Costs of Terminal Cancer
Financial Planning

Coming to Terms with the Costs of Terminal Cancer

Getting your finances in order during this difficult time can relieve unnecessary stress for you and your loved ones.

Battling cancer is a challenge no one should have to face. When the prognosis is terminal, dealing with all the emotions, questions, and pain can seem unbearable. As you prepare to take up the most emotional journey of your life, one of the most crucial steps should be formulating a plan to cover the costs associated with your care and treatment. Here are some ways you can approach the costs of terminal cancer.

Use Medicare to Your Advantage

During this difficult time, there may be some comfort in knowing that Medicare will cover many of your cancer costs. Medicare typically offers hospice coverage for those eligible, too. But what Medicare will not cover is the custodial or day-to-day assistance you may need with basic, everyday activities. When you have certain types of cancer, simple activities can be impossible to do on your own. You need access to in-home care for help with these activities of daily living. 

Many seniors use Medicare Advantage Plans to help them save money and cover expenses associated with long-term care. These Medicare supplemental plans will provide additional coverage for prescriptions, dental care and vision care. 

You can also consider using other options to cover care costs. These options include a home equity loan or even tapping into life insurance. Many people even decide to engage in clinical trials to be able to take advantage of the latest medical treatments. Volunteers fill out paperwork to determine eligibility, and are then assigned to a study based on their condition. These less mainstream medications may lead to beneficial outcomes. 

Be Ready for Difficult Decisions 

When it comes to staying comfortable at the end of your life, the last thing you should think about are costs of terminal cancer. But for most American families, cost and utility can come into play when making care decisions. The high costs of terminal cancer care means making difficult decisions. Knowing that you have cancer and are in the final weeks, months or years may make some treatments obsolete. For example, if you would normally benefit from a hip replacement, the procedure may not be worth the excess pain, costs and stress if it will not add any real benefit to the end of your life. 

These kinds of decisions may be much easier for you to make for yourself. However, be sure to share your last wishes with your family. Talking with loved ones about the end of your life is important to ensure they are not trying to provide care you do not want. This is important so they are not left paying the bills when you pass. Try to break free from denial and shake them out of theirs. Putting your health care wishes in writing can also assist your family in making decisions when you cannot. It will also aid in putting everyone’s minds at ease.

Ensure Final Costs are Covered 

Talking and thinking about death can be overwhelming, even when you know your illness is fatal. But facing a terminal illness like cancer also means facing the eventuality and taking on some tough talks with yourself and loved ones. Putting your affairs in order while you can is key to preventing stress for yourself and your family members. You will want to make sure your will is in order which may entail getting a review with an attorney. 

When you get the terminal prognosis you may want to think about what will come of your remaining assets when you pass .Many people opt to have their estates converted into a revocable trust. This can help to avoid court costs and delays for survivors accessing accounts. Hiring an estate accountant may help you through this difficult time.

As hard as it may be, this is also a good time to begin laying out plans for a memorial. You may want to start calculating costs of various arrangements, dispositions, and how you would like to be honored by friends and loved ones.

Costs of Terminal Cancer – Summary

Dealing with a terminal cancer diagnosis is never easy for anyone. By planning for the costs of terminal cancer you can make your remaining time easier on yourself. This can also take some burden off of your loved ones. May you find some comfort and peace in the difficult times that are ahead of you. Knowing that your finances are taken care of can help.

Visit the financial planning section of the blog for more personal finance articles. 

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