Financial Planning After a Mesothelioma Diagnosis

Financial Toxicity Among Cancer Patients

Financial toxicity happens when the cost of mesothelioma care causes stress and problems beyond medical bills. For many people, the financial burden reaches far beyond what insurance covers. 

The key to effective financial planning is to do it early. The best time for financial planning is before beginning treatment and before the cancer progresses any further. 

Financial Planning Tips

• Ask about the costs of treatment and any available alternatives.
• Be proactive in searching for financial help with medical bills.
• Designate a trusted caregiver to help with important decisions.
• Examine the details of health insurance coverage closely.

Research finds financial responsibilities influence patients’ priorities and affect treatment decisions. The rising cost of mesothelioma treatment is a complex problem, but people can take steps to reduce financial stress. The key is to plan early before mesothelioma treatment begins and before cancer progresses, so patients and families can focus on care rather than costs.

Get Organized and Ask Questions

Designate one or more trusted people to help with decision-making. They should know where to find your medical records, legal documents and contact information for doctors, mesothelioma lawyers and financial advisors. They may also need access to financial accounts and a power of attorney to make important decisions if needed.

Review your treatment plan and prepare for upcoming expenses. Consider questions about recovery, work, care needs, insurance coverage, travel and medical devices or supplements.

Common Questions to Ask

• How long will recovery take? Will I be able to work? Will I need to stay in a hospital?
• If I stay at home, will someone need to help care for me?
• How much does my insurance cover and how much will I pay out of pocket? Do I need preapproval for treatment from my insurance company?
• Will I need to travel for treatment and arrange housing?
• Will I need supplements, rehabilitation or medical devices?

You may also find it helpful to speak with a billing administrator, social worker or patient navigator. Loved ones can call the insurance company to confirm coverage details. Always find someone who can give clear answers to financial or treatment questions.

Our team of Patient Advocates can also help you navigate insurance and your financial options. They can connect you with financial assistance as well. 

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Explore Your Options

Understand Your Resources

Take stock of resources available to you. Most Americans rely on health insurance to cover treatment for serious illnesses. Take a look at your health insurance coverage and explore what other options are available. This may include Medicare and Medicaid.

Many people receive their health insurance through their employer. But they can’t always continue working full-time during mesothelioma treatment. The Family and Medical Leave Act of 1993 may provide one solution. It ensures many American workers get 12 weeks of job-protected leave per year. 

Tax deductions are another important resource for many mesothelioma patients. Medical expenses exceeding a certain percentage of a household’s income can be deducted from federal taxes. Caregivers may be able to take advantage of certain tax breaks as well.

Financial Help With Medical Bills

The cost of mesothelioma treatment can quickly overwhelm your available resources. Taking steps early can reduce stress and help ensure you have access to care.

Government programs and nonprofit organizations can help you cover travel for treatment, medical equipment, prescription drugs and other essential needs. Mortgage lenders, credit card companies and other creditors sometimes adjust payment schedules when serious illness presents special circumstances. You may also pursue compensation from asbestos trust funds, Department of Veterans Affairs benefits or mesothelioma lawsuits related to asbestos exposure.

Carefully track all expenses related to your mesothelioma diagnosis. These records can support your pursuit of compensation. Because mesothelioma claims have strict deadlines, looking into legal options early offers the best chance of protecting your finances.

Estate Planning

Financial planning for mesothelioma should also cover writing a will, making funeral decisions, naming beneficiaries for insurance policies and survivor benefits. These steps help protect your family and reduce confusion during a difficult time.

A mesothelioma diagnosis makes it especially important to complete legal documents without delay. Taking care of these matters early eases stress later and ensures your wishes are clear.

Financial Power of Attorney

This document appoints someone you trust as your agent or attorney-in-fact. This person will make financial or legal decisions for you if you become too ill to manage your own affairs.

A financial power of attorney typically allows your agent to handle tasks like banking, paying taxes or applying for government benefits on your behalf. Choosing the right person for this role is important.

Health Care Power of Attorney

This document names an agent or attorney-in-fact to make health care decisions for you if you’re unable to make them yourself. It may also let your agent talk with your doctors, access and share your medical records and ensure that you get the kind of care you want.

In some states, you can include a statement called an advanced directive, or a living will, in your health care power of attorney. This gives clear instructions about the types of care you want or don’t want, such as whether to receive life-saving treatments like CPR.

Will

A will provides directions for handling your estate after your death. It names an executor to settle your final affairs, such as paying debts and giving your property to loved ones. Without a will, a court decides how your property is divided.

If you have young children, you can also use your will to name a guardian for them. This ensures that someone you trust will take care of your children if something happens to you.