Financing Prostate Cancer Treatment

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Financing Prostate Cancer Treatment

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According to the American Cancer Society, prostate cancer is the second most spread type of cancer and the main cause of cancer death in men. Over 240 thousand men are diagnosed with this disease every year. Treatment can cost more than $100,000 per year. Sadly, most patients are not covered by their health insurance plan, and most people who have prostate cancer do not have that kind of money.

There are four main ways to finance prostate cancer treatment.

1. Through charity organizations.

Charities offer support to patients who can not afford various treatments. Standard procedures include surgery, radiation, chemotherapy, or hormone therapy. For instance, The Prostate Cancer Foundation helps prostate cancer patients pay their medical bills. They provide grants ranging from $250 to $1,000. The Prostate Cancer Foundation also offers access to other financial resources. These include patient assistance programs to help patients pay their insurance premiums or lab tests.

2. Through government aids

Government aids such as Medicare can help patients over 65 years or some categories of disabled people under 65. The program offers health insurance coverage to eligible patients. On top of that, it pays hospitals and other health care providers directly for their services. Medicaid is a joint federal/state program. Its main goal is to help states provide medical help to individuals and families with limited income. Prostate cancer patients are usually directed to Medicare by the medical staff. Keep in mind that the amount given depends on factors such as income and family size. A patient can check with their state to determine if they qualify for any aid or subsidy.

3. Via personal loans.

Personal loans are suitable for any financial project, including handling medical issues. The offer one receives from a bank teller will depend on their credit score and credit history. The most common treatment for prostate cancer is surgery and radiation, depending on the stage. Surgery costs can amount to $100,000, while radiation costs range between $10,000 and $40,000 . Personal loans are a viable solution if you cannot access government aid or charity funds. You can put up collateral or involve a co-signer if you have a less-than-perfect credit score. Often, a close relative applies for a personal loan to help a patient through their treatment.

4. By taking a payday loan.

Payday loans are sums of money that patients can take when they need a relatively small amount of money. A cash advance loan is a short-term financial solution for emergency situations. Many patients resort to payday cash advances when they lack up to $1,000 in cash to pay for their treatment. Since they are considered high-risk loans, you need to be wary of the interest rates. If you can repay the debt on time, the option could save you money compared to credit cards or other loan types. However, if you cannot pay your lender on time, you may have to pay more money in fees and penalties. You are free to use the money as you wish, without having to report it to anyone.

WSPCC recommends you to take your annual checkup seriously and go to the doctor if you have any health concerns. Finding the monetary resources to treat cancer in its early stages is not an issue. Saving the patients when the cancer is in its last stages is the real issue.