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American Life Fund > Blog > Uncategorized > The Projected Cost of Cancer Increases: How a Viatical Settlement Can Help

The Projected Cost of Cancer Increases: How a Viatical Settlement Can Help

Cancer treatment expenses can take a toll on both cancer patients and caregivers. Medical costs related to late-stage cancer treatment in 2018 have drastically increased and new medicines prove more expensive than last year.

In addition to healthcare costs, patients may have to pay for transportation, existing debt, living expenses and nutrition.

According to the American Cancer Society Cancer Action Network, the annual cost of cancer in 2014 was roughly $91.8 billion. This figure represents $4 billion in out-of-pocket costs and the remaining amount in overall healthcare expenditures.

Unfortunately, late-stage cancer patients don’t just face healthcare costs. In most cases, they also lose their income. According to Reuters Health, a cancer patient misses five weeks of work in the first year after their diagnosis. On average, late-stage cancer patients see their earnings drop 40 percent after a cancer diagnosis. For example, if a late-stage cancer patient is earning $50,000 per year, their income is likely to drop to $30,000 per year for two years. Paying for cancer treatment can change an entire lifestyle.

The Financial Effects of Cancer

Viatical settlements can provide cash for individuals that need income while taking time off from work to get treatment. If left unpaid, outstanding medical bills and delinquent payments can affect your credit score and overall finances and the availability to receive future quality healthcare.

A viatical settlement is for late-stage cancer patients in need of immediate cancer financial assistance. Unfortunately, most late-stage cancer patients are unaware of the viatical settlement options and simply let their life insurance policy lapse, or are unaware that this once thought non-liquid asset can have immediate value.

How a Viatical Settlement Can Benefit You

A viatical settlement is an arrangement in which someone with a terminal disease sells his or her life insurance policy at a discount from its face value for ready cash. In particular, late-stage cancer patients without insurance often get diagnosed when the disease has spread throughout the body. As a direct result, they are even more likely to miss work and in need of aggressive treatment. In this scenario, a viatical settlement can help families pay off debt and pay for alternative treatment not covered by insurance.

In most situations, viatical settlements are tax-free and can be used to pay for the six most expensive primary approaches to treating cancer: surgery, radiation, pharmacological therapy, hormone therapy, immunotherapy, and chemotherapy.

Cancer patients may need to receive aggressive and expensive combinations of treatment depending on the success of surgery, that is if surgery is an option. If the cancer spreads unexpectedly, patients must be able to pay for additional treatment and medication. Costs to the patient can skyrocket depending on the type and duration of the treatment.

Many late-stage cancer patients have surgery at least once as part of their aggressive treatment plan. Treatment costs also increase if surgery involves multiple medical providers and hospitals, not to mention clinical trials.

If a provider is not in-network, a plan may not cover the full cost for the out-of-network provider or service. This can lead the patient to receive unexpected medical bills and added stress.

At American Life Fund, we believe that knowing all of your financial options in the key! The more options, the better! We have dedicated viatical settlement specialists ready to assists you every step of the way. Apply today.