If you're facing cancer, your treatment has likely come with new financial worries. But it can be hard to bring financial planning to the top of the to-do list. Making a plan to deal with finances can go a long way.
Research shows that financial stress during treatment can affect your mental health, your relationships, your ability to stick to the treatment plan and your symptoms. So keeping money worries in check is important to consider as part of your treatment.
What do Mayo Clinic experts recommend? Reach out for support and guidance, and pay attention to your own stress levels. Then use what you have to make a plan.
Starting with …
Your cost-cutting options
Being concerned about cancer treatment payments is common. Nearly 2 million people in the U.S. are diagnosed with cancer every year, and many worry about meeting the financial challenge. Once you've put together the cost of treatment, how much insurance will cover and any lost income, you might feel stressed by the monthly price tag.
The good news: Payments are sometimes negotiable. Some options include:
Making a payment plan. Talk to the hospital billing office. There may be different payment options available, including payment plans, reduced rates or patient assistance. Ask if the hospital has a financial counselor you can work with.
Working with your insurance company. Your insurance company may decline payment for parts of your treatment. You can appeal those decisions — and sometimes they're overturned. The extra effort and self-advocacy may be worth it.
Lowering the cost of treatment. Let your oncologist in on your financial worries to see if you can make changes that won't affect the quality of your care.
For example, when you start new medicines, ask your oncologist to write a prescription for a shorter time period. That way you'll be sure the medicines work for you before paying in bulk. Plus, you might be able to switch to a generic form of your medicine to lower costs without affecting the results you need.
A social worker also can help you explore options.
Get outside help. There are dozens of organizations nationwide that help people with cancer pay for everything from prescription medicines to travel expenses. Ask a hospital social worker if they can direct you.
You also can search "organizations that offer cancer support services," or explore online info and resources from the National Cancer Institute or the American Cancer Society.
Your support system
Dealing with the financial decisions and cost tracking that come with a cancer diagnosis is no small thing. Having a support system can help.
Try asking yourself these questions:
- "Can I let go of some control?" Can a spouse or trusted loved one take on some or even most of the work of financial tracking? If so, keep communication open.
- "Can I afford a financial planner?" Enlisting a professional could save you money in the long run and ease the pressure of making big decisions.
- "Can I accept more help?" Odds are, people are asking if they can bring you meals, offer cleaning services, give you rides or walk the dog. Try saying yes, especially when you're stressed about finances.
Your coping skills
No one avoids stress completely. Daily self-care can help you put aside feelings of anxiety when it's time to make hard financial decisions.
- Organize your space. It's hard to sit down and budget if your desk is a mess. Try setting up a folder for each month to catch all your bills and insurance statements until you're ready to review them.
- Talk to someone. Getting worries about money off your chest by talking to a friend or counselor can lower your stress. And a friend or counselor could offer ideas and perspectives you may not have considered.
- Take mental breaks. A daily meditation or yoga practice can give you a chance to clear your mind of worries.
- Get your exercise. Staying active during treatment isn't just good for your physical health. It's known to help manage stress, even if you only feel up to small doses.
Your financial wellness is an important part of your cancer treatment. Making a plan gives you more time and space to take care of priority No. 1: your health.