Financial Assistance Options for Cancer Treatment
The journey to healing is much more than a medical process. It’s a holistic endeavor that involves not only physical healing but also emotional support and financial readiness.
We realize that not everyone has immediate access to the financial means for a comprehensive, long-term treatment plan. Additionally, we are aware that many insurance companies often do not cover healthcare costs incurred outside their country of origin.
We want you to know that there is plenty of financial help available for cancer patients. These resources are designed to support your healing journey and allow you to choose the treatment that resonates most profoundly with your personal beliefs and comfort. Regardless of your financial situation, there are options available to ensure you receive the care you need and deserve.
Below, we’ve compiled a list of financial resources that have helped many of our patients and may assist in funding your own treatment journey. We understand that dealing with finances, especially when facing health challenges, can be overwhelming. If you have any questions regarding these financial options, please do not hesitate to reach out to us. We are here and happy to help!
Fundraising & Donations
Fundraising initiatives and donations can play a pivotal role in healthcare financing. These options not only provide necessary funds but also rally communities, friends, and families in support of your journey. This communal approach is crucial in reminding patients that they are not alone, offering both financial and emotional backing. Many of our patients have found success with online fundraising platforms such as GoFundMe, GiveSendGo, and Fundly. These user-friendly websites streamline the process, making it easier for your support network to contribute to your healing journey.
Personal crowdfunding websites like GoFundMe are great tools for raising money. Several site users successfully fund medical expenses, from cancer treatments to heart transplants. If you need help funding medical costs for you or someone you care about, learn more about medical fundraising here.
GiveSendGo is a crowdfunding platform that enables individuals and organizations to raise funds for various causes, particularly emphasizing Christian and conservative values. The website provides a user-friendly interface for creating campaigns, sharing personal stories, and receiving financial support from a global community. GiveSendGo promotes faith-based initiatives, humanitarian projects, and personal needs. It highlights the power of community support and emphasizes the freedom of expression. Through this platform, users can find and support causes aligned with their beliefs while fostering a sense of unity and philanthropy.
Fundly is an online fundraising platform that allows individuals, nonprofits, and organizations to create campaigns and gather financial support for various causes. The website provides an intuitive interface for setting up fundraising pages, sharing compelling stories, and accepting donations from a wide range of supporters. Fundly enables users to leverage the power of social networks by integrating with popular social media platforms, facilitating easy sharing and reaching a larger audience.
Retirement Savings Accounts
Retirement funds, usually accumulated over many years, can serve as a safety net in times of unexpected challenges. For many facing health crises, these savings represent a viable option for meeting immediate healthcare needs.
Many countries have provisions put in place to facilitate early access to retirement savings accounts for individuals facing financial strain due to medical expenses. Normally, withdrawing from these accounts before reaching a certain age can result in penalties. However, these penalties are often reduced or even waived entirely when funds are needed for medical purposes.
Utilizing retirement savings for medical treatment can seem daunting, but it's an important resource to consider when exploring funding options. The foregoing information is for general information purposes alone. Please consult your retirement savings account manager or a financial expert for specific questions about your account and whether this option may be right for you.
According to IRS.gov, “[y]ou can take distributions from your IRA (including your SEP-IRA or SIMPLE-IRA) at any time. There is no need to show a hardship to take a distribution. However, your distribution will be includible in your taxable income and it may be subject to a 10% additional tax if you're under age 59 1/2.” There are, however, medical exceptions that may apply to the early distribution tax. We recommend consulting your financial advisor or tax professional to determine whether you qualify for any exceptions and any resulting tax implications - please see the Disclaimer below
Similarly, if you participate in a company-funded pension plan with your employer, ask your pension plan representative (or HR representative) about options for early withdrawals.
Sources:
https://smartasset.com/retirement/ira-hardship-withdrawal
https://www.irs.gov/retirement-plans/hardships-early-withdrawals-and-loans
Canadians who have a TFSA (Tax-Free Savings Account) may generally withdraw any amount at any time tax-free, depending on the type of investment held in your TFSA.
For those with a pension plan or locked-in registered retirement plan, there are several criteria whereby a certain amount can be withdrawn, including for high medical costs. The funds may be withdrawn as cash or transferred to a tax-deferred savings vehicle such as a registered retirement savings plan (RRSP) or a registered retirement income fund (RRIF), subject to applicable income tax rules.
This applies to the following types of savings accounts:
- Locked-In RRSP
- Life Income Fund (LIF)
- Restricted LIF (RLIF)
- Restricted Locked-In Savings Plan (RLSP)
We recommend consulting your financial advisor or tax professional to determine whether you qualify for these options and any resulting tax implications (please see the disclaimer below).
Sources:
https://www.osfi-bsif.gc.ca/Eng/pp-rr/faq/Pages/ulfpp-lrsp.aspx
For our Australian patients, we would like to introduce Super Health Ensemble Australia, a resource designed to aid you in accessing your superannuation fund for medical treatment costs. This process, known as the early release of super on compassionate grounds, allows you to tap into your superannuation benefits, provided approval is granted from the Australian Taxation Office via an application process. Your superannuation fund will also require specific documentation and notification prior to any funds release.
Super Health Ensemble Australia guides you through each step of this process. From setting up an initial appointment to confirming your eligibility, they assist in preparing the necessary forms and documents, simplifying the process, and assisting with any subsequent applications if necessary. They also remain in regular contact with all parties involved until funds are released, ensuring the superannuation reaches your bank account in a timely manner.
For more information, please visit Super Health Ensemble Australia’s website:
Life Insurance Loan or Purchase
If you have an existing life insurance policy – whether term, universal, or whole life – your policy may be more versatile than you think. With the help of the following providers, many of our patients have been able to leverage their life insurance as a loan or even sell their policy (a process known as life settlement) to finance treatment. This option adapts the utility of insurance beyond its traditional purpose to provide the necessary support needed during tough times.
2025-12-31 Hope4Cancer Website Legal Requested Updates
According to LifeCreditCompany.com, a Living Benefit Loan makes it possible for you to receive up to 50% of your life insurance policy’s death benefit today by borrowing against your life insurance. For example, if you have up to $200,000 of coverage, Life Credit can loan you up to $100,000 secured solely by your policy. You do not lose your life insurance and your beneficiaries remain the same. If you have at least $75,000 of coverage and have been diagnosed with cancer or another serious medical condition, you may qualify for a life insurance loan. If you have more questions about borrowing against life insurance policies, contact them for a free consultation.
Abacus Life Settlements gives patients the option to use their life insurance to cover treatment costs. An industry-leading life settlement buyer, Abacus has helped thousands use life insurance for present needs instead of future benefits.Click here to learn more about how Abacus can help fund your cancer care.
If you’d prefer to speak to an Abacus representative, please contact Ashleigh Hammad at 321-204-7074; ashleigh@abacuslife.com.
Medical Loans
Medical loans can be a practical and effective solution designed specifically to manage healthcare-related expenses. Offering immediate access to funds, these loans provide flexibility and can be repaid over a scheduled time frame. Understanding that high-interest rates can be a burden, it's important to choose the right loan provider who can help you secure a competitive rate.
Though taking out a medical loan may not be the first option many consider, it can be a valuable tool to navigate the costs of treatment. As with any financial decision, it's important to consider your personal circumstances and seek advice if needed. Patients have reported positive experiences and have recommended the following providers:
Private lending providers such as LightStream offer patients a more personalized approach to medical loans. Helping patients navigate through the complex financial landscape of healthcare, these companies offer more confidence in obtaining the best terms for repayment. The process of securing a loan with LightStream is straightforward and transparent, with low-interest rates, no down payments, and no fees. In addition, they offer the convenience of applying online and determining your monthly rate in a customer-friendly manner.
An online loan marketplace, LendingTree boasts one of the nation's largest lender networks, enabling consumers to view and compare offers from several lenders all at once. This helps you in getting the best deal possible as per your individual circumstances. LendingTree is an excellent choice for more independent borrowers who prefer a DIY approach to securing a medical loan. For more information or to apply for a personal loan, visit LendingTree here.
As an online-only lender, SoFi is able to keep operational expenses down and as a result, pass savings along to customers. This digital-first approach not only enables faster application and approval processes but also makes it a convenient option for tech-savvy consumers. Unlike traditional lenders, SoFi looks beyond credit scores, taking into consideration factors such as cash flow, career, and education during the loan approval process. This holistic assessment may benefit applicants who may not have a strong credit history but are financially responsible. To find out your approved rate in minutes without affecting your credit score, visit SoFi here.
Insurance Reimbursement Opportunities
While most medical insurance plans, especially those based in the US, don’t cover planned healthcare costs in other countries, there are exceptions. Some Preferred Provider Organization (PPO) insurance plans and private insurance plans do provide coverage for out-of-country medical treatments. The key lies in correctly submitting the claim using appropriate claim codes and documentation to meet the specific requirements of the insurance company. This can often be a complex process, requiring detailed knowledge of healthcare billing and insurance procedures.
To make this process smoother, we highly recommend working with an insurance reimbursement specialist, such as Medical Bill Gurus. Specialists in this field are well-versed in submitting claims for holistic health practitioners, reducing the burden on the patient and increasing the likelihood of successful reimbursement. Additionally, our team at Hope4Cancer will aim to ease the process for you and help provide you with the necessary documentation for your reimbursement claim.
Medical bills can pile up quickly throughout a cancer diagnosis. What if your existing policy should have covered treatment that you weren’t aware of, or didn’t realize they would? Good news! You may still be able to get coverage. The experts at Medical Bill Gurus can analyze your policy risk-free with no upfront fees. A trusted and valuable partner to our patients, Medical Bill Gurus has had great success getting bills covered by our patients’ PPO policies. At last count, 26 of our patients have recovered a total of $694,335 in insurance reimbursements thanks to Medical Bill Gurus — an average savings of $26,705 per patient!
To assess your policy or current medical bills, reach out to Medical Bill Gurus here.
Tax Deductions
Many countries offer tax deductions for medical expenses that exceed a certain dollar amount or percentage of net income. For US taxpayers, the United States Internal Revenue Service (IRS) permits the deduction of qualifying medical expenses from federal income tax returns. This means that the cost of your treatment program could potentially be deducted from your taxable income, effectively reducing the overall cost of your treatment.
Please bear in mind, however, that the specifics of these deductions can be complex. They hinge on various factors including the nature of the expenses and their relation to your adjusted gross income. Consequently, the impact on your tax liability can vary based on individual circumstances.
Regardless of your location, we strongly encourage you to consult with a tax professional to understand how medical expense deductions could apply to you, as this step could unlock additional financial support for your treatment.
IMPORTANT: We share this information solely to provide patients with resources for exploring avenues that may assist with financing their treatment. Tax law is complex and subject to change. We strongly recommend consulting with a certified tax professional or the IRS for the most accurate, up-to-date, and personalized advice. Hope4Cancer cannot be held responsible for any actions taken based on this general information nor for any repercussions from following the information provided.
Source: https://www.irs.gov/taxtopics/tc502
Disclaimer
The information provided here is intended for general guidance only. It does not constitute legal, tax, or other professional advice, and should not be used as a substitute for consultation with a professional advisor. We strongly recommend that you consult with a certified tax, legal, or financial advisor before pursuing any of the options above to understand the specifics of your situation and to make informed decisions. Hope4Cancer cannot be held responsible for any actions taken based on this general information nor for any repercussions arising from following the information provided.
IMPORTANT: Please note that Hope4Cancer does not receive any form of financial compensation or incentives from the resources mentioned. We share these options purely to help patients understand the various financial avenues available that could help make their treatment more affordable. Our primary concern is our patients' welfare, and we do not gain any financial benefit from recommending these resources. Please consult with your financial advisor, insurance provider, or other relevant professionals to understand which options may be most suitable for your specific situation.
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