Here are 6 of the best resources for cancer patients to get free money and financial assistance.
Financial Assistance & Free Money For Cancer 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 policyholders 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 choice is uniquely yours.
In some cases, individuals can receive 70% of their life insurance policy in little as 2 weeks!
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.
Cancer 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 cancer 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 & Free Money For Cancer Patients Type #2: Cancer-Specific Financial Grants
There are a multitude of organizations that offer free money to cancer patients. This type of financial assistance is also known as a cancer-specific financial grant.
While some grants are generalized and open to applicants with all cancer types, others are specific to certain cancers. 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 “cancer financial grants” or for grants specific to a certain type of cancer, such as “lung cancer financial grants,” for example. 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 organizations offer financial assistance in the form of grants to cancer patients in need:
Financial Assistance & Free Money For Cancer 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 cancer 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.
Cancer Horizons and The Pink Fund are two other great resources to consult for financial utility assistance. You can also call “211” to locate additional local utility assistance programs for cancer patients in need.
Financial Assistance & Free Money For Cancer Patients Type #4: Prescription Assistance
With the cost of cancer medications rising, many patients feel concerned about how to afford treatment.
Financial Assistance & Free Money For Cancer Patients Type #5: Gift Certificates and Free Gas Cards
When dealing with cancer, 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?
Tenaciously Teal is an organization that helps cancer patients by providing gift cards for both gas and groceries. Additionally, NeedyMeds is a great resource to consult for help with medical transportation and necessary travel expenses.
Financial Assistance & Free Money For Cancer Patients Type #6: Fundraising
One of the quickest, easiest ways to supplement financial assistance for cancer 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 cancer patients financially, contact us at American Life Fund today!
Frequently Asked Questions About Financial Assistance & Free Money For Cancer Patients
What benefits are cancer patients entitled to?
If you are an American citizen struggling with cancer, 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 cancer?
Yes, you can get financial help if you have cancer. You can get everything from help with prescriptions, lower utility bills, free wigs, grants, viatical settlements and much, much more.
How can I get money for cancer treatment?
Grants, crowdfunding, and disability benefits are some other ways you can get money for cancer 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 cancer treatment.
Does stage 4 cancer qualify for disability?
Stage 4 cancer patients typically will be approved for Social Security Disability benefits. If you have stage 4 cancer, there is also a good chance you will qualify for a viatical settlement.
Check out other articles on financial help options for specific types of life-threatening illnesses:
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.