How to Bear Your Cancer Treatment Cost After Retirement – FangWallet

Retirement often brings a well-deserved period of relaxation and a slower pace of life. But for some, it also comes with unexpected challenges, such as the need to manage health conditions that may arise later in life. 

A cancer diagnosis can be overwhelming, both emotionally and financially. Sadly, this is the reality for millions every year. In fact, in 2024, over two million Americans are expected to be diagnosed with cancer. 

The cost of cancer treatment can be astronomical, often causing retirees to dip into their savings, adjust their lifestyle, or seek alternative funding sources. In this article, we explore compassionate and practical ways to manage these costs.

Exploring Insurance Coverage and Benefits

For many retirees, the first line of defense against medical expenses is health insurance. Medicare, often the primary insurance for retirees, offers some coverage for cancer treatment. Parts A and B cover hospital and outpatient costs, while Part D can assist with prescription drugs. 

However, the gaps in Medicare can leave retirees paying significant out-of-pocket expenses. As a matter of fact, it fails to cover at least 20 percent of your medical costs.

Supplemental insurance plans can fill these gaps by covering costs like co-payments, deductibles, and coinsurance. Some retirees may also benefit from employer-sponsored retiree health plans or specialized cancer insurance policies purchased earlier in life. 

Reviewing your insurance benefits in detail and consulting a financial advisor can help maximize coverage and minimize surprises.

How much can one expect to pay for cancer treatment?

On average, cancer treatment costs around $150,000. This, however, can vary widely depending on the type of cancer, the treatments needed, the patient’s health insurance coverage, and available resources. Occasionally, the treatment costs surpass the $200,000 mark.

Tapping into Savings and Retirement Accounts

For many retirees, cancer treatment costs demand a reevaluation of savings strategies. Retirement accounts like IRAs and 401(k)s can be vital resources during this time. However, withdrawing funds should be done cautiously to avoid excessive taxes and penalties.

Some retirees might consider converting a portion of their retirement funds into annuities to ensure a steady income for ongoing medical costs. Selling assets, such as secondary homes or vehicles, may also provide immediate cash flow. 

Seeking Support from Charities and Nonprofits

A network of charities and nonprofit organizations offers financial aid to cancer patients. These groups may provide help with treatment costs, transportation, lodging during treatments, and even counseling services. By reaching out to these organizations, retirees can often find resources and emotional support that lighten the load during a challenging time.

Leveraging Settlement Amounts

If your cancer was caused due to someone else’s negligence, pursuing legal action may be a viable avenue to cover treatment costs. One such example is the growing number of AFFF firefighting foam lawsuits, which center around exposure to per- and polyfluoroalkyl substances (PFAS).

According to TruLaw, AFFF firefighting foam has long been used by firefighters and the military for suppressing fires. However, research revealed that AFFF contains PFAS, a class of chemicals linked to several health conditions, including cancer. Individuals exposed to AFFF, particularly firefighters, military personnel, and those living near contaminated sites, have experienced higher rates of cancer.

The manufacturers of AFFF are now facing lawsuits from individuals who allege they were harmed by PFAS exposure. These lawsuits, known as AFFF cancer lawsuits, seek to hold companies accountable for failing to warn users about the dangers of PFAS.

If your cancer diagnosis is linked to AFFF exposure, pursuing legal action could provide financial relief. Many plaintiffs in AFFF lawsuits have received settlements to cover medical bills, loss of income, and other related costs.

The AFFF lawsuit settlement amounts vary based on factors like the severity of the illness, the extent of exposure, and individual circumstances. Retirees considering this route should consult an attorney specializing in AFFF firefighting foam lawsuits to understand their options. 

A successful claim can offset treatment expenses and also hold negligent parties accountable. This is true not just for the AFFF lawsuits but all other instances where the cancer originated from someone else’s neglect.

Exploring Loans and Credit Options

While debt is never an ideal solution, some retirees turn to medical loans or lines of credit as a last resort. Medical financing companies often offer low-interest loans tailored to healthcare expenses, allowing retirees to manage immediate costs while spreading repayment over time.

Reverse mortgages may also provide financial relief. By borrowing against the equity in their home, retirees can access cash to cover medical costs without selling their property. However, these options should be weighed carefully, as they may have long-term financial implications.

Can you pay your medical bills using a bank loan?

Yes, you can use a bank loan to pay medical bills. Personal loans can provide immediate funds, allowing you to cover costs while repaying the amount in manageable installments. However, you should carefully consider the loan’s interest rates and terms to ensure it doesn’t create further financial strain.

Is it possible to pay medical bills in installments?

Many healthcare providers allow patients to pay medical bills in installments. Payment plans can be arranged directly with hospitals or clinics, often without interest. This option can help reduce the financial burden by spreading costs over time, making it easier to manage expenses.

Emphasizing Emotional and Mental Health Support

The financial burden of cancer treatment is only one part of the challenge. A cancer diagnosis often leaves people feeling sad and grieving the loss of their health and the life they knew. Besides, up to 25 percent of cancer patients experience depression.

The emotional toll can be equally heavy, and finding support during this time is crucial. Family members, friends, and counselors can provide much-needed encouragement and perspective.

Support groups specifically for retirees with cancer can also be immensely helpful. These groups offer a space to share experiences, exchange coping strategies, and foster a sense of community. 

A cancer diagnosis in retirement is undoubtedly a big challenge, but it does not have to be faced alone. By exploring insurance options, leveraging savings wisely, seeking community support, and pursuing legal recourse, retirees can navigate the financial strain of treatment. 

Above all, resilience and proactive planning are key. Surrounding yourself with a strong support system—both financial and emotional—can make a world of difference as you tackle this chapter of life. While the road may be difficult, it is also one that can be navigated with strength, dignity, and hope for brighter days ahead.

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