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.
The IRS allows you to make penalty-free withdrawals from your traditional IRA once you reach age 59.5. Otherwise, you’d owe a 10% early withdrawal penalty in addition to ordinary income taxes. However, the IRS waives the 10% penalty via an IRA hardship withdrawal to cover unreimbursed medical expenses that exceed more than 10% of your adjusted gross income (AGI) as reported on your federal income tax return. We recommend consulting your financial advisor or tax professional to determine whether you qualify for this early withdrawal benefit 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.
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).
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:
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.
Unfortunately, cancer patients are 2.65 times more likely to file for bankruptcy than their non-diagnosed equivalents. But for patients with existing life insurance policies, LifeGuide offers an innovative financial solution. By selling all or a portion of your life insurance policy, you can convert your policy value into immediately accessible funds that can be put toward treatment expenses and/or preventing medical debt. Click here to begin your confidential no-cost, no-obligation review with a LifeGuide representative and see if your policy qualifies, or call: 1 (833) 2CANCER.
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. With a perfect BBB rating, they’re often able to pay out between 50% and 80% of a policy’s face amount. Many clients are able to receive their proceeds in less than 30 days. After receiving a settlement, it is yours to use however you want. From funding treatment to investing in the future, there are many ways to make your life insurance a living benefit. Click here to learn more about how Abacus can help fund your cancer care. (*Not intended for Louisiana, Texas, or Rhode Island residents)
If you’d prefer to speak to an Abacus representative, please contact Ashleigh Hammad at 321-204-7074; [email protected].
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.
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.
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