The costs associated with cancer treatment can quickly add up and, in many cases, go beyond just medical bills. From lost income to travel expenses and out-of-pocket costs, the financial impact of cancer can be substantial. In this article, we will explore the hidden costs of a cancer diagnosis and provide tips on how to prepare and cope with the financial strain that you may not have thought about:
Lost Income
When you’re going through cancer treatment, you might not be able to work. This means you might lose your salary or wages, which can add up fast. And even if you do go back to work, you might not be able to do your previous job or might have to retire early because of your health.
Medical Expenses
The costs associated with cancer treatment can be significant and these costs can quickly accumulate and may not always be fully covered by insurance. According to a report by Macmillan Cancer Support [1], cancer patients may face additional costs of up to £570 per month due to their illness.
Travel Costs
If you need specialized treatment, you might have to travel for it. This can add extra expenses for things like transportation, lodging and meals. The charity also reports that nearly one in five cancer patients have to travel more than 50 miles for their treatment, incurring significant travel costs.[1]
Out-of-Pocket Expenses
You might have to pay for things like wigs, compression garments or other items that insurance doesn’t cover.
Reduced Quality of Life
Cancer can also affect your quality of life, which can be costly. For example, you might not be able to do things you used to enjoy or might need to make changes to your home or need help with everyday tasks.
Emotional and Psychological Costs
Cancer can also take a toll on your emotional and psychological well-being, which can lead to additional expenses for things like counselling and support groups.
“Cancer can be a devastating emotional and financial diagnosis,” says Lisa Morman, a chartered financial adviser at Brunsdon Financial. “It’s important to have a clear understanding of the costs associated with treatment and a plan to address them. This might include reviewing your insurance coverage, creating a budget, and exploring financial assistance programs.”
Navigating difficult financial times can be overwhelming and stressful, and it is important for people with cancer and their loved ones to be aware of the potential financial impact of the disease and to plan accordingly.
A financial adviser can play a crucial role in managing the financial impact of a cancer diagnosis. By considering your current financial situation, a financial adviser can help you understand your options for managing debt, exploring financial assistance programs, and making the best use of your resources.
Whether it’s through creating a budget, finding ways to reduce expenses, or negotiating with creditors, a financial adviser can help you find a manageable solution for the financial strain of cancer and help ease the burden through difficult times.
