Ep. 182 - BEYOND PINK - THE FINANCIAL SIDE OF BREAST CANCER SURVIVAL

🎗️ Avoid These Costly Breast Cancer Financial Pitfalls! 🎗️

 Navigate the often-overlooked financial impact of breast cancer with The Merging Life and Money Show. October is Breast Cancer Awareness Month, and host Marie-Jo Caesar, a financial wellness strategist, dives deep into the economic challenges faced by those diagnosed. Discover strategies for financial empowerment and learn how to manage the costs of treatment, lost income, and unexpected expenses.

 Key Takeaways:

 ✅Financial Empowerment Strategies: Establish robust emergency funds and comprehensive insurance to safeguard your financial health.

 ✅Money Matters: Understand the full spectrum of treatment costs and the ripple effect on your financial life.

 ✅Proactive Planning: Utilize resources and assistance programs to alleviate financial strain during this health crisis.

 ✅Career Growth & Productivity: Explore how financial wellness contributes to career resilience and productivity.

 Empower yourself with knowledge and strategies to tackle financial challenges. Remember, your financial wellness is key to focusing on what truly matters—your health and recovery.

 🕒KEY MOMENTS IN THIS EPISODE 

 00:09 Introduction to Breast Cancer Awareness Month

00:33 The Financial Impact of Breast Cancer

02:58 Understanding the Costs Involved

09:02 Strategies for Financial Preparation

12:43 Building a Financial Strategy During Treatment

17:14 Accessing Financial Assistance

21:39 Long-Term Financial Wellness for Survivors

22:30 Rebuilding Financial Stability Post-Treatment

26:17 Insurance and Future Planning

33:16 Emotional and Mental Wellness

36:21 Conclusion and Final Thoughts

📥Don't forget to download your free copy of the "Health Crisis Checklist " https://mariejocaesar.com/health-crisis-checklist    

Chapters

• 0:09 Unveiling Hidden Costs of Breast Cancer
• 2:58 Breaking Down Treatment Expenses
• 5:25 Income Loss: The Silent Financial Burden
• 10:18 Long-Term Costs: Life After Treatment
• 12:52 Building a Robust Financial Defense
• 15:25 Creating a Treatment-Specific Budget
• 19:18 Mental Health and Financial Stress
• 28:44 Planning for Future Healthcare Costs

Transcript

TRANSCRIPT

Ep. 182 - BEYOND PINK - THE FINANCIAL SIDE OF BREAST CANCER SURVIVAL

Hello and welcome. October is Breast Cancer Awareness Month. It paints the world pink, reminding us of the battle against breast cancer. Yet behind the ribbons and awareness campaigns lies a less-discussed aspect of this disease. It's financial impact. Today, we are peeling back the layers to explore the economic challenges that come with a breast cancer diagnosis and more importantly, the strategies to overcome that.

Imagine receiving a diagnosis. Your world stops. Amid the whirlwind of medical terms and treatment plans, there's a nagging question in the back of your mind. How will I afford this? It's a question that many face, yet few are prepared to answer. 

Before getting into it, let me introduce myself. For those of you who do not know me, I am Marie-Jo Caesar, a financial wellness strategist dedicated to helping you take control of your finances from the inside out. And on the Merging Life and Money Show, we tackle the tough topics that impact your financial well-being, and today's subject is no exception. 

Recent studies show that breast cancer patients face out-of-pocket costs averaging $3,500 to $4,000 per year, with some facing much higher expenses. These costs extend beyond medical bills. Encompassing lost wages, transportation, and even childcare. The financial strain can be as overwhelming as the physical and emotional toll of the disease itself.

But here's the thing. While we cannot always prevent breast cancer, we can prepare for its financial implications. Whether you are a survivor, a caregiver, or someone who wants to be prepared, this episode is for you. We will explore strategies to manage immediate financial impact, navigate insurance complexities, and plan for long-term financial wellness. 

So, let's move beyond the pink and dive into the green. The dollars and cents that can make a real difference in the breast cancer journey. 

Welcome to the merging life and money show. 

To truly grasp the financial side of breast cancer, we need to break down the costs involved. It's not just about the big medical bills. It's a ripple effect that touches every aspect of a person's financial life. 

Let's start with the obvious. Treatment costs. From the moment of diagnosis, the expenses begin to pile up. There are diagnostic tests, surgeries, chemotherapy, radiation, and ongoing medications. Each step in the treatment process comes with its own price tag. For instance, a single round of chemotherapy can cost anywhere from $10,000 to $50,000, depending on the drugs used and the duration of the treatment.

But that is just the beginning. A typical breast cancer treatment plan might include a variety of expenses. Diagnostic tests, like mammograms, biopsies, and other imaging tests, can set you back $500 to $2,000. Surgery, depending on whether it's a lumpectomy or mastectomy, can range from $15,000 to $50,000; radiation therapy, a full course can cost $20,000 to $50,000. And we've already mentioned chemotherapy, which can run up to $50,000 per round, with many patients needing multiple rounds. Some newer targeted therapies can even cost over $100,000 per year. 

These are just the direct medical costs. Many patients find themselves needing additional services that are not always covered by insurance. Think about things like physical therapy to regain mobility after surgery or mental health support to cope with the emotional toll of the disease. These supplementary treatments are vital for overall well-being but can add thousands to the total cost of care. 

Then there's a hidden cost that many don't anticipate: income loss; for example, breast cancer treatment is often a full-time job in itself. Many patients need to take extended time off work or reduce their hours significantly. For some, this means using up sick leave and vacation time. For others, it might mean unpaid leave or even leaving their job entirely. This loss of income comes at a time when expenses are at their highest, creating a perfect storm of financial stress.

Let's look at some hard numbers. According to a study published in the Journal of Clinical Oncology, the average breast cancer patient loses about $3,000 per month in income during treatment. Over a year, that's a staggering $36,000 and that's on top of medical expenses. 

But, the financial impact varies widely depending on individual circumstances. Young adults with breast cancer, for example, might face unique challenges. They are often in the early stages of their careers with less savings and job security. A study by the Young Survival Coalition found that 73 % of young breast cancer survivors experienced financial hardship due to their diagnosis.

On the other hand, older adults might face different challenges. While they may have Medicare, they might also be living on fixed incomes, which makes it difficult to absorb additional costs. A report from the American Association for Cancer Research found that older breast cancer patients were more likely to deplete their savings or file for bankruptcy compared to younger patients. 

For those who are uninsured or underinsured, the financial picture becomes even more grim. Without adequate coverage, patients can face hundreds of thousands of dollars in medical bills. Even with insurance, high deductibles and out-of-pocket maximums can leave patients with significant financial burdens. 

Different types of insurance affect out-of-pocket costs in various ways. Those with private insurance might still face high deductibles and co-pays. The average out-of-pocket cost for privately insured breast cancer patients is around five to ten thousand dollars per year. Medicare covers many cancer treatments, but patients might still need supplemental insurance to cover gaps. Out-of-pocket costs can average $5,000 to $8,000 per year. Medicaid provides comprehensive coverage for low-income individuals, but finding providers who accept Medicaid can be challenging in some areas.

It's a sobering reality, but knowledge is power. By understanding these potential costs upfront, We can better prepare and plan for them. This brings us to an essential point: the importance of financial preparation before a health crisis hits. 

In previous episodes, we've talked about the value of an emergency fund. This is where that advice really comes into play. Having three to six months of living expenses can provide a important buffer during treatment. It can mean the difference between focusing on recovery and worrying about how to pay the next bill. 

What if you are already facing a diagnosis without that financial cushion? Don't panic. There are resources available. Many hospitals have financial counselors who can help navigate the cost of care. There are also numerous non-profit organizations dedicated to providing financial assistance to breast cancer patients. Organizations like the Pink Fund, for example, provide short-term financial aid to cover non-medical expenses while in active treatment.

It's also worth noting that the financial impact of breast cancer doesn't end with treatment. Survivors often face ongoing costs for years after their initial diagnosis. There are follow-up appointments, maintenance medications, and sometimes reconstructive surgeries. Not to mention, there is a potential long-term impact on earning capacity if the cancer or its treatment has affected one's ability to work in the same capacity as before.

A study by the Care Journal found that breast cancer survivors had 2. 5 times higher medical costs and 1.5 times higher productivity losses compared to individuals without a cancer history, even four years after diagnosis. 

This long-term financial consideration is why it's so important to think beyond just getting through treatment. We need to plan for financial wellness in survivorship as well. This might mean adjusting career plans, reassessing retirement goals or making changes to long-term financial strategies. 

Understanding the full financial picture of breast cancer is the first step in creating a plan to manage it. It's about being proactive rather than reactive. By anticipating these costs and challenges, we can develop strategies to mitigate their impact and focus on what really matters: healing and recovery. 

And as we move forward, remember this. While the financial impact of breast cancer can be significant, it is not insurmountable. With the right strategies and support, it is possible to navigate these challenges and come out financially stable on the other side. In our next segment, we will explore how to do just that.

We've painted a clear picture of the financial challenges that come with a breast cancer diagnosis. It's time to roll up our sleeves and talk solutions. How can we build a financial strategy that supports us through this health crisis? 

First and foremost, consider the importance of a robust emergency fund and comprehensive insurance coverage. These are your first lines of defense against financial hardship during a health crisis. An emergency fund should ideally cover three to six months of living expenses. This gives you a buffer to handle unexpected costs or periods of reduced income without immediately resorting to debt. 

But when we dig deeper into insurance, there is more to consider than just health coverage. Have you thought about critical illness coverage? This type of insurance provides a lump sum payment upon diagnosis of certain illnesses, including breast cancer. You can use this lump sum however you see fit to cover medical expenses, replace lost income, or even fund experimental treatments not covered by traditional health insurance.

Imagine this scenario. You have a critical illness policy with a $50,000 benefit. Upon diagnosis, you receive this amount in full. You might use $20,000 to cover your health insurance deductible and out-of-pocket maximum, $15,000 to replace lost income during treatment, and the remaining $15,000 for additional expenses like childcare or transportation to treatments. This financial cushion can provide immense peace of mind during an already stressful time. 

When it comes to health insurance, understanding your policy is essential. You need to know your out-of-pocket maximum, which is the most you will have to pay in a year for covered services. Understanding what's in-network is significant as well, as staying in-network can significantly reduce your costs. Don't forget about pre-authorizations. Some treatments require preapproval from your insurance company. And if a claim is denied, remember you have the right to appeal. Many denials are overturned on appeal, so don't be afraid to fight for your coverage. 

Now, about budgeting. When facing a breast cancer diagnosis, your financial priorities will likely shift dramatically. It's time to create what I call a treatment budget. This is separate from your regular household budget and focuses specifically on managing the costs associated with your care.

To create your treatment budget, start by listing all potential expenses. Include the obvious costs like co-pays and medications. But don't forget about secondary expenses like transportation to appointments, special dietary needs, or home care services. 

Once you have this list, it is time to prioritize. What's absolutely necessary for your treatment and recovery? What can be reduced or eliminated if needed? 

Next, take a hard look at your income. If you anticipate reduced earnings during treatment, factor this into your budget. Can you tap into short-term disability benefits? Are there ways to generate additional income that will not interfere with your treatment schedule? This could include freelance work, selling items you no longer need, or tapping into investments.

Remember, budgeting during a health crisis is about flexibility. Your needs may change from month to month as your treatment progresses. Regular check-ins and adjustments to your budget are critical.

Let's move on to an important aspect of financial wellness during breast cancer treatment: accessing financial assistance. There are numerous resources available, but navigating them can be overwhelming. Here's where to start. 

One - Hospital financial services. Many hospitals have financial counselors who can help you understand your bills. Negotiate payments and find assistance programs. 

Two - Pharmaceutical company programs. Many drug companies offer patient assistance programs that provide medications at reduced or no cost to those who qualify. 

Three - Non-profit organizations. Organizations like the Susan G. Komen Foundation. Cancer Care and the Patient Advocate Foundation offer grants and financial assistance to breast cancer patients. 

Four - Government programs. Depending on your situation, you may qualify for programs like Medicaid, Social Security Disability Insurance, or assistance through your state's health insurance marketplace. 

Five - Crowdfunding. While not ideal for everyone, platforms like GoFundMe have become a common way for patients to raise funds for medical expenses. 

The key is to be proactive in seeking out these resources. Don't wait until you are in financial distress to start looking for help. Many of these programs have application processes that take time. So the sooner you start, the better.

Now, let's address a viral topic that is often overlooked: the intersection of financial stress and mental health. The emotional toll of a breast cancer diagnosis is enormous, and financial worries can exacerbate this stress. It is essential to acknowledge this connection and seek support for both their financial and emotional well-being.

Consider working with a financial therapist or counselor who specializes in helping people navigate the financial aspects of serious illness. They can provide strategies for managing financial stress and making sound decisions during this challenging time. Additionally, many cancer support groups include discussions about financial challenges. Sharing experiences and strategies with others who have been through similar situations can be incredibly helpful and empowering.

So, as we wrap up this section, I want to emphasize the importance of communication. Be open with your healthcare team about your financial concerns. They may be able to suggest less expensive treatment options or connect you with resources you weren't aware of. Similarly, don't hesitate to communicate with creditors if you are struggling to keep up with payments. Many companies have hardship programs for those facing serious illness, but you have to ask. 

Remember, financial wellness during a health crisis is not just about having enough money. It's about creating a comprehensive strategy that supports your overall well-being. By combining emergency funds, insurance coverage, careful budgeting, and proactive use of available resources, You can create a financial plan that allows you to focus on what's most important: your health and your recovery.

So, as we move into our final section, we will look beyond the immediate crisis and explore how to plan for long-term financial wellness as a breast cancer survivor, simply because, while beating cancer is a first victory, ensuring your financial health in the years to come is equally important.

The journey doesn't end with the last treatment. For breast cancer survivors and their families, the financial implications can echo for years, even decades, after diagnosis. But don't let that discourage you. With thoughtful planning and strategic decision-making, survivors can rebuild their financial foundation and secure their future.

The first step in rebuilding is to take stock of where you stand financially. This means conducting a thorough review of your current financial situation. Ask yourself, How much medical debt did you accrue during treatment? What about other debt that may have accumulated? What does your current income look like? Has your earning capacity changed?

It is also important to evaluate how your expenses have shifted now that active treatment has ended. Are there any new ongoing medical costs you need to factor in? Don't forget to check your credit score.It is possible that your credit has been impacted by medical bills or changes in your financial situation during treatment. 

Take a look at your savings as well. How much of your emergency fund or other savings were depleted during treatment? And what about your insurance coverage? Are your current policies adequate for your new health situation? 

Once you have a clear picture, It's time to create a recovery budget. This budget should prioritize two main goals. Replenishing your emergency savings and paying down any medical debt. For many, this might mean living on a tighter budget for a while. But remember, this is a transitional period, not a permanent state. 

To tackle medical debt, consider using the debt snowball method. Here's how it works. List all your debts from smallest to largest. Make minimum payments on all debts except the smallest. Put any extra money on the smallest debt. Once the smallest debt is paid off, move to the next smallest. This method can provide quick wins, boosting your motivation to keep going. However, if you have high-interest debt, you might want to prioritize that first to save on interest charges. 

For rebuilding savings, start small. Even setting aside $50 or $100 a month can make a big difference over time. As your financial situation improves, Gradually increase this amount. Aim to eventually rebuild your emergency fund to cover three to six months of expenses, just as we discussed earlier.

Now, if your credit was impacted during your treatment, there are strategies to help improve your credit score. Start by checking your credit report for errors and dispute any inaccuracies. Set up automatic payments to ensure bills are paid on time. Try to keep credit card balances low, ideally below 30 % of your credit limit. If traditional cards are not an option, consider a secured credit card to rebuild credit. You can also ask creditors about goodwill adjustments to remove late payments from your credit report.

I will also add that re-evaluating your insurance coverage post-treatment is necessary. Your needs have likely changed, and your insurance could reflect that. When it comes to health insurance, you may need a plan with lower deductibles but higher premiums to account for ongoing care and monitoring. Consider factors like coverage for follow-up care and screenings, access to specialists you may need, and coverage for potential long-term medications.

Life insurance can be trickier for cancer survivors but don't assume you are uninsurable. Many companies offer policies specifically designed for cancer survivors, often with a waiting period after treatment ends. Guaranteed-issue policies do not require a medical exam but often have lower coverage limits. Graded benefit policies offer full coverage after a waiting period. If you have access to group life insurance through an employer, this often does not require a medical exam.

If your cancer or treatment has affected your ability to work, long-term disability insurance becomes critical. Even if you are currently able to work, consider this coverage as a safeguard against potential future complications. Look for on-occupation coverage, which pays if you cannot perform your specific job, and noncancelable policies that cannot be canceled or have premiums raised as long as you pay on time. While it might seem premature, cancer survivors should consider long-term care insurance earlier than the general population. Your history of cancer might make you more likely to need extended care in the future. When shopping for policies, consider the daily benefit amount, the benefit period, and the elimination period. That is how long you must pay for care before benefits kick in. 

Planning for future healthcare costs is often overlooked, but it is necessary for breast cancer survival. You will likely have ongoing medical expenses for years to come, including regular checkups, imaging tests, and medications. Some survivors also face long-term side effects from treatment that require ongoing care.

To prepare for these costs, consider opening a health savings account an HSA if you are eligible. HSA offers triple tax benefits: contributions are tax deductible. The money grows tax-free, and withdrawals for qualified medical expenses are tax-free. This can be an excellent way to set aside money for future healthcare.

If you are not eligible for an HSA, look into a flexible spending account an FSA through your employer. While FSAs typically have a use it or lose it policy, they still offer tax advantages for healthcare spending. Additionally, when budgeting for the future, factor in a healthcare cushion. An extra amount set aside specifically for medical expenses. This can help prevent future health costs from derailing your overall financial plans. 

Your cancer experience may have impacted your career trajectory or changed your perspective on work. Therefore, it is worth reassessing your career goals. Does your current career still align with your values and needs post-treatment? Can you negotiate for more flexible hours or remote work options to accommodate ongoing care needs? If you need to change careers, explore retraining or educational opportunities that can help you transition. 

It is also important to know your rights. Familiarize yourself with the Americans with Disability Act and how it protects cancer survivors in the workplace. Your experience as a cancer survivor can be a unique strength in many fields, providing empathy and insight that others may not have. Some fields that may be particularly well suited for cancer survivors include patient advocacy, non-profit management in the cancer space, health and wellness coaching, and medical billing and coding, which can often be done remotely.

When it comes to retirement planning, your experience may have impacted your retirement timeline and savings. So, take some time to reassess your retirement goals. Has your cancer experience changed what you want your retirement to look like? If you are 50 or older, you can take advantage of catch-up contributions to your 401k plan and your IRA. Consider working longer if possible; even a few extra years of work can significantly boost your retirement savings. Exploring part-time work in retirement can provide extra income and potentially health benefits. And don't forget to review your asset allocation to ensure your investments align with your potentially changed risk tolerance and time horizon. Estate planning is another important aspect to address. While it's a topic many prefer to avoid, having a solid estate plan can provide peace of mind for you and your family. Key components include a will or living trust, an advanced health care directive, a durable power of attorney for finances, and beneficiary designations on retirement accounts and life insurance policies. Consider working with an estate planning attorney who has experience with cancer survivors, as they can help address unique concerns you may have. 

Lastly, let's talk about the impact on mental and emotional wellness. Financial stress can take a significant toll on your mental health, which in turn can affect your physical recovery and overall quality of life. It is necessary to acknowledge the emotional aspect of financial recovery. Many survivors experience feelings of guilt, anxiety, or depression related to their financial situation. These feelings are valid and should be addressed as part of your overall wellness plan. 

Consider working with a financial therapist who can help you navigate the emotional aspects of money management post-cancer. They can provide strategies for coping with financial stress and help you develop a healthy relationship with money as you move forward. Practicing mindfulness and stress reduction techniques, setting realistic financial goals and, celebrating small victories, and seeking professional help if financial stress is significantly impacting your quality of life can all be beneficial.

Do not underestimate the power of community support either. Connecting with other survivors through support groups or online communities can provide both emotional support and practical financial advice. Many survivors have walked this path before you and can offer valuable insights and encouragement.

So as we conclude this episode, remember that your financial recovery is a journey, not a destination. It is okay if progress seems slow at first. Each step forward, no matter how small, is a victory. Celebrate these victories and use them as motivation to keep moving forward. Your worth is not defined by your financial situation. You've survived cancer. That alone is a testament to your strength and resilience. Apply that same strength to your financial recovery, and you will be amazed at what you can achieve. 

By taking control of your financial future, you are empowering yourself to live life on your own terms beyond the shadow of cancer. Remember, financial wellness is an integral part of your overall health and recovery. With careful planning and the right support, you can navigate these waters and emerge stronger financially and emotionally. As we wrap up our discussion on the financial side of breast cancer survival, let's reflect on the journey we've explored. We've uncovered the hidden cost of breast cancer, strategized ways to navigate immediate financial challenges, and looked at long-term planning for survivors and their families. 

Remember, financial wellness is not just about numbers. It's about peace of mind, security, and the freedom to focus on what truly matters: your health and your loved ones. And as the renowned author and breast cancer survivor Audre Lorde once said, "Your silence will not protect you." This applies not only to speaking up about breast cancer but also to addressing its financial implications head-on. 

Also, in her powerful book, The Emperor of Maladies, A Biography of Cancer, Dr. Siddhartha Mukherjee writes, "Cancer is not a single disease, but a collection of diseases. It is not one entity, but many". This insight reminds us that each person's journey with cancer, including its financial aspect, is unique. Just as medical treatments are customized for each patient, our financial strategies should also be personalized. 

By understanding the costs, leveraging available resources, and planning for the future, you are taking control of your financial health alongside your physical health. It's about empowering yourself with knowledge and strategies to face whatever challenges may come. 

And as we close, I want to remind you that you are not alone in this journey. There are resources, professionals, and communities ready to support you. Your resilience in facing breast cancer expands to your financial life as well. With careful planning and the right support, you can navigate these waters and emerge stronger financially and emotionally. 

I encourage you to take the first step in securing your financial wellness. Start by evaluating your current financial situation and identifying areas where you can strengthen your financial foundation. Whether it's building an emergency fund, reviewing your insurance coverage, or seeking financial assistance, take action today. 

To help you get started, I've created a free Health Crisis checklist. This resource will guide you through key steps to prepare and manage the financial aspects of health crises like breast cancer. You can download it from our website at mariejocaesar. com , or you could take a scan of the QR code behind me here.

If you found this episode helpful, Please share it with someone who might benefit from this information. Remember, by spreading awareness about the financial side of breast cancer, we are helping more people prepare and cope with these challenges. Thank you for joining me today on this important topic. I want to acknowledge all the brave individuals fighting breast cancer and the dedicated organizations for this important topic, working tirelessly to support them. Your strength inspires us all. Together, we can create a future where financial stress does not compound the challenges of battling breast cancer.

I am your host, Marie-Jo Caesar. I will be back again next week. Until then, continue merging life and money. Bye for now.