Financing for Cancer Treatment

Planning Finances For Your Treatment

Planning finances for cancer treatment is an essential step in preparing for the financial costs that may arise during the course of treatment. It is crucial to have a comprehensive financial plan to ensure that you can cover medical expenses, manage day-to-day living costs, and maintain financial stability during this challenging time. By taking proactive steps and following these guidelines, you can effectively plan your finances for cancer treatment:

Assess Your Health Insurance
Review your health insurance policy to understand what type of coverage is provided for cancer treatments. Evaluate the extent of coverage for chemotherapy, immunotherapy, radiotherapy, surgeries, targeted treatments, medication, and hospital stays. Consider any limitations or out-of-pocket expenses you may have to bear.^1,4

Seek Financial Assistance Programs
Investigate government-funded or charitable organisations that provide financial assistance for cancer patients. These programs can help cover treatment costs, transportation expenses, and even living expenses during treatment. Research and determine the eligibility criteria and application process for such programs.²

Doctor and Hospital Networks
Choose doctors and hospitals within your insurance network to optimise coverage and reduce out-of-pocket expenses. Consult with your healthcare provider to identify cost-effective treatment options and discuss any available discounts or financial assistance programs that they may be aware of.³

Budgeting and Planning
Develop a comprehensive budget that includes projected medical costs, such as doctor consultations, tests, treatments, medications, and supportive care expenses. Factor in additional expenses like transportation, child or elder care, home modifications if needed, and loss of income during treatment.²

Emergency Fund
Create an emergency fund specifically designated for cancer-related expenses. Contribute to it regularly to ensure you have a safety net for unexpected costs or unforeseen medical needs.⁵

Disability Insurance
Depending on your circumstances, consider disability insurance to provide financial support if you are unable to work during treatment and recovery.⁶

Seek Financial Counselling
Consult with a financial advisor or counsellor who specializes in medical expenses to guide you through the process. They can help you analyse your current financial situation, identify possible cost-saving measures, and assist in setting up a manageable payment plan if necessary.⁷

In Singapore, there are several healthcare protection schemes available to Singaporeans. These schemes aim to provide various levels of coverage and subsidies for different healthcare services. Here are some of the key schemes:

Cancer Drug List

Enhanced Home and Elderly Healthcare
(Eldershield & CareShield Life)

MediShield Life

Medisave

Medifund

Medication Assistance Fund (MAF)

Treatment Financing

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Financing

Treatment Financing

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