It’s no secret that African American’s often experience unconscious bias when seeking medical help, but there may be a remedy for that. There are many challenges that come with a lung cancer diagnosis but finances shouldn’t be one of them. Financial burden affects up to 73% of cancer patients. However, there are a number of resources available to make your journey with lung cancer much easier.
Financial Planning
If you do not already have a financial planner or advisor, finding one during times of stress may not be at the top of your list, but it is still very important. The Financial Planning Association (FPA) offers resources to assist people in finding a financial planner and offers some basic financial planning information. Many banks offer financial planning assistance as well. Check with your bank to see what services may be available to customers.
When preparing to speak with a financial planner/advisor, below are some ideas to consider if you are facing a possible financial hardship:
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- Explore social security benefits and eligibility requirements.
- Student loan creditors may have alternate payment plans or deferrals for proven financial hardship.
- Other creditors (credit card, mortgage, etc.) may have options to adjust monthly payments based on proven financial hardship.
- There may be early withdrawal capabilities in a 401K plan due to proven financial hardship.
Every circumstance is unique, making it difficult to provide common recommendations. Make sure to speak directly with a representative from your financial institution(s) to understand the options available to you, and be sure to consider any consequences before making adjustments.
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Pharmaceutical Assistance
The costs of medications can be overwhelming. It is important to explore all avenues of opportunity for assistance, including what might be available to minimize the financial impact of medications such as clinical trial medications that are not yet covered by insurance plans. Many of the main pharmaceutical manufacturers offer some type of assistance for a variety of their medications.
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See Resources for Survivors for more information on finding pharmaceutical assistance programs.
In addition, many states offer prescription assistance programs. To find information on your state, use a search engine such as Google and enter “prescription assistance” followed by your state. Review the details of each program carefully to understand eligibility requirements, what programs can be used together, etc.
Before applying for and receiving any financial assistance, check with any existing assistance programs you are a part of to understand any potential impacts on your existing benefits.
The Financial Treatment Program
LUNGevity has partnered with Family Reach, a national organization dedicated to removing the financial barriers standing between a cancer patient and their treatment, such as loss of income, out-of-pocket expenses, and socioeconomic factors. This can provide the resources and tools you need to manage the cost of your cancer care.
The Financial Treatment Program offers support services to help you manage your finances while living with a lung cancer diagnosis. Through this unique program, you’ll be matched with valuable resources, such as:
- Financial Education, including the Financial Guidebook for Cancer, which will guide you through your cancer journey and provide advice from patients and caregivers, checklists for estimating your personal costs, cost and saving options to consider, and more.
- Financial Navigation, including personalized recommendations by Family Reach’s in-house Navigators for resources that can reduce costs associated with your treatment, such as referrals to debt consolidation programs, housing counseling, and support.
- Financial Planning, including a free telephone consultation with a Certified Financial Planner™ professional, who can help you manage spending, negotiate reductions in debt, and maintain a healthy financial situation.
You can apply for the Financial Treatment Program here.
No one should be disadvantaged in their fight against cancer, especially due to racial bias or financial burden. While you may have never expected cancer or its financial burden to affect you, these resources will provide you with a realistic plan to manage the potentially high cost of care of your lung cancer treatment.
This content is brought to you by The LUNGevity Foundation and the BDO Editorial Staff.
