Tag Archive for: financial stress

Managing Financial Stress in an Uncertain Politically Charged Environment

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I noticed in the last few weeks that I’ve been having a really difficult time sleeping. I experienced heart palpitations as well as short periods of minor panic attacks. This is accompanied by a bit of a lack of interest in doing things outside of my home. One evening, a friend asked me to go out and enjoy a wonderful evening of dining and music at what once was my favorite yet forgotten restaurant. I used to frequent it often before COVID but had not since.  

When we sat down, I immediately requested that we refrain from any political discussions or anything that is at the forefront of mind in the news. He agreed. The band was already playing soft jazzy music with classics and even some great renditions of more modern pieces. For example, the lead song from the movie Barbie. It was wonderful!!!!  Unfortunately, we did get off task and reverted to politics a few times out of habit but quickly recovered ourselves to go on and enjoy the evening. It wasn’t until we had finished our dinner and sat back to listen to the music that I realized how much I missed just being!  

You may find yourselves in a similar state. I would suggest you find out how much information you need and how and when to access it. Hint: not necessarily daily and not before bedtime.  Here are some things you can do now to prepare for the worst that may happen if new regulations and cuts to needed departments are put into place but still hope for the best. 

  • Try to mitigate financial stress by making sure you have cash on hand for emergencies. Usually, 6 months of monthly expenses. If you don’t already have that, start to build it up. Look at your discretionary funds and save for those rainy days. 
  • Reduce spending by reducing unnecessary spending, such as eating out and subscriptions. Consider cooking at home and reducing grocery shopping to every other day rather than buying in bulk. Reduce food waste. 
  • The cost of goods is sure to rise, and you need to be prepared.  
  • If you need maintenance done on your car, don’t wait if you don’t have to. The tariffs may make getting parts a challenge.  
  • Review your investments and make sure they have some inflation-proof financial instruments.  
  • Really take a hard look at where you are spending your money. Consider what you want vs what you need.  

Other financial worries may include ongoing clinical trials or wondering if you should even look at one, considering changes that are now in effect or may continue with funding issues. Speak to your doctor to find out what trials you qualify for and verify that they are not in jeopardy. Also, find out where they are, as some research facilities may not be conducting that trial anymore. You may have to get additional prior authorizations, and your out-of-pocket costs may be higher if you need to travel further for the treatment. Some of the additional costs may include travel, lodging, food, etc. 

Other concerns you may have may be related to how Medicaid or Medicare may be continued to be funded as there is talk that Medicare may also be of concern as well as if the Affordable Care Act (ACA) will continue subsidies for your coverage. Medicaid may be somewhat defunded, and there may be work requirements for some enrollees. These are all areas that are rumored to be targeted by the new administration. Continue to be diligent about your insurance. Make sure you have all the information you need from your healthcare provider regarding possible new treatment recommendations as well as their associated costs. Be proactive in getting to really know your healthcare insurance as well as possible changes to your plan when and if you are entitled to them.  

Another big concern of many patients is the possibility that their current prescriptions may be more difficult to access or that their insurance carrier is no longer covering prescriptions.  Review your insurance often. Make sure you don’t ignore mailings; they may be time sensitive and contain important information regarding your coverage.  

If you find your insurance is no longer covering your medications, speak to your doctor about a generic or other alternative. You can also request an appeal and have your doctor send in another prior authorization with the medication being medically necessary.  

Be aware that some Medicare Advantage plans dropped some expensive cancer medications for this new year 2025. If you find yourself in this situation, the drug manufacturer may be able to assist you. 

Unfortunately, the uncertainty surrounding us can put tremendous stress on an already stressful situation. Be kind to yourself. There are programs available to cancer patients that will assist them in getting mental counseling.  

Also, lean on the members of your local support groups. If you aren’t a member, consider joining. Reach out to organizations that offer patient support and coaching. Talk to your healthcare provider and see if they have resources at their facilities for stress reduction. Many cancer resource centers offer programs.  

Again, be diligent and mindful of your needs. Reach out to someone if you have concerns or questions. Be kind to yourself and place your health first. ALWAYS!

Sources

The Two Big Decisions That Will Drive Health Policy

Trump Endorses Budget That Would Slash Medicaid Funding 

Cancer Drug Shortage: Causes, Trends, and Implications for Clinical Trials

Understanding Clinical Trials and Associated Cost and Mitigating Financial Stress

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Remember the law that passed 2 years ago that prevented medical debt of under $500 from hitting your credit report? That was good news for many people. That, however, doesn’t stop debt from actually happening while potentially compromising your financial future. Let’s take a look at medical debt in the United States and how it is distributed, and what can you do to mitigate the effects of medical debt.  

Clinical Trials: There are several ways to find a clinical trial. You can find them yourself or you can work with your health care team to identify a clinical trial that might be a good fit for you. Some of the resources available to help you find a clinical trial are: 

 It’s very important to talk with your healthcare provider as well as your insurance company to find out what they will pay and what labs, scans or other medical procedures will not be covered under the clinical trial. The Patient and Affordable Care Act requires most private insurance companies to cover the routine costs of your health care when you participate in a clinical trial. The routine costs include office visits, blood tests, and imaging scans that you would receive if you were getting the standard of care. Remember, your insurance company cannot drop your coverage or refuse to let you take part in the clinical trial.  Also, you need to be aware of other associated costs such as: Any research costs that are specific to the trial are not required to be paid for by your insurance company. Check with the trial administrator to see if they will cover these costs. If you are participating in a clinical trial that is out of network, your insurance company is not required to pay for the associated cost if they would not normally cover out-of- network providers. Some insurance carriers will pay at a lower rate, resulting in you having to pay more out-of-pocket. 

For other insurance providers such as government programs includingMedicare, military, and VA plans, different rules may apply. To review coverage go to: cancer.gov/about-cancer/treatment/clinical-trials/paying/federal-programs. 

If you are covered under Medicaid, Medicaid will cover your routine associated costs with the clinical trial. You cannot be denied coverage based on where the clinical trial is conducted or whether the provider is in or out of network. For more information go to: www.medicaid.gov  

  • Location of the trial, which may require additional costs for travel, parking, ground/air, lodging, food, etc. 
  • What is the time commitment and how will it impact your ability to work or care for your family if you need to take time off for an extended period of time, will you still be able to meet your financial obligations? 

What happens if your insurance company says no? 

 First, don’t give up. A large percentage of coverage requests and claims are paid on appeal.  

Again, you will need to file an appeal if your insurance company won’t pay treatment costs. You can contact the drug manufacturer or advocacy groups for assistance. Also, have your healthcare provider reach out to them as well. Your doctor can also file a letter with the appeal telling the insurance company about the benefits of the trial. They can include information about other insurances who have paid for the trial. 

If you need assistance with filing the appeal of your claim, go to: 

I have heard many times patients say, “I don’t want to take money from people who need it more than I do” when they are in situations where they really need it. Non-profit grants used to assist patients with the cost of co-pays, deductibles, insurance premiums, coinsurance, travel and many other needs already have been vetted for the patients they want to serve. If you qualify, then don’t hesitate to seek them out.  

Don’t forget to seek financial assistance from local organizations as well. A number that people seem to forget they can call 211 to inquire about local assistance programs. 

You all probably have heard or even know someone who has resorted to Go Fund Me to raise money to pay for medical bills. Go Fund me has become a standard resource for raising money to pay for medical needs. It’s unfortunate that the need is so great.   

As with many things, the people who are most harmed by the high costs of medical care are those who are already disparaged. Mainly people of color.  

Asking about your treatment options as well as the associated costs before participating in a trial, or getting treatment is key in advocating for yourself. And seeking out help understanding your insurance coverage as well as other available resources is the key to better and sustainable treatment as well as reducing financial stress.   

Sources:  

https://triagecancer.org

https://healthtree.org

https://www.medicaid.gov

https://www.patientadvocate.org 

Estate Planning: Secure Your Future, Protect Your Legacy

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Estate Planning is probably the least understood area of financial planning. It is also possibly one of the most important components of a solid financial plan. Many people think it is only for the rich, or it can be done later when you’re older. Neither of these are true or wise! There are many benefits to estate planning that are beneficial to you when you are alive.

Your estate is everything you own, minus everything you owe. Everyone has an estate! 

Estate Planning

Estate planning is a well thought out action plan you can use to determine what happens to your assets, such as house, car, savings, businesses, and other valuables as well as your obligations, (debt) while you are alive and after you die.

It is very common for even people with a lot of financial resources to not have any plan in place when they become sick or die. You’ve heard of celebrities like Prince or James Brown that have plenty of money but failed to plan. 

Therefore it is important for everyone to make sure that all of your resources are working, and that there are no gaps or weaknesses that will surface at the moment we need to be concentrating on other things such as your health and recovery. 

A Will 

This is one of your first lines of defense in estate planning. This is a legal document that outlines how assets are distributed, who takes care of children and pets, and other wishes you may have after you die. 

An Executor

An executor is a trusted person you appoint to manage your affairs after death. You should make sure this person is competent and able to manage these affairs as they can become quite complicated. Appearing in court, getting inventory evaluations, debt information collection, valuable papers, are only some of the responsibilities that are required of the executor, 

A Power of Attorney

Not only is it important to “get your affairs in order” in the event of death, but there are many estate planning tools to help you manage your finances while living. For example: A Medical Power or a General Power of Attorney.

A durable power of attorney can help you protect property in the event an individual becomes unable to handle financial matters. It also allows that person to authorize someone else to act on his or her behalf to do things like pay everyday expenses, collect benefits, watch over investments and file taxes. The power of attorney must be drawn up by an attorney. This is important. They will keep a copy on file. I would also suggest that the person you name is someone who has your best interests in mind as they will have access to your money. This person needs to be reliable, trustworthy and responsible. Taking the time to identify this person is imperative. 

A Living Trust

A living trust (also known as a revocable trust) is a separate legal entity that protects property and investments. It’s called a living trust because it’s meant to function while a person is alive. The Trust is controlled by the person who creates it, and they can change the terms, transfer money, transfer property in and out of the trust or end the trust altogether. That individual can also name a co-trustee, such as a financial institution or a loved one to manage the assets in case he or she is unable to do so. Do not wait until you are in a crisis to set up a living trust. 

Keep mind, there are many types of Trusts. Working with an Estate Attorney as well as a Financial Planner can help determine which one is right for you. 

An Advanced Medical Directive

An advanced medical directive lets others know what medical treatment is desired, and it establishes who will make medical decisions for the individual in the event they are unable to make decisions for themselves. Depending on what’s allowed by the state in which the person lives, this document may also include a living will, a durable power of attorney or healthcare, and a do-not-resuscitate order.

Planning Ahead

Planning ahead for these things will allow everyone to know in advance what you want. It will allow expenses to be paid without interruption and can give you peace of mind as to how you want to be medically cared for in the event you cannot make those decisions for yourself.

It is possible to make sure you have your assets titled in a way that can help you manage your assets both before and after your death. If you have a lot of assets and different kinds of assets, a financial plan can be your first line of defense in pulling everything together. You should make sure the person you appoint as executor or successor executor as well as appointing a guardian for minor children are aware of your requests and have access to your documents. 

Some estates are simple and others may be more complex, especially when you have blended families. I suggest talking to an estate attorney to give you direction. Planning now can save you thousands of dollars later. 

You can prepare your funeral request in a will. As well as many other considerations.

Imagine the peace of mind you and your family will have when you have prepared in advance. 

I know it isn’t an easy topic to dwell on, but making sure you have everything in order can save a lot of headache for you later and your family at your death. The financial and emotional cost of waiting is too high! 

Sources:

American Bar Association, Real Property, Trust and Estate Law Section: https://www.americanbar.org/groups/real_property_trust_estate/ 

Trust and Will: What is Estate Planning? Estate Planning Basics Patrick Hicks, Head of Legal, Trust & Will: https://trustandwill.com/learn/what-is-estate-planning 

Breaking Barriers: Enhancing Veteran Support in Lung Cancer Care

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Breaking Barriers: Enhancing Veteran Support in Lung Cancer Care from Patient Empowerment Network on Vimeo.

Are there VA services to help veterans with the financial and mental stress of lung cancer? Expert Dr. Michael Kelley from Duke University School of Medicine discusses transportation and financial barriers to care, Community Outpatient Based Clinics, and support services for mental stress and anxiety.

[ACT]IVATION TIP

“…if you have a concern or a barrier, please talk to your care team. There are many resources that VA has that will try to address any challenge that you’re facing.”

Download Resource Guide  | Descargar guía de recursos

See More from [ACT]IVATED NSCLC Veterans

Related Resources:

Do Disparities Exist for Black and Latinx Veterans Facing Lung Cancer?

Do Disparities Exist for Black and Latinx Veterans Facing Lung Cancer?

 Can Veterans in Rural Areas Facing Lung Cancer Access Experts Via Telemedicine?

Can Veterans in Rural Areas Facing Lung Cancer Access Experts Via Telemedicine?

 Navigating Lung Cancer Clinical Trials: VA Support and Resources for Veterans

Navigating Lung Cancer Clinical Trials: VA Support and Resources for Veterans

Transcript:

Lisa Hatfield:

Given that transportation and financial coverage for travel are major barriers to lung cancer care for veterans, what strategies or interventions do you believe could be implemented to alleviate these challenges and reduce associated anxiety and stress for veterans?  And maybe a better way to ask that question is, are there any resources within the VA system to help veterans deal not only with the financial impact, but also with the emotional impact of a lung cancer diagnosis?

Dr. Michael Kelley: 

Yes, so there are certainly some resources. So some veterans are eligible for travel pay based on their distance and some other factors that I’m not an expert in, so I won’t try to enunciate those. But there can be other resources. Sometimes the American Cancer Society will have travel funds. There is a volunteer service at most VA hospitals, and sometimes they have funds. The way to access all those different options is generally through a patient navigator that might be a social worker at a particular VA hospital. Talk to your provider or the provider’s team about any barriers that you’re experiencing around transportation or other barriers, but transportation, and they can redirect you to the appropriate person on the team who would be able to discuss that with the veteran.

There is another approach that VA is taking for transportation is that the…that question implies that the veteran has to travel to the care and what VA is doing is bringing the care to the veteran. So right now we deliver most of our cancer care at medical centers and we are in the process of pushing that care into our clinics called CBOCs, Community Outpatient Based Clinics. So these services will make it much easier for more veterans to access closer to where they live which would reduce that transportation barrier.

So that’s one thing. And then you also asked about other types of barriers like anxiety or stress. Many of our practices now have embedded mental health. So that’s one resource which may be available for you. So again, talk to your provider team if you have stress or anxiety and you’d like to talk to someone about that. It should not be a stigma to have a discussion with someone about any of the thoughts that you’re having or reactions to the diagnosis. There are big decisions that have to be made.

It’s understandable that you might want to talk to someone, and so we do provide that service and these are professional mental health people, but there’s also a palliative care team at every medical center. The palliative care team is really good about going through and spending a lot of time talking with you about decisions that you would want to make in the situation about care decisions about how you might want to weigh those decisions. That can also be a resource for veterans. So my activation tip in this area is, if you have a concern or a barrier, please talk to your care team. There are many resources that VA has that will try to address any challenge that you’re facing.

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