Being diagnosed with cancer can make you feel like the rug has been ripped from underneath. With so much going on emotionally and physically, the last thing anyone wants is having the stress of how you will pay for your medical bills.
Most medical aids can only stretch so far, which is why having a financial plan is important. We break down how you can manage the cost of being diagnosed with cancer so that you can focus on getting better.
The cost of cancer
Cancer can come unexpectedly, and without being financially prepared, it can leave a dent in your finances. Cancer patients that are not prepared financially usually end up not completing their treatment due to the cost of it which can put them at a higher risk.
The cost of treatment tends to differ based on what type of cancer you have and the stage that it is in. Furthermore, it will vary in terms of how long you will need treatment. Having a financial cover in place can help protect you from the costs that come with it.
Understanding the hidden costs
There is a lot of adjusting that needs to be done once you have been diagnosed. This can seem overwhelming. Some of these are the hidden costs that are overlooked. A common mistake is to focus on the cost of treatment, but there are hidden costs that come with being diagnosed with cancer.
You may lose your source of income as you undergo treatment which means you will need something else to replace it. For breadwinners, this could take a huge chunk out of any savings that they might have in place. There are also doctor appointments, travelling costs, laboratory tests, medication, imaging scan and other procedures that need to be done.
How to prepare your finances
There are various ways to help you juggle the costs. Medical aid can help cover some of the doctor's and specialist’s appointments along with the costs that come with this, but most are usually capped at.
Supplementing your medical aid with life cover can bring you peace of mind knowing that you will be able to cover your medical costs and still provide for your loved ones while you are still living. You have the choice of taking out 50-100% of your life cover of which can be used to handle the medical costs, paying for personal medical care at home, or handling the cost of everyday living expenses.
Having the support of your loved ones or joining a support group to help you during this difficult time is priceless. If you are not sure where to start, you can join a support group at Pink Drive to help you fight cancer step by step.
