Breast cancer is the second most prevalent type of cancer among American women after skin cancer. Thanks to early detection and improvements in treatment, however, the 5-year relative survival rate for patients with breast cancer is about 91%. Unfortunately, many patients deal with the stress of financial struggles that oftentimes come with breast cancer treatment, testing, and surgery. This is even worse for patients with minimal or no insurance. Keep reading to learn more about navigating your finances during a major life event.
Review Your Health Insurance
In the case of a major life event, like getting diagnosed with breast cancer, you’ll want to get familiar with insurance. The most important types of insurance for those with breast cancer include health insurance, disability insurance, and long-term care insurance. Then, you should evaluate your current insurance plans to understand your options. If you’re worried you have minimal insurance or have no insurance at all, reach out to a financial advisor for assistance. Reviewing your health insurance can seem like a daunting task, but meeting with a financial advisor can help ease the stress of it all.
Financial Assistance Options
The cost continues to be one of the biggest challenges of dealing with a breast cancer diagnosis. Luckily, there are options for financial assistance for breast cancer patients. Many nonprofit organizations offer assistance to patients dealing with financial hardship including Pink Lotus Foundation, The Pink Fund, and more. Patient advocates are also helpful because they can help find financial aid options specific to each patient. Financial advisors can help patients navigate their finances every step of the way.
Breast cancer is life-altering in every sense and affects millions of Americans. Don’t take on this journey without a financial professional who is truly dedicated to helping you. The financial advisors at U-Vest are more than willing to help you navigate your finances during any major life event. Contact us or visit our website today to learn more!
This article is meant to be general in nature and is not intended, and should not be construed as personal advice of any kind. Please consult your financial advisor prior to making financial decisions. Michael P. Davino, CFP® is a Financial Advisor with U-Vest Financial®, a separate entity from LPL Financial and can be reached at 850.300.7055. Securities and advisory services are offered through LPL Financial, a registered investment advisor, Member FINRA/ SIPC.
Sources:
https://www.cancer.gov/types/breast
https://seer.cancer.gov/statfacts/html/breast.html
https://www.komen.org/support-resources/financial-assistance/understanding-health-insurance/
https://awsinsurance.com/breast-cancer-awareness-month-and-health-insurance/
https://atlas.health/blog/six-ways-to-maximize-medical-financial-aid-for-breast-cancer-patients