Ways to Tackle Financial Stress While Living with Cancer

Financial stress is a common feeling for people living with cancer. If you’re worried about money, you’re not alone.

Cancer can be one of the most costly medical conditions to go through, even when you have insurance. “Financial toxicity” is the term used to describe the effects and stress of high costs of illness and treatment. Common signs of financial toxicity include:

• Not filling prescriptions due to the high cost of medicine
• Feeling stressed, anxious or depressed about cancer-related expenses
• Spending less on food, clothing, and other necessities

Work-related changes, such as shifting to part-time work or even changing your retirement plans, may affect the amount of money you are earning. Financial stress may also spill over and cause stress within families.

Here, we are sharing some small actions called Microsteps. These may be used to help ease some of the financial stress that can come with being diagnosed with cancer. As always, consult with your care team about your financial stress, and the support and resources available to you.

Asking for help.
Many cancer centers offer financial counseling services or patient navigators. These experts may be able to help you better understand your medical bills and payment options.

Making a budget.

It’s hard to know the exact cost that will come with a diagnosis of cancer. But by writing everything down and making a list of all medical and non-medical expenses, you might be able to find areas to cut costs.

Exploring assistance programs.

Many cancer care groups like the American Cancer Society share resources and support to help patients deal with cancer-related expenses. Support could include helping with transportation to and from treatment without additional costs.

Calling your insurer.

Many health insurance companies have case managers who can work with you to help you deal with out-of-pocket costs and make the most of your benefits.

Communicating with your medical team.

If you let your healthcare team know about your financial worries, they may be able to help you better consider your treatment options.

Talking to friends and family.

Discussing your financial stress with loved ones can reduce stress. It can give you a chance to let them know ways they may be able to help with things like transportation, childcare or grocery shopping.

Filing an appeal.

Sometimes health insurance companies deny claims for certain treatments, tests or services. If this happens to you and you would like to appeal the decision, your insurer will have a process for you to follow.

Writing down your financial worries.

The “name it to tame it” strategy, where you name your specific worries, may help you feel more in control of your fears. For financial fears, visit MyHealthcareFinances.com to learn more about Health Insurance, Medical Bills, and Employment & Disability.

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