prescription medications.
If a medication is not covered by your insurance, or if your insurance has a high deductible, fear not–you can use your Drug Discount Card to help pay for prescriptions.
Also, the Medicine Assistance Tool can help multiple myeloma patients to locate additional resources for prescription assistance.
Financial Assistance For Multiple Myeloma Patients Type #5: Gift Certificates, Gas Cards, and More
When dealing with multiple myeloma, the last thing you should have to worry about is the price of gas; however, as trips to treatment centers increase, so does the cost of transportation. Gas can be EXPENSIVE (especially if you live somewhere like California)– so why pay for it if you don’t have to?
NeedyMeds and Mercy Medical Angels are two other organizations offering financial assistance for medical transportation and necessary travel expenses. Simply visit their websites to see your options.
If you’re still looking for a little something extra to help you out, Netwish is a nonprofit organization committed to helping those in need of financial assistance; they offer one-time gift cards of $200 that can be used however the patient sees fit.
Financial Assistance For Multiple Myeloma Patients Type #6: Fundraising
One of the quickest, easiest ways to supplement financial assistance for multiple myeloma patients is fundraising. With a little upfront investment of your time and a good social network, fundraising can be an effective tool for harnessing financial funds.
Online fundraising platforms such as GoFundMe, allow you to post your need/cause and share that need/cause with others. However, the downside is that you only receive a portion of the funds raised.
A second method of fundraising worth considering–and from which you’ll get to keep all profits– is known as a personal fundraiser. With this type– you, your friends, and your family raise funds by offering something to the community, such as a bake sale or car wash, for example. Feel free to check out MedGift Advocacy Services for a whole list of fundraising ideas.
Don’t be afraid to seek a higher quality of life. You deserve it, no matter what your financial situation is. To learn more about how we help multiple myeloma patients financially, contact us at American Life Fund today!
What Multiple Myeloma Patients Can Expect Financially
A multiple myeloma diagnosis is never easy, especially when that diagnosis turns into a financial burden.
In order to try to avoid financial distress, it is important to understand the costs associated with treating multiple myeloma.
When battling with multiple myeloma, some of your largest expenses are likely to come from the following: doctor visits, treatment, medication, and transportation/travel.
Doctor Visit Costs: If you’re insured, you’ll likely only have to pay a copay per visit to your doctor; the copay is usually a small fraction of the total overall cost for the visit. If you’re uninsured, you’ll pay more.
Treatment Costs: The primary treatment for multiple myeloma typically includes some combination of the following: drug therapy, immunotherapy, chemotherapy, and radiation therapy. More progressed cases may also require a bone marrow transplant. That said, the extent of your treatment will have a direct impact on the financial costs incurred–in other words, the more treatment needed, the more it is likely to cost you.
Medication Costs: When treating multiple myeloma, targeted drug treatments are a common course of action. These medications are often combined with steroids and chemotherapy, as part of a multi-pronged treatment approach. In other words, medications are likely to be another crucial cost you’ll need to consider when opting for financial assistance for treatment.
Transportation/Travel Costs: If you’re being treated for multiple myeloma at a facility that is not near your home, you’ll be met with the added financial stress of paying for gas and/or the costs of public transportation to get to and from your appointments.
Sounds like a lot? The good news is, help is always available–and you deserve it, no matter what your financial situation is. To learn more about how we help multiple myeloma patients financially, contact us at American Life Fund today!
Frequently Asked Questions about Financial Assistance for Multiple Myeloma Patients
What benefits are multiple myeloma patients entitled to?
If you are an American citizen struggling with multiple myeloma, you may qualify for Social Security Disability Benefits. The more aggressive the cancer, the more qualified you are likely to be.
Can you get financial help if you have multiple myeloma?
Yes, you can get financial help if you have multiple myeloma. You can get everything from help with prescriptions, lower utility bills, grants, viatical settlements and much, much more.
How can I get money for multiple myeloma treatment?
Grants, crowdfunding, and disability benefits are some other ways you can get money for multiple myeloma treatment. Additionally, viatical or life settlements (where you sell your life insurance policy for a lump sum of cash), can be a great option to get money for multiple myeloma treatment.
Does stage 3 multiple myeloma qualify for disability?
Stage 3 multiple myeloma patients typically will be approved for Social Security Disability benefits. If you have stage 3 multiple myeloma, there is also a good chance you will qualify for a viatical settlement.
Disclaimer: American Life Fund is not a licensed provider and may not be licensed in your state. Principles hold brokers license in various states nationwide. Due to life settlement regulations varying state by state, our services are not available to residents in all states, including Georgia and Florida. The content contained in this website is not applicable for consumers in states where American Life Fund is not permitted to make life settlement transactions, solicit or advertise. Any offer is conditional, contingent upon written terms and conditions, and is non‐binding, as well as subject to due diligence and execution of closing documents.