Financial Resources

Financial Assistance Options for Cancer Treatment

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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

Since the Hope4Cancer treatment program is personalized to your unique needs, costs can vary from individual to individual. You’ll attend one of our cancer treatment centers for a 3-week treatment program, which includes over 200 therapy sessions, lodging for you and a companion, your transportation to/from the clinic, your meals, assessments upon arrival, your immunotherapies, supportive therapies, and IV’s, 3-month home program and also two follow-up visits to come back to the treatment center for further assessments. A typical range for treatment can vary from $40,000-60,000 USD, depending on the specifics of your diagnosis and the recommended treatment program.

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.

 

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.

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!

Dr Tony High Fives A Patient

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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. However, the specifics of accessing retirement funds for medical needs can vary significantly depending on your country of residence. We’re here to support you in understanding these options and making decisions that best suit your circumstances.

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.

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.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html#P44_1122

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:

https://sheaustralia.org/

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. These funds can be used for medical treatment, travel, home modifications, home care, equipment, or any other purpose you require.

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. To begin your confidential no-cost, no-obligation review with a LifeGuide representative and see if your policy qualifies, 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].

Medical Loans

Medical loans are 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.

We at Hope4Cancer recommend loan providers who have a track record of helping patients secure medical loans with the most beneficial terms. These providers strive to offer the lowest possible interest rates and negotiate the best deals, helping to ease the financial strain during your treatment period. This approach ensures that you can focus your energy where it’s needed most – on your recovery, rather than on financial logistics.

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. By working with a recommended provider, you can ensure that you’re making a decision that best supports your journey to healing.

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.

While the following example specifically applies to U.S. patients, other countries may have similar provisions. 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.

How it works for USA Taxpayers:

  1. Threshold: To qualify for this deduction, your total medical expenses must exceed 7.5% of your Adjusted Gross Income (AGI), as reported on your federal income tax return.
  2. Eligible Expenses: The term ‘medical expenses’ covers a broad range of costs related to the diagnosis, cure, mitigation, treatment, or prevention of disease, or payments for treatments affecting any structure or function of the body. This can include fees paid to various health professionals such as doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitioners.
  3. Deduction: This deduction serves to reduce your taxable income, which in turn lowers the amount of tax you owe. Please remember, you can only include the medical expenses you paid during the tax year.
  4. Limitations: As with most tax-related matters, there may be additional limitations or rules that apply to medical expense deductions. These can pertain to certain expenses that are not eligible for deduction or specific documentation requirements.


IMPORTANT: This simplified example serves as a basic guide to how medical expense deductions might work for U.S. taxpayers. However, 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.

Regardless of your situation, we believe there is HOPE!

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