Finance 101: Paying for Cancer Treatment
Options to consider to fund your cancer treatment
Common Financial Options
We suggest that patients begin by exploring these five most common financial opportunities.
Personal Savings / Loans
Funding can come from personal sources such as savings or perhaps taking out a loan. When considering the loan option, it’s important to be aware of interest rates and terms. Some credit cards for example offer 0% to low-interest rates but it’s important to understand for how long or if those rates jump up after a certain period.
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Home Equity Options
One of the biggest areas of funding that people can potentially draw from is their home. As of the beginning of 2024 according to an ICE’s Mortgage Monitor report, the average equity a homeowner holds is about $299,000. The challenge most have is being able to tap into that equity. However, there are four main ways to access your home equity which include a cash-out refinance, a home equity line of credit (HELOC), a home equity loan, or a reverse-mortgage. 1. In a cash-out refinance, needed cash is taken out and a new mortgage adjusts for this and replaces the existing mortgage. 2. In a HELOC, a line of credit is given based on the equity of the home and it works like a credit card based on an interest rate. HELOCs usually require maintaining a 20% equity level. 3. A home equity loan is a second mortgage that allows one to borrow against the equity of the home. With all three of these options, it’s important to speak to your bank or mortgage lender to understand the various guidelines. 4. A reverse mortgage is a type of home loan that enables those 62+ to receive money from the lender that is taken out of the equity of their home. The payments are tax-free and the loan must be repaid upon death of the homeowner or when they sell or move.
Community Resources
Cancer has a broad impact on many families that touch the community. That is why there are community resources available including religious and charitable organizations. The support can be direct financial assistance but most often provide support services that alleviate the overall financial burden by assisting with lodging, counseling and support, transportation, wellness programs, home care, and meal delivery programs to list a few. Here is a link that provides a start to identifying various cancer resources.
Crowdfunding and Fundraising
Another way to fund cancer therapies is to start a fundraiser or crowdfunding (raising money from a group of people over the Internet). One of the simplest ways to start crowdfunding for cancer care is to do a campaign on GoFundMe. With a story about your loved one, a photo, and the financial need, a project can get started. A more traditional fundraiser can entail selling items like baked goods, candy, and even lemonade to collect donations for the cause. Whatever is decided, it’s important to get the word out making as many people as possible aware of the help needed.
Health Insurance
Even though many health insurance plans do not traditionally cover alternative therapies, some do. It’s still worthwhile and important to check especially if the treatment has been recommended as the only viable option. Moreover, other resources can help advocate for you to get the maximum benefit from your insurance provider. A healthcare biller serves, for a percentage, as an intermediary for a patient to secure benefits from an insurance company. One partner we’ve recommended to patients is Medical Bill Gurus.
Christian Healthshare Ministries or Co-ops
Popular health-share ministries are another way to manage the costs of therapies. A health-sharing ministry includes members contributing funds to help cover each other's medical expenses. Unlike traditional insurance, these ministries operate on a cooperative (coop) model, often organized by religious or faith-based groups. Members share a common ethical or religious commitment. Members pay a monthly "share" or contribution to the communal fund, they submit medical bills to be approved to be paid out of the fund, there are guidelines and exclusions, and sometimes members can pay directly for other members. Here are some of the more common co-ops to explore.
Description
Samaritan Ministries is a large Christian health-sharing organization with multiple membership options.
Coverage for Alternative Treatments
They review treatments on a case-by-case basis, and members should confirm eligibility before proceeding with alternative therapies.
Considerations
They may allow members to share costs for alternative treatments as long as they meet certain criteria and are considered necessary by the member's health providers.
Description
CHM is one of the oldest health-sharing ministries and offers a “Gold” level plan that can include some alternative therapies if they are recommended by a licensed provider.
Coverage for Alternative Treatments
They cover some forms of alternative treatments, but coverage is more limited and may need pre-approval, particularly for cancer treatments.
Considerations
CHM often requires documentation and may only cover treatments that are within their specific guidelines.
Description
Liberty HealthShare offers flexibility for members to pursue alternative treatments within certain limitations.
Coverage for Alternative Treatments
While Liberty doesn’t specifically advertise coverage for alternative cancer treatments, they may approve some treatments if they are part of an integrative care plan.
Considerations
Liberty emphasizes preventive and natural approaches, making them more likely to consider alternative treatments for eligible members.
Description
Medi-Share is one of the largest Christian health-sharing ministries, but it is somewhat more conservative in its approach to alternative care.
Coverage for Alternative Treatments
Medi-Share typically does not cover alternative treatments directly but may consider treatments on appeal if they are part of a comprehensive care plan.
Considerations
They are more traditional in terms of covered treatments, so alternative therapies may not receive full coverage.
Description
Sedera Health is a health-sharing program that allows members to use funds for non-traditional treatments if they choose.
Coverage for Alternative Treatments
They may consider alternative treatments within the sharing pool if they are presented and approved as viable for the individual’s health goals.
Considerations
Sedera has a more flexible approach than some other ministries but should still be consulted for pre-approval on specific treatments.
Health Care Financing
Lending for alternative therapies may not be common even challenging as many traditional lenders shy away from naturopathic medicine. When considering financing, consider carefully the terms including interest rates and associated fees when reviewing some of the platforms below.
This company specializes in medical financing for a variety of treatments, including alternative therapies. They offer unsecured loans with fixed rates.
LendingClub partners with certain healthcare providers to offer loans for various treatments, including alternative therapies if the clinic is enrolled in their network.
This company provides financing options specifically for medical procedures, including some alternative treatments.
They offer financing for alternative treatments, depending on the clinic and treatment type. Terms can vary based on credit scores and the specifics of the procedure.
Though generally used for more traditional treatments, some alternative clinics accept CareCredit for treatments. Be sure to verify acceptance directly with the clinic.
Personal Loans
Companies like SoFi, LightStream, or Upstart offer personal loans that can be used for medical expenses, including alternative treatments. These can be used at any clinic but typically come with higher interest rates than medical-specific financing