How to Prioritize Cancer Treatment Payments
When you have cancer, you need to focus on your health, but unfortunately, that can be difficult when you have financial responsibilities and bills breathing down your neck. Many people consider letting their life insurance payments lapse, but if you are thinking of going this route, you should always opt for a viatical settlement first. To get help, take a look at these suggestions and find out how a viatical settlement can help.
Consider a Viatical Settlement
A viatical settlement can help you to stay on top of medical expenses and other bills. Essentially, a viatical settlement is when you sell your life insurance policy to a viatical settlement company. The company gives you an immediate cash payout that you can use however you like. You can pay your medical bills, explore alternative cancer treatments, pay your other household bills, take time off from work, use the funds to take a vacation with your family, or do countless other things.
Once you receive the viatical settlement, you no longer need to worry about your life insurance premiums. That means this product puts money in your pocket while also reducing your monthly bills, and you don’t have to worry about paying any tax on the disbursement.
Make Sure You Can Continue Treatment
When you have cancer, your number one priority is making sure that you can continue cancer treatments. Unfortunately, some clinics or healthcare providers may refuse to see you if you don’t stay current on your bills. To protect your health, you need to prioritize these bills first.
If you absolutely can’t cover your co-pays or deductibles, ask your healthcare providers to work with you. They may be able to accept modified payment arrangements and continue your treatment even if you aren’t paying the balance in full every month.
Rank Your Other Bills in Order of Importance
After you pay medical bills, you still have to deal with routine expenses such as rent or mortgage payments, utility bills, credit card bills, and other expenses. When you don’t have enough cash on hand, it can be hard to know which bills to pay first. If possible, focus on paying the bills that are the most important. Typically, those are the bills that keep a shelter over your head, utilities on in your home, and some food on the table. You may decide to forgo some other nonessential bills such as cable television or internet access.
Saving Money in Unexpected Places
Cancer is hard. To get through cancer, you often need to ask for help. Although that can be hard, keep in mind that people want to help. You may have friends or family who are truly wondering how they can alleviate your burden. Instead of paying for caregivers or meals out, consider asking your circle for help taking care of kids, cooking meals, driving to appointments, or anything else you can think of. There are even online apps that can allow you or a friend to make a list of what you need, and then, friends can sign up to help.
Beyond your inner circle, you may want to seek help from other sources. The churches or charity groups in your community may have programs or funding to help people with cancer. Additionally, depending on your situation, you may be able to get help through the government in the form of food stamps, Medicaid, or other assistance. There are also a variety of nonprofits that can provide resources during your cancer journey.
If you’re interested in applying for a viatical settlement, take the first step and see if your policy qualifies. After you submit, one of our representatives will be in touch with you to discuss your options.