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Smart Budgeting Tips to Manage Cancer Treatment Expenses
By Raveena M Prakash
Cancer does not just affect the patient, but it can also impact the financial resources of a whole family. Cancer is a complex and life-threatening disease, and its treatment can also affect the overall financial stability of the patient. It often damages lifetime savings if you haven't watched your spending, especially if you are spending without any smart budgeting during the cancer treatments.
In this article, we’ll discover more about the importance of a financial plan and how to get the benefit of health insurance and government health schemes and much more!
Start with a financial plan
If you were diagnosed with cancer recently, then the first step of managing the cancer treatment costs is understanding them. If you are about to get your cancer treatments, then request an overall cost estimate from your selected hospital and oncologists for your treatment plan. Always Include the direct costs which are basically medical expenses.
These may includes:
- Doctor consultations
- Surgeries
- Medications
- Radiation
- Chemotherapy
Meanwhile, the indirect cost may includes:
- Travel costs
- Accommodation
- Caregiver costs (if any)
Always use a spreadsheet or budgeting app to track your actual expenses.
Learn more about your health insurance
Health insurance is the biggest ally when diagnosed with major health conditions such as cancer or other health issues. One of the factors is learning how to use this health insurance to pay your treatment expenses.
Always review your insurance coverage and explore what’s covered and what not covered in your health insurance plan. Remember to check the co-pays, deductibles, and limits on coverage. Talk to your health insurance provider about pre-authorization, in-network hospitals, and reimbursement claims. Keep your medical records with you to submit the claims on time.
Government health schemes & NGO support
There are several schemes offered by the government and non-profit organisations that offer financial assistance to eligible cancer patients to deal with their treatment expenses.
Here are some of the government health schemes and NGO support for cancer patients, these may include:
In India:
- Ayushman Bharat
- CGHS
- CM Relief funds
- Financial support from Tata Memorial Hospital
In Other countries:
- Medicaid
- Cancer care
- American cancer society
- Macmillan Cancer support (UK)
Limit or cut down the extra daily expenses
Cutting down the daily extra expenses and adopting small changes in your finances can save big money over time. Avoiding dining out and including home-cooked meals in your diet can improve your health and cut down extra expenses. Stop the subscriptions and memberships you rarely use.
Opt for generic medication and also consult your doctor before purchasing. Watch out for pharmacies that offer discounts on cancer medicines, offering better prices.
Plan travel and accommodation wisely
If you need to travel and find accommodation for treatment, then try to choose places that are as cost-efficient as possible. Consider booking trains and buses early to get cheaper rates. Find out any nearby hotels and accommodations available near to your chosen hospitals. Apply for patient travel subsidies, if applicable.
Use community support and crowdfunding
There are many platforms that offer financial support during cancer treatments, such as Ketto, Milaap, GoFundMe, and GiveIndia, which allow people to raise funds for eligible cancer patients. Try to be transparent about the need for financial support. Please share your cancer healing journey more authentically with the people and groups.
There are many community groups, religious groups, and social circles that can help to support. Crowdfunding platforms are another useful method to help many families during this medical crisis.
Talk to a financial advisor
If you are concerned about your financial situation regarding the upcoming cancer treatments and its expenses, consult a financial advisor for a real solution. Most cancer hospitals in India provide financial advisors to help cancer patients to estimate the overall cost of cancer treatments.
A financial advisor helps to find out about financial aid from governments and grants. There are many cancer hospitals in India that provide help to find EMIs, zero-interest loans, or negotiate the bills.
Prioritize the mental and emotional well-being of the patient
If you are diagnosed with cancer, it is nothing short of a sudden shock, and along with it comes an unexpected financial burden; it can bring a lot of stress in your healing journey. Do not stress and overthink about the financial challenges, and then join support groups for cancer patients that offer not just emotional help but also financial help and tips as well.
Try to practice activities such as mindfulness, journaling, or therapy to reduce financial anxiety. Remember, you are not alone in this journey; visit Oncare Cancer Center if you are recently diagnosed with cancer to get premium quality treatments in an affordable price range.
Consult Today
Recently being diagnosed with cancer is undoubtedly tough—emotionally, physically, and mentally for the patient and their family. With the help of smart budgeting and awareness of financial resources and timely financial decisions, you can control the overall cost of the cancer treatments without compromising the quality of cancer care.
At Oncare, we offer premium-quality cancer treatments, including advanced cancer surgeries, at affordable price ranges with an experienced cancer specialist consultation.
If you or any loved ones of yours are diagnosed with cancer, then visit Oncare Cancer Center and book an appointment with our cancer specialist consultation today. Get an estimated cost of your cancer treatments today.
Frequently Asked Questions
Here’s the list of a cancer cost, these may include:
- Doctor visits
- Chemotherapy sessions
- Radiotherapy sessions
- Surgery and other procedures
- Cancer medications
- Imaging tests and scans
- Hospital stays
- Home care, nurses, and care giving equipments
- Supplemental care
- Nutritional care
- Physical therapy
- Counseling
- Transportation (if the hospital in out of station)
Cancer and financial challenges often affect the quality of life and increase stress in patients and family members. Having a financial burden often affects the patient's healing journey from cancer. Patients who lack financial insecurity can often experience mental and emotional instability.
The cancer treatment expenses can be overwhelming to handle; it's important to tackle your expenses, and having financial planning is necessary during the treatment journey. Keep all your medical records with you, and collect all your bills and stay organized, and it will help you to claim your insurance on time as well.