Dealing with Multiple Myeloma can be financially overwhelming, but financial aid is available to help you manage the costs. At American Life Fund, we offer various financial assistance options to help ease weight. From viatical settlements, where you can sell your life insurance policy for tax-free cash, to specific grants, utility assistance, prescription help, and even gift cards and gas vouchers, there are numerous ways to support your treatment costs. Our goal is to provide you with the financial relief you need so you can focus on your health. Contact American Life Fund today to explore your options and take the first step towards financial peace of mind.
Financial Assistance For Multiple Myeloma Patients Type #1: Viatical Settlements
The financial challenges associated with Multiple Myeloma are very disheartening. Understanding the financial resources available can alleviate the burden on patients and their families. One necessary resource to consider is viatical settlements, which offer a solution to managing the high costs of treatment and living expenses.
Treatment Costs and Duration:
The cost of Multiple Myeloma treatment can be high. On average, patients may spend between $100,000 and $150,000 per year, including expenses for chemotherapy, stem cell transplants, medications, and continuous monitoring. The duration of treatment varies widely, with many patients requiring ongoing care for several years. This financial strain often necessitates exploring alternative financial support options. Effective financial planning is crucial to manage these substantial treatment costs over the long term.
Impact on Income:
Multiple Myeloma can also impact a patient’s ability to work, leading to a reduction in income. The average annual income for individuals before diagnosis typically ranges from $50,000 to $80,000, but this can decrease significantly due to treatment schedules and health complications. For those relying on pensions, the average monthly income may range from $1,800 to $3,000, which may not cover extensive medical costs. Income support programs can help bridge the gap for patients who experience a significant reduction in earnings due to their illness.
Viatical Settlements:
One viable option for financial assistance is a viatical settlement. Many patients are unaware that their life insurance policy is an asset that can be sold for a lump-sum cash payment. This type of settlement is specifically designed for life insurance policyholders with life-threatening illnesses, providing them with immediate financial relief.
How Viatical Settlements Work:
- Eligibility: Viatical settlements are available to those diagnosed with severe illnesses, such as Multiple Myeloma. Patients can sell their life insurance policy to third-party buyers.
- Payment: In return for the policy, patients receive a lump-sum payment, which is typically more than the policy’s cash value but less than the death benefit.
- Usage: The funds from a viatical settlement are tax-free and can be used at the policyholder’s discretion. This flexibility allows patients to cover medical expenses, cost of living, or even take a vacation with loved ones.
- Process: The settlement process can be swift, with some individuals receiving up to 70% of their life insurance policy value in as little as two weeks. The third-party buyer then takes over paying the insurance premiums and receives the death benefit upon the policyholder’s passing.
Advantages of Viatical Settlements:
Viatical settlements offer several benefits:
- Immediate Access to Funds: Quick access to cash helps manage immediate expenses.
- Flexibility: Use the funds as needed, providing financial relief and peace of mind.
- Hassle-Free Process: Simplified application process through companies like American Life Fund ensures a smooth experience.
For Multiple Myeloma patients, exploring financial options like viatical settlements can significantly reduce the financial stress associated with treatment. At American Life Fund, we prioritize easing the financial burden of Multiple Myeloma care, allowing patients to focus on what matters most. Our hassle-free application process guarantees that you receive an immediate cash offer for your insurance policy, providing the support you need during this challenging time.
Financial Assistance For Multiple Myeloma Patients Type #2: Multiple Myeloma-Specific Financial Grants
Many organizations offer financial grants specifically for Multiple Myeloma patients. These grants provide free money to help with treatment costs and other expenses, without any repayment obligations.
To find these grants, search online for “Multiple Myeloma financial grants” or “cancer financial grants,” and check with local nonprofit organizations. Though finding available grants can take time, persistence pays off.
Here are some organizations that offer financial support to Multiple Myeloma patients:
- PAN Foundation Multiple Myeloma Fund (currently not accepting applicants, but monitor for updates)
- Leukemia and Lymphoma Society Urgent Need Fund (available to blood cancer patients, including Multiple Myeloma)
- Leukemia and Lymphoma Society Co-pay Assistance Program (for blood cancer patients, including Multiple Myeloma)
- Patient Advocate Foundation Multiple Myeloma Co-Pay Relief Fund (eligibility: Medicare, Medicaid, or Tricare)
- Healthwell Foundation Multiple Myeloma Co-Pay Assistance Fund (for Medicare patients only)
- Cancer Lifeline Patient Financial Assistance Fund
- National Cancer Assistance Foundation Fund (not available to patients in AR, IA, MI, OR)
Financial Assistance For Multiple Myeloma Patients Type #3: Utility Assistance
Utility assistance is payment provided to help cover the utility bills within a home, including payment for home energy costs, bills, and any necessary energy repairs.
Utility assistance helps Multiple Myeloma patients by taking some of the financial burdens off their shoulders and allowing them to focus more on investing in their treatment.
Programs such as the LIHEAP (Low Income Energy Assistance Program) offer utility assistance to low-income households and those experiencing crises. The contact information for this resource differs from state to state, so be sure to check the website. You can also call “211” to locate additional local utility assistance programs for Multiple Myeloma patients in need.
Additionally, Family Reach provides emergency financial assistance for rent, utilities, and home repairs, and the Leukemia and Lymphoma Society Patient Aid Program offers a $100 stipend that can be used to cover some of the pocket costs.
Financial Assistance For Multiple Myeloma Patients Type #4: Prescription Assistance
With the cost of cancer medications rising, many patients feel concerned about how to afford prescription costs.
Thankfully, programs like PPA (Partnerships for Prescription Assistance) and Rx Outreach can help by providing free money to Multiple Myeloma patients in the form of free or reduced-cost prescriptions.
Their easy-to-use online websites list multiple prescription assistance programs that you may qualify for as a Multiple Myeloma patient.
Another resource offering financial assistance for Multiple Myeloma patients is Needy Meds. Needy Meds offers a free Drug Discount Card, which provides savings of up to 80% on prescription medications.
If your health insurance does not cover a medication or has a high deductible, fear not–you can use your Drug Discount Card to help pay for prescriptions.
Financial Assistance For Multiple Myeloma Patients Type #5: Gift Certificates, Gas Cards, and More
The Susan Lang Pay-It-Forward Patient Travel Assistance Program offers $500 to eligible Multiple Myeloma patients needing financial assistance for treatment-related travel. But wait, there’s more– these funds can be put towards gas, airfare, and lodging.
NeedyMeds and Mercy Medical Angels offer financial assistance for medical transportation and necessary travel expenses. Simply visit their websites to see your options.
If you’re still looking for a little something extra to help you out, Netwish is a nonprofit organization committed to helping those in need of financial assistance; they offer one-time gift cards of $200 that can be used however the patient sees fit.
Financial Assistance For Multiple Myeloma Patients Type #5: Gift Certificates, Gas Cards, and More
The Susan Lang Pay-It-Forward Patient Travel Assistance Program offers $500 to eligible Multiple Myeloma patients needing financial assistance for treatment-related travel. But wait, there’s more– these funds can be put towards gas, airfare, and lodging.
NeedyMeds and Mercy Medical Angels offer financial assistance for medical transportation and necessary travel expenses. Simply visit their websites to see your options.
If you’re still looking for a little something extra to help you out, Netwish is a nonprofit organization committed to helping those in need of financial assistance; they offer one-time gift cards of $200 that can be used however the patient sees fit.
Financial Assistance For Multiple Myeloma Patients Type #6: Fundraising
One of the quickest, easiest ways to supplement financial aid programs for Multiple Myeloma patients is fundraising. With a little upfront investment of your time and a good social network, fundraising can be an effective tool for harnessing financial funds.
Online fundraising platforms, such as GoFundMe, allow you to post your need/cause and share that need/cause with others. However, the downside is that you only receive a portion of the funds raised.
A personal fundraiser is the second method worth considering– from which you’ll get to keep all profits. With this type, you, your friends, and your family raise funds by offering something to the community, such as a bake sale or car wash. Feel free to check out MedGift Advocacy Services for a list of fundraising ideas.
Multiple Myeloma Financial Assistance Programs
Navigating the financial landscape of multiple myeloma treatment can be daunting, but there are numerous financial assistance programs designed to alleviate this burden. These programs aim to provide financial support for various medical expenses, including copays, deductibles, and coinsurance, as well as living expenses such as housing and transportation.
Transportation and Housing Support
For multiple myeloma patients, traveling to and from treatment centers can be a significant challenge, especially if the treatment facility is far from home. Fortunately, several organizations offer transportation and housing support to ease this burden.
Organizations That Offer Financial Assistance
Several organizations are dedicated to providing financial assistance to multiple myeloma patients, helping to cover medical expenses and other related costs. Here are some key organizations that offer valuable support:
- The Leukemia & Lymphoma Society (LLS): LLS offers a range of financial assistance programs, including co-pay assistance and patient assistance programs. These programs help cover the costs of treatment, medications, and other medical expenses.
- The Multiple Myeloma Research Foundation (MMRF): MMRF provides a patient assistance program that offers financial support for medical expenses and living expenses, such as housing and transportation costs. This comprehensive approach ensures that patients receive the help they need to manage their financial burden.
- The HealthWell Foundation: The HealthWell Foundation’s multiple myeloma fund provides financial assistance for medical expenses, including copays, deductibles, and coinsurance. This support helps patients access the treatments they need without worrying about the cost.
- The American Cancer Society (ACS): ACS offers a variety of financial assistance programs, including transportation assistance and housing assistance. These programs help patients cover the costs of travel and lodging, ensuring they can attend their treatment appointments without added financial stress.
Each of these organizations has specific eligibility requirements and application processes, so it’s essential to research and review their criteria before applying. By leveraging the financial assistance offered by these organizations, multiple myeloma patients can find the support they need to manage their medical and living expenses, allowing them to focus on their health and recovery.
What Multiple Myeloma Patients Can Expect Financially
A Multiple Myeloma diagnosis is never easy, especially when that diagnosis turns into a financial hardship.
To try to avoid financial distress, it is important to understand the costs associated with treating Multiple Myeloma.
When battling with Multiple Myeloma, some of your largest expenses are likely to come from the following: doctor visits, treatment, medication, and transportation/travel.
Doctor Visit Costs: If you’re insured, you’ll likely only have to pay a co-pay per visit to healthcare professionals; the copay is usually a small fraction of the total overall cost for a visit. If you’re uninsured, you’ll pay more.
Treatment Costs: The primary treatment for Multiple Myeloma typically includes some combination of the following: drug therapy, immunotherapy, chemotherapy, and radiation therapy. More progressed cases may also require a bone marrow transplant. That said, the extent of your treatment will directly impact the financial costs incurred–in other words, the more treatment needed, the more it is likely to cost you.
Medication Costs: When treating Multiple Myeloma, targeted drug treatments are common. These medications are often combined with steroids and chemotherapy as part of a multi-pronged treatment approach. In other words, medications are likely to be another crucial cost you’ll need to consider when opting for financial assistance for treatment.
Transportation/Travel Costs: If you’re being treated for Multiple Myeloma at a facility that is not near your home, you’ll be met with the added financial stress of paying for gas and/or the costs of public transportation to get to and from your appointments.
Frequently Asked Questions About Financial Assistance For Multiple Myeloma Patients
What Benefits Are Multiple Myeloma Patients Entitled to?
If you are struggling with Multiple Myeloma, you may qualify for financial benefits such as Social Security Disability Benefits. The more aggressive cancer, the more qualified you are likely to be.
Can You Get Financial Support if You Have Multiple Myeloma?
Yes, you can get financial support if you have Multiple Myeloma through various financial support programs. You can get everything from help with prescriptions, lower utility bills, grants, viatical settlements, and much, much more.
How Can I Get Money For Multiple Myeloma Treatment?
Grants, crowdfunding, and disability benefits are some other financial resources you can use to get money for Multiple Myeloma treatment. Additionally, viatical or life settlements (where you sell your life insurance policy for a lump sum of cash) can be a great option to get money for Multiple Myeloma treatment.
Does Stage 3 Multiple Myeloma Qualify For Disability?
Stage 3 Multiple Myeloma patients typically will be approved for Social Security Disability benefits. If you have stage 3 Multiple Myeloma, there is also a good chance you will qualify for a viatical settlement.
Multiple Myeloma financial assistance is available. Contact American Life Fund today to learn more about which options will best serve you.
Further Reading
>> What Is A Viatical Settlement
>> Diagnosed With Cancer: What To Do Next
>> Vatical Settlement Calculator
>> Pancreatic Cancer Treatment Costs
>> 30+ Organizations That Help Cancer Patients Financially
>> Financial Help & Free Money For Cancer Patients
>> Paying For Cancer Treatment: Resources, Budgeting & Costs
>> End Of Life Planning: Everything You Should Do (with checklists)
>> Is Stage 4 Cancer Terminal?
>> Alternative Cancer Treatments: What The Research Says
>> Can You Sell Your Life Insurance Policy?
>> Best Holistic & Alternative Cancer Treatment Centers
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