A serious health diagnosis is stressful enough without having to worry about how you’ll pay for medical treatments. Unfortunately, this can be a big problem for people in the United States after being diagnosed with a serious condition. No two insurance companies are exactly alike. Co-payments can fluctuate, renewals can change, and it can be challenging to come up with a large sum of money to pay for premium treatments while accepting your new life expectancy.
If you have a serious diagnosis and need financial means to pay for treatments, can no longer afford premiums, or want to learn more about the business of viatical settlements, read on.
1. Considering Viatical Settlements
Paying for medical expenses while facing a serious condition could be as easy as signing a viatical settlement contract. Depending on your life expectancy, if you have a life insurance policy and a terminal diagnosis, you might want to look into a viatical settlement for a lump sum cash payout that could be used for expensive treatments, to cover medical expenses, or for a family vacation or to tie up loose ends. Depending on who your life insurance beneficiary is and whether they will need a death benefit payout, opting for a viatical settlement could be a great way to take care of your end of life expenses.
When deciding on whether to go with a viatical settlement, consider talking to a financial planner and running through all your monthly bills and future expenses. A viatical settlement transaction can be a relatively smooth process with the right viatical settlement provider, but you’ll want a plan for how you’ll manage your finances after the viatical settlement transaction is complete. Most viatical settlements will make a big impact on covering medical expenses and medications for any serious condition.
2. Navigating Insurance Coverages
Your insurance policy could be another answer, too. While considering a life settlement for economic benefit or meeting with a broker of viatical settlements, take a close look at your insurance coverage. You’ll want to be sure you’re getting the full coverage you’re entitled to as you navigate your serious condition. Whether it’s asking your doctor about generic versions of prescription drugs your health insurance plan will cover or checking in with a hospital social worker or the finance office to be sure your wellcare medicare is working toward your best interest, you might be surprised where you can find coverage you weren’t aware of to help with paying for your serious condition.
Consider a visit to your healthcare provider’s finance and billing office and asking about ways to make your health plan work for you. The finance office has a vested, beneficial interest in helping you use your Medicare advantage plan, for example, to pay for healthcare services. If you aren’t sure how to navigate your Medicare, Medicaid, or private insurances, ask for the financing entity at your healthcare facility to assist you in making those calls. In many cases, your doctor or a hospital human services administrator can assign a social worker to your case after the diagnosis of a serious, terminal or long term illness. Don’t be afraid to reach out.
When looking for ways to pay for prescriptions, go to your local CVS (or any other pharmacy) and ask about prescription discounts and programs that could help with your prescription drug coverage. Your pharmacist is likely to make a good faith effort to help you get your prescriptions for less which could add up to big savings for anyone with a chronic illness.
3. Fundraising and Charity or Grants
You don’t have to take direct ownership of the financial stress alone. Enlist a team. For many, extra help for people with a poor health status comes by way of fundraisers and charitable programs. Think about asking a co-worker, friend, or family member to open a Go Fund Me account or hold a benefit in your name. If you aren’t fortunate enough to have a life insurance policy you can cash out for a great cash value, this can be a great way to go when it comes to raising money. Think about getting the community involved, too. Your service provider, local pharmacy like CVS, financial institution, or broker, may be willing to sponsor you.
It may take some creative thinking, reaching out for help, and exhausting resources to pay for treatments for you or your loved one’s serious condition. Your hospital case manager or social worker may be able to point you in the right direction of options you haven’t considered. After looking at your insurance coverages and considering fundraisers, reach out to professionals and local media for help.