Diagnosis of a serious illness is not only a medical problem, but a financial one as well. The costs involved in treatment, transportation to the appointments, medication, and the cost of lost wages soon become daunting. Although health insurance is beneficial to some degree, most patients incur high out-of-pocket prices that put a burden on their money and quality of life. Luckily, there are many other sources of financial assistance that can assist the patients in overcoming this crisis and concentrate on the process of recovery instead of on the debt.
Knowing Your Financial Aid Resources
Financial aid among the very sick patients is not as small a pond as it would seem. Instead of running out of savings or using traditional loans only, patients can now apply to grants, copay assistance programs, government benefits, and novelties, which are meant to aid medical hardship. This knowledge would enable patients to get the finances required without having to incur a long-term debt.
The viatical settlement is one of the alternatives that are slowly becoming popular. In the case of patients with life insurance policies, a viatical settlement of the policy enables the patient to sell their life insurance policy to a lump-sum cash payment- normally 50-80 percent of the face value. The American Life Fund website provides more information about the viatical settlements operation, the non-taxation of the proceeds in most states, and the potential of the viatual settlements to provide immediate financial relief to patients who are in their last days or weeks and have life-threatening conditions like cancer, ALS, and Alzheimer disease.
This alternative will enable patients to access some funds that would have gone to waste until the time of death and use the money to pay medical services, daily living expenses or quality-of-life experiences when still alive.
Nonprofit Grant and Assistance Programs
Other than viatical settlements, there are also many nonprofit organizations that provide grants to patients who are seriously ill. Such organizations as CancerCare, Patient Advocate Foundation, and HealthWell Foundation offer financial aid in copays, deductibles, health insurance premiums, and non-medical costs, such as housing and utilities. Organizations such as the Leukemia and Lymphoma Society have copay assistance programs that are provided to the disease specific patients. Such grants are usually given on a first come, first served basis, which does not require any form of repayment.
Government Programs and Public Assistance
The federal and state governments provide programs that specifically focus on the provision of the seriously ill individuals. Medicaid assists with the medical bills of eligible patients with low incomes whereas Medicare assists senior citizens as well as some of the disabled patients.
Supplemental Nutrition Assistance Program (SNAP) assists in covering the food expenses, which leaves the financial resources free to afford medical bills. Moreover, a large number of state programs offer assistance in prescription drugs and supplemental health cover.
Hospital-Based Financial Aid
Majority of hospitals and medical centers have their financial assistance programs. These programs are typically hospital-funded either via hospital foundations or charities and are able to lessen or remove the bills of patients of uninsured or underinsured who satisfy the income requirements. Patients are to inquire their medical professionals concerning accessible hospital resources because most of them are not aware that it exists.
Taking Action
Sailing in the sea of financial choices is a matter of research and usually lobbying. Most hospitals have financial counselors or patient advocates who are hired to assist in finding available assistance. There are organizations such as the Patient Advocate Foundation that provide case managers that are specialized in providing services to patients with the help of connecting them with resources.
Conclusion
Patients should not be pushed into life time debt or economic disaster by serious sickness. Exploring new sources of financial resources, such as nonprofit grants and state programs as well as such innovative methods as viatical settlements, patients will be able to get the funds required to cover both treatment and living costs. The trick is to know what is around and move before it is too late. No patient must stand alone in the process of their health or let their finances hijack their care.
