In the United States, 1 in 3 people will be diagnosed with cancer. The term “cancer” typically ignites feelings of fear, despair, and stress. With cancer care costs doubling and tripling, it is easy to understand why a third of cancer patients go into debt.
However, you do not have to become a part of this statistic. With an abundance of financial assistance and free money for cancer patients available, there is hope.
Here are 6 of the best resources for cancer patients to get free money and financial assistance.
Free Money & Financial Assistance For Cancer Patients Opportunity #1: Receive a Large Sum of Cash Through Your Life Insurance Policy With a Viatical Settlement Or Life Settlement
In most cases, the financial funding cancer patients need is very large. According to Duke University Medical Center, a third of insured people with cancer end up paying more out-of-pocket than they expected, despite having health coverage.
With cancer drug costs doubling in the last decade, more and more patients are forced to put off receiving lifesaving treatments they need due to the rise in treatment costs. In cases like these, selling your life insurance policy for cash through a viatical settlement is ideal.
In some cases, individuals can receive 70% of their life insurance policy in little as 2 weeks!
The best part of all is the funds are tax-free and non-regulated, so you can spend the funds as you please. This gives you the opportunity to not only pay for medical expenses, but to also cover the cost of living expenses, or even luxurious vacations with precious loved ones.
VIATICAL SETTLEMENT VS. LIFE SETTLEMENT
Unlike life settlements, viatical settlements are designed for life insurance policyholders with life-threatening illnesses, reduced life expectancies, or chronic health issues. Life settlements are qualified based on age, usually requiring the policyholder to be 75 years of age or older.
Usually, someone seeking a life settlement is in good health or has chronic health issues, but not a life-threatening illness like with a viatical settlement.
Free Money & Financial Assistance For Cancer Patients Opportunity #2: Cancer Financial Grants
There are a multitude of organizations that offer free money to cancer patients. This type of financial assistance for cancer patients is also known as a cancer financial grant. While some grants are generalized and open to all cancer types, others are specific to certain types of cancers. The best place to search for financial grants is with local non-profit organizations or online. When searching online try searching for “cancer financial grants” or searching for grants specific to a certain type of cancer, such as “lung cancer financial grants.” Organizations offer funds for various amounts and best of all, the money is free.
The Colorectal Cancer Alliance offers financial assistance for cancer patients through a one-time financial stipend for up to $300 and The Breast Cancer Charities of America offers grants for up to $1,000, accepting applications monthly from the 1st of the month to the 5th of the month.
Although it can be time-consuming to locate grants the time invested typically pays for itself. The most challenging part of the financial grants is locating an organization that still has funding available as typically the need can exceed the available funding. Therefore, being persistent is key!
Free Money & Financial Assistance For Cancer Patients Opportunity #3: Utility Assistance
When you are juggling finances to pay for cancer care, every little bit helps, so financial assistance for cancer patients in the form of utility assistance is just one way you can find financial relief. Programs such as the LIHEAP (Low Income Energy Assistance Program) offer utility assistance to those of low-income households, as well as those experiencing crises. You can also call “211” to locate additional utility assistance programs for cancer patients in need.
Free Money & Financial Assistance For Cancer Patients Opportunity #4: Prescription Assistance
With the cost of cancer medications rising, you may find yourself forced to skip treatments. However, programs such as PPA (Partnerships for Prescription Assistance) can help by providing free money for cancer patients in the form of free or reduced cost prescriptions.
Their free, easy to use online website allows you to receive a list of multiple prescription assistance programs that you may qualify for as a cancer patient. Another resource, Needy Meds, offers financial assistance for cancer patients in the form of a free Drug Discount Card that allows savings of up to 80%.
Free Money & Financial Assistance For Cancer Patients Opportunity #5: Gift Certificates and Gas Cards
As trips to cancer treatment centers increase, so will the need for gas. Therefore, seeking funds in the form of a gas gift card is a wise way to keep your financial spending down.
Organizations such as The Pink Fund and Tenaciously Teal offer gift cards for cancer patients.
Free Money & Financial Assistance For Cancer Patients Opportunity #6: Fundraising
Sometimes the quickest, easiest form of 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 financial funds.
Online fundraising platforms such as GoFundMe allow you to post a need and share your need with others.
However, it is important to keep in mind that you only receive a portion of funds raised. A second method of fundraising worth considering is one in which you, friends, and family offer something to the community such as a bake sale or car wash to raise funds. The Patient Advocate Foundation offers many fundraising ideas.
To learn more about our financial program for cancer patients, contact us at American Life Fund today!