We often prefer lower premium plans when choosing our cancer insurance. But our cancer diagnosis can make us question our choices. Cancer treatment contains a series of hospital visits, medical procedures, and numerous tests that are quite expensive. In this situation, bills start to rise even before our insurance starts, and we are forced to pay a large amount from our own pockets. In such times, managing finances becomes more stressful.

What is a deductible?

At first, you may think that your cancer insurance will quickly start once you share the costs of your hospital visits. But deductibles don’t work like that. A deductible asks you to pay a fixed amount from your pocket every year until your insurance covers your medical costs. So, until you pay your full deductible amount by yourself, your expenses will be cut from your savings. With tests, medical procedures, and therapies happening repeatedly, this may feel overwhelming when you are already figuring out your cancer treatment.

Real cost of cancer care

The true cost of cancer care can extend beyond what is in the bill and what is covered in your insurance. The following are some of the things that add up to the costs:

• Treatment expenses: Chemotherapy, radiation, immunotherapy, or surgery are the real expenses.
• Diagnostic tests: Blood tests, biopsies, CT scans, and MRIcomes as the additional costs.
• Medications: Long-term therapy, supportive therapies, and prescription drugs also add up to your costs.

How to plan your finances?

Financial stress can feel as heavy as your diagnosis. With clear planning and precautions, you can manage this pressure.

• Keep a record of your hospital bills, travel, and medication.
• Try to understand your deductibles and out-of-pocket maximum.
• Use your Healthy Savings Account funds to manage your medical costs.
• Review your annual coverage as per your plan.
• Seek help from your financial expert or the hospital’s insurance to clear your doubts.

By following a structured financial plan, you attain stability.

Protect your finances along with your health

Managing finances can feel overwhelming. But by asking the right questions, like, how much can you afford to pay? What is your out-of-pocket maximum? Are your preferred hospitals and specialists within your network?, can solve all your doubts. Clarity brings positivity and offers hope, so you can move ahead to heal without worrying about finances.