Few things in life seem more unfair than the financial burden a cancer diagnosis can impose on a patient and their family.
That’s why we decided to dig up all the wonderful organizations and creative ways to pay for expensive cancer treatments. From cancer funding organizations, to medical transportation, to selling your life insurance policy for cash. There are many resources listed in this infographic, including all the ways we could find to fund cancer treatment.
THE BIGGEST LIST
OF WAYS TO FUND YOUR
Cancer Treatment & Expenses
Sell your life insurance policy to state licensed buyer for a lump-sum payment.
- The buyer takes over payments on the policy and receives the death benefit when the patient dies.
- Generally, you can expect to receive 10-60% face amount depending on life expectancy and premium obligations.
- Possible to sell only part of the policy, in certain circumstances.
- Can also borrow against your life insurance, in certain circumstances.
Financial Assistance Programs
American Cancer Society
Some offices will provide
Federal grant providing free or low-cost services for patients who cannot pay.
Ask your hospital if they are a Hill-Burton facility.
- If not, they can submit applications for funding either before, during, or after your treatment.
You can research to see which hospitals already participate in the program.
Helps patients with certain types of cancer pay their insurance premiums, copayments, coinsurance, and out of pocket health costs. Covered conditions may change, but at this time include:
- Carcinoid tumors
- Cutaneous T-cell lymphoma
- Metastatic melanoma
- Non-Hodgkin lymphoma
- Chemotherapy-induced anemia and neutropenia
- Most other forms of cancer as well
Co-Payment Assistance Foundation
Komen Treatment Assistance Fund
Offers limited financial assistance for some medications, medical equipment and lymphedema supplies
Offers limited financial assistance for transportation to and from treatment
Offers limited financial assistance for childcare during treatment
PATIENT ADVOCATE FOUNDATION
Co-Pay Relief Program
Provides financial assistance for drug co-payments to those who qualify.
Financial Aid Fund
Provides limited financial assistance for
Transportation to & from treatment
Partnership for Prescription Assistance
Leukemia & Lymphoma Society’s Patient Financial Aid Program
Air Charity Network
- Mercy Medical Airlift
- Raquel’s Wings for Life
- National Patient Travel Center
- Lifeline Pilots
Offers air travel to treatment centers for patients and caregivers.
American Cancer Society Hope Lodge
Provides lodging to families during treatment.
Helps with fundraising for people who need organ transplants.
Sisters Network Inc.
Provides financial assistance for copays and breast prosthesis.
Provides lodging for patients during breast cancer treatments.
Cancer Financial Assistance Coalition
A collection of financial assistance organizations joining forces to help more people.Specific types of assistance are available for specific types of cancer.
Travel and accommodations
Angel Airline Samaritans
Patient AirLift Services
Offers free or reduced-cost housing for families of seriously ill children receiving treatment at a nearby hospital.
Hope Lodge has 31 locations across the United States.
Ronald McDonald House
Cancer Family Relief Fund
A charity that provides grants to children who have parents or guardians who are dealing with a cancer diagnosis.
Brenda Mehling Cancer Fund
Provides financial assistance for cancer patients between the ages of 18-40. Grants can be used for:
Low Income Home Energy Assistance Program
Provides assistance to cancer patients who are having trouble paying for utilities. It can also be used to:
National Transplant Assistance Fund
Helps coordinate fundraising efforts for cancer patients who need transplants.
Limited financial assistance is also available.
The Actors Fund
Administered in Chicago, New York, and L.A.; Dedicated to helping professionals in the entertainment and performing arts industries. It helps with:
Society of St. Vincent de Paul
Available through the Catholic church in many local areas. Contact your local church and ask if one is available in your parish.
Provides help with:
Free pharmacy services
Emergency financial assistance
The Breast Cancer Charities of America
The “Help Now Fund” provides:
- Emergency financial assistance
Meredith’s Miracles Colon Cancer Foundation
Offers a variety of programs for families in the Jewish community who are affected by childhood cancer. Services include:
Colon Cancer Alliance
Offers one-time grants of $300, based on application approval. Grants can be used for:
National Children’s Cancer Society
An organization dedicated to helping children with cancer get a better quality of life. Services include:
Be the Match
Lymphoma Research Foundation
Provides limited financial assistance for unreimbursed treatment-related expenses, if funds are available. In addition, they also:
First Hand Foundation
Provides financial help to children and young adults when insurance and other financial resources aren’t enough. The grants can be used for:
Myriad Reimbursement Assistance Program
Leukemia Research Foundation
Cancer Liaison Program
Marti Nelson Cancer Foundation
Together Rx Access
National Organization for Rare Disorders
Helps fund education, advocacy, and research for the identification, treatment, and cure of rare disorders. Uninsured and underinsured patients can also qualify for assistance with medication and copayments.
Only applies to patients with certain types of cancer, whichmay change from time to time.
Center for Medicare Advocacy, Inc.
Where There’s a Need, Inc.
Locks of Love
Provides wigs/hair pieces for children who are financially disadvantaged and going through long-term hair loss as a result of cancer or other medical condition.
Medicare Rights Center
Financial assistance with premiums, deductibles, and copays is available for those with limited incomes.
The Max Foundation
Wigs for Kids
Centers for Medicare & Medicaid Services
Children’s Organ Transplant Association
Alliance of Claims Assistance Professionals
state has their
Services in your city or county.
Healthcare Hospitality Network
Corporate Angel Network
National Collegiate Cancer Foundation
Financial Assistance Programs
Life Insurance Loans
- Charged interested – usually between 5% and 9%.
- Unpaid interest will be compounded.
- You’ll be paying interest om your interest.
- Difference between what your policy was earning in an investment account and what it will make in the guaranteed account.
Call up a viaitcal settlement broker today to learn how a viatical settlement is more cost effective and smart than a life insurance loan.
Cashing Out Retirement Plans
Speak with your financial advisor about cashing out your retirement funds, or taking an early withdrawal.
- Some plans allow for early withdrawals without penalty from the IRS.
- The balance on your plan will still go to your beneficiary upon death.
Home Equity Loans
If you have equity in your home, you may be able to take out a lump sum you can use to pay for cancer treatment.
- You must make regular payments on a monthly basis to repay the loan.
- You must have good enough credit to get the loan.
This works like a home equity loan.
Sale of Assets
If you hold stocks, bonds, or other investments, meet with your financial advisor to see what income tax ramifications there will be if you choose to sell.
Also consider selling your assets may interfere with your ability to qualify for some of the government-sponsored programs designed tohelp you.
Online fundraising sites allow you to ask for help from family, friends, and even strangers.
Sites charge processing fees of 7 to 12% of all donations, but money can be used to address any expense.
Accelerated Death Benefit
Some insurance policies provide for an accelerated death benefit rider.
- This rider permits a terminally ill person (usually with 12-24 months left to live) to cash out a certain percentage, genrally from 5-20%, of their life insurance policy to use for whatever they wish
- The life insurance policy stays the same in every regard except that the face amount is less the amount withdrawn via the accelerated death benefit
- A policy in which the accelerated death benefit was withdrawn is still eligible for a viatical settlement