How a Medical Diagnosis Like Mesothelioma Can Impact Your Family’s Finances

Learn how a medical diagnosis like mesothelioma can impact your family’s finances, from medical bills to lost income, and explore resources for financial support and relief.

How a Medical Diagnosis Like Mesothelioma Can Impact Your Family’s Finances

A serious medical diagnosis, like a rare cancer mesothelioma caused by exposure to asbestos, can surely knock your world off its axis. However, the real problem is that a huge financial strain hides beneath the surface of an undeniable emotional toll.

The effect of this health crisis reaches beyond emotional distress and has a direct impact on your savings, retirement plans, and every future goal. The only way to recover from these financial difficulties or at least feel better is to understand how the diagnosis will influence you in the coming weeks and months. Let’s explore a couple of major financial disruptions caused by a diagnosis like mesothelioma and how to regain control.

Soaring Medical Expenses and How to Deal with Them

In the wake of a diagnosis as serious as mesothelioma, it’s natural to see medical bills balloon out of control. Even patients with comprehensive health insurance find it hard to deal with massive expenses. The combination of deductibles, copays, out-of-network costs, and coinsurance fees creates a financial burden that is simply too hard for families to manage efficiently.

Immunotherapy for mesothelioma​ offers hope, but they again pose a significant financial burden to patients. Immunotherapy functions by activating your immune system to target and destroy cancer cells. It stands apart from chemotherapy, which also attacks cancer cells but does it more directly and often leaves you with more side effects. You need to understand that despite immunotherapy being both vital and occasionally successful, it remains a costly treatment option.

 

Ensure proper handling of your healthcare matters by reviewing your insurance policy details, such as copays, deductibles, covered services, and so on. Also, keep in mind that hospitals and doctor’s offices may provide discounts or payment plans if you negotiate with them. Many providers may agree to discounts or installments when you opt for cash payments or establish payment schedules. 

 

It’s also possible to find various organizations, including pharmaceutical companies, that offer patient assistance programs to help cover medication and treatment expenses. Spend some time finding and comparing available programs and applying for those where you meet eligibility requirements.

Dealing with Dwindling Income After a Diagnosis

After a diagnosis, one of the most direct financial shocks comes from the possibility of reduced earnings. On one side, you have to spend a lot of money on your treatment, but on the other side, you don’t have a constant stream of income to facilitate it. 

 

In some cases, you may have to take time off from work or reduce your hours. However, on other occasions, you might no longer be able to go to work. The financial impact of lost income hits hardest when your whole family relies on you as the primary breadwinner. It gets worse when family members or spouses have to reduce their work commitments in order to offer necessary caregiving support. 

To manage things more effectively, you need to determine whether your employer offers disability insurance or if it’d help to purchase a private policy. No matter the case, be sure to get familiar with the policy terms and benefit amounts as well as how to apply for them. 

It may also be a good idea to explore different career options that demand less physical effort. You can use vocational rehabilitation services to receive assistance when looking for new opportunities or building required skills. 

Endnote

The process of handling a medical diagnosis creates both emotional exhaustion and financial hardship. However, you can manage things better and work toward restoring financial stability by confronting everything directly alongside professional advice and proper planning. Know that there are resources available and you must use everything you possibly can.