How Viatical Settlement Taxation Affects Your 2018 Finances

The term viatical settlement refers to a person with cancer or other life-threatening disease selling his or her life insurance policy in exchange for immediate cash. The person selling the policy can then use the proceeds to pay for medical treatments, living expenses, or any other costs they may have. This type of transaction can provide a large amount of financial relief to individuals with a serious illness. However, as with all large transactions, it’s important to know the answers to key viatical settlement taxation questions before proceeding.

Who is Eligible for a Viatical Settlement?

There are a few criteria you must meet in order to qualify for a viatical settlement. You must have a life-threatening disease such as cancer, ALS, or Alzheimer’s to be eligible to sell your life insurance policy. Additionally, it must hold a value of at least $100,000, and you need to be a legal resident of the United States. Some viatical companies have additional qualifications but these are the basic qualifiers.

Viatical Settlement Taxation Implications

The legal definition of a viatical settlement refers to when an individual with a life expectancy of 24 months or less sells their policy to a third-party for immediate funds. The law deems that individuals that fall within this projected life expectancy, should not be burdened with additional taxes when completing a viatical. Therefore, if a doctor or the actuary firm used by the viatical company you’re working with deem that you have a life expectancy of 24 months or less, the entire settlement is free from any taxation.

Even if the insured lives past their projected life expectancy of 24 months or less, the proceeds from the settlement are still completely tax-free.

Viatical Settlements and Estate Taxes

In most situations, all property that a person owns at the time of his or her death becomes part of an estate subject to taxation. This includes life insurance policies.

However, viatical settlement taxation is different because it involves no gifting or estate planning. Therefore, the face value of the life insurance policy involved in the viatical settlement is not included in the overall taxation value of the estate even when the sale occurs shortly before death. However, the proceeds from the sale may be included in the taxable estate if not spent, given away, or disposed of in another manner prior to the insured’s death.

Keep in mind, these are basic guidelines for how taxation may affect your settlement. If you have more questions in regards to viatical taxation, make sure to consult a specialist in this area such as your tax advisor for additional information.

American Life Fund has worked with hundreds of cancer patients to help them achieve financial freedom. To find out if your policy is eligible for a viatical settlement, complete our simple form. Or, if you would like to learn more about how American Life Fund can assist with your financial needs, give us a call at 877-226-9836. We look forward to working with you!

Taking Care of Yourself

One of the most important reasons people turn to a viatical settlement is so that they have the resources to take care of themselves. In this vein, pancreatic cancer patients use viatical settlements to cover medical treatments, explore alternative treatments, and travel to medical appointments. It also allows you to afford some items to make you more comfortable and help alleviate your discomfort such as massages or other treatments.

Covering Time Off Work

Sadly, many cancer patients have to continue working through the experience, but if you take out a viatical settlement, you can use the funds to cover the cost of taking time off from work. Some patients even use the funds to retire early. Similarly, if you have a loved one helping you, you can also use the funds to help them take time off from work. You may want to extend them money to cover their bills, travel with you to medical appointments, or pay for other expenses.

Reducing Financial Stress

When you have pancreatic cancer, you need to be able to focus on your healing journey and spending time with your family. That seemingly straightforward task can seem daunting when you are dealing with a lot of financial stress, as well as your health issues. However, when you cash out your life insurance fund using a viatical settlement, you can instantly alleviate a lot of your financial stress.

Spending Time With Family

Viatical settlements don’t just have to be used to pay for bills. Instead, they can be used to help create precious memories. Patients can use the settlement to pay for a luxury vacation, to allow multiple people to take time off work without worry, or to cover the costs of a big family get together.

Paying Off the Home

Sometimes, patients use the funds to pay off their home. This allows them to not have to worry about making mortgage payments while they are ill. Also, once their home is paid off, they know that they don’t have to worry about ever losing their home and their family will always have a place to stay.

Getting Peace of Mind

Extra funds provide peace of mind when you have pancreatic cancer. If you have pancreatic cancer, we may be able to help you. Our viatical settlements turn your life insurance policy into a one-time, tax-free cash payment. To learn more call us at 877-226-9836 or instantly see if you qualify.

Prior to doing their research, many people have assumptions about what viatical settlements are and how they work. That’s why it’s important to make sure you have all the facts before proceeding with a viatical settlement. Instead of sifting through tons of information, read this guide that debunks common viatical settlement myths.

Myth #1: Viatical Settlements Are Expensive

Truth: When you work with a viatical settlement broker, obtaining a settlement carries some costs. Brokers get a variety of settlement offers from different companies, and in exchange for that service, they charge you a fee. That can drive up the total cost and potentially even make the process expensive.

At American Life Fund, we cut out the middle man. We work directly with our clients which means we don’t charge any extra fees, so you don’t have to worry about unexpected expenses. When we offer a settlement, you get the full amount of the offer.

Myth #2: Viatical Settlements Offer an Unfair Amount

Truth: Viatical settlements offer a fair amount. The amount you receive varies based on the value of your life insurance policy, your age, and your diagnosis. We work hard to ensure that our clients get the highest amount possible.

Plus when you take out a viatical settlement, the entire amount is tax-free. In contrast, other financial options are taxed as income or come with high interest rates.

Myth #3: Viatical Settlements Are Time Consuming

Truth: The settlement process can take different amounts of time, depending on which company you hire. However, at American Life Fund, we work hard to make the process as fast as possible. While some companies can take months to get you your settlement, we get funds into our client’s hands in as little as one week.

Myth #4: Viatical Settlements Are Stressful

Cancer is stressful. On top of the physical toll, the financial stress that comes with cancer can be completely overwhelming. Obtaining a viatical settlement helps to reduce these stresses. If you check out testimonials from our clients, you see all the different ways viatical settlements help to reduce the stressors that come with a cancer diagnosis.

Myth #5: Viatical Settlements Require Lots of Paperwork

Truth: Again, we make the application process as easy as possible for our clients. Because we need recent medical records and policy details to verify your information, we ask you to send any of these that you already have. And if you don’t have this information, we retrieve it for you.

In terms of paperwork that requires your completion during the viatical settlement process, you fill out the initial, one-page application to get started, and you review and sign the contract at the end. That’s it.

We understand that living with cancer is an extremely stressful time. We designed a process that minimizes stress to help our clients have the best and most seamless experience possible. To learn more, call us today at 877-960-2352 or instantly see if you qualify with our simple, two-step form.

When many people think of viatical settlements, they imagine the ways the settlements can help the individual with cancer. But viatical settlements offer benefits that can help the entire family and anyone around the patient. Here’s a look at just some ways a viatical settlement can benefit family caregivers.

Reduces Stress on Caregivers

Being a caregiver to a friend or relative with cancer is more than just a physical job. It can also be extremely emotional and stressful. Although a viatical settlement doesn’t take away all of that burden, it eliminates many financial challenges, and in turn, that financial relief can help the caregiver to experience less stress.

Helps With Patient Stress

Many caregivers experience psychological despair as they watch their loved ones suffer. Studies show that family caregivers, in particular, often have a lot of trouble processing the emotions they feel when their loved one has been diagnosed with cancer. Those complicated emotions get even tougher to process as the patient deals with recurring bouts of cancer. Caregivers also struggle as they watch the patient suffer from a myriad of symptoms and decline physically.

Of course, all of this is compounded by financial stresses. If the caregiver knows that the patient can’t pay their bills, if debt collectors are constantly calling on the phone, or if the patient is turned away from some clinics due to inability to pay, that all increases stress for the patient, which is hard on the caregiver. When a viatical settlement helps to reduce the stress that the patient is likely to be feeling, it benefits the caregiver as well. This fact is especially true in situations where the caregivers are emotionally tied to the individual with cancer.

Time Off Work

On a practical level, a viatical settlement can help a caregiver to take time off work. Cancer patients can use the funds from a viatical settlement in any way they choose, and many patients opt to use the money to help their caregivers take extra time off work. Many people can’t afford a leave of absence unless they have extra help to cover bills and living expenses. On top of that, cancer patients often need to travel to access care and can’t always travel alone. A viatical settlement allows caregivers to take the time necessary to care for their loved one and to travel with them when needed.

Respite Care

Taking care of someone with cancer is draining. Many caregivers are with their relatives 24/7. They sacrifice their careers, time with other family members, and even their personal health to take care of their loved one. They need breaks, but they often feel guilty for taking breaks. If they can get past the guilt, there are logistical hurdles.

They need someone who understands how to care for their loved one, and that typically means hiring a professional nurse or a respite caregiver with experience. When a cancer patient gets a viatical settlement, they can use some proceeds to hire respite care and give their caregivers a much-needed break.

If you have cancer, a viatical settlement can help you, but working with viatical settlement companies can also help your caregiver. To get more information or to instantly see if you qualify, complete our form or call us at 877-658-1360.

There are many things to consider before you start the viatical settlements process such as what exactly is a viatical settlement, what are the qualifications, and how do you apply for one? To make sure you have the best experience possible, make sure you learn these viatical settlement fundamentals.

What Are Viatical Settlements?

Viatical settlements refer to the sale of a policy owner’s existing life insurance policy to a third party for more than its cash surrender value, but less than its net death benefit. Such a sale provides the policy owner with a lump sum that can be used for a variety of expenses and in exchange, the third party becomes the owner of the policy. With a viatical settlement, you benefit from your policy’s value now instead of later.

How Do You Qualify for a Viatical Settlement?

There are many things that factor into a viatical settlement company’s decision to offer a viatical settlement. Here are some of the factors these companies take into consideration.

• Your health – In order to be considered for a viatical settlement, you must have a life-threatening illness such as cancer, Alzheimer’s, or ALS.
• The insurance policy’s death face value– Generally, you must have a life insurance policy of at least $100,000. There is no cap for the amount of the policy.
• Your citizenship status – Typically, you must be a United States citizen in order to be considered for a viatical settlement, but you may be able to qualify as a legal permanent resident.
• The rating of your insurance company – Viatical settlement companies want to be assured that if they buy out your policy, the insurance company that issued it will still be around and able to pay the policy in several years’ time. Because of this, they will only work with well-established, well-rated insurance companies.

How Do You Apply for a Viatical Settlement If You Qualify?

If you meet the qualifications and wish to proceed with the viatical settlement process, you need to find a licensed viatical settlement company. These companies have many rigorous policies they have to adhere to, and they must complete a licensing process and training. Make sure you choose a company with lots of experience with your health diagnosis and ideally, select a company with positive reviews and feedback from those who have used their services in the past.

You may want to get several quotes from competing viatical settlement companies and compare them before you make a final choice. This is a big decision, and you deserve the best settlement possible.

Cashing in your life insurance policy for a viatical settlement can ease your financial hardships during an already emotional and trying time, so it is definitely something to consider if you meet all the qualifications.

To learn more or to instantly see if you qualify, contact us today at American Life Fund. We can help you get the funding you need to relieve financial stress and provide peace of mind during this difficult time.

When you work with a viatical settlement company, you receive a significant cash payment in exchange for your insurance policy. You can use the funds to pay for a variety of expenses, and one option is to use the money to cover the cost of in-home hospice care.

What Is In-Home Hospice Care?

Sometimes called palliative care, hospice care is for patients who are expected to live for six months or less. Hospice care is designed to help people live out their last days as comfortably as possible. In many cases, people go to a hospice facility for this type of care, but you can also opt for in-home hospice care.

Often, in-home hospice care involves a team of professionals. You may deal with physicians, nurses, hospital aides, social workers, bereavement specialists, and others. They come to your home, to provide the care you need. Unfortunately, paying for all these professionals can be expensive, but funds from a viatical settlement company can help to offset those costs.

Why Stay Home?

Every individual has their own unique reasons for wanting to be at home, but some reasons patients may want in-home hospice care include the following:

• Home is comfortable
• Your family or even friends can stay close by
• You can be near pets and familiar objects
• Hospitals can feel lonely and isolating
• Being at home reduces stress
• Research shows that being at home lessens the intensity of grief for family members

That said, if you are simply at home on your own, you may want access to pain medications, or you may want to occasionally consult with a medical professional. When you use the money from a viatical settlement company to hire in-home hospice care, you get the benefits of a comfortable home environment as well as the access to the medication and healthcare professionals you need.

How Does Using a Viatical Settlement Company Help?

When you have an illness, you usually face an unwieldy and unaffordable amount of medical bills. Often, you may not be able to work, and your relatives may also be short of money as they take time off from work to care for you. Dealing with that kind of financial stress when your body is trying to fight a disease can be extremely difficult.

When you work with a viatical settlement company, you can turn your life insurance policy into cash. You can get the funds you need to cover a variety of expenses including in-home hospice care. In a lot of cases, cancer patients are cared for by their family members, but when you use your settlement to cover the costs of your care, you give your relatives the freedom to just focus on being your family member rather than your caretaker.

Have questions? Want to get an estimate? To learn more about working with a viatical settlement company to cover in-home hospice care, contact us today at 877-297-4592. At American Life Fund, we help you get funding for in-home hospice and other necessary expenses, so you can remain free of financial stress.

Many people turn to viatical settlement, or the sale of a life insurance policy for immediate funds, for a variety of different reasons. Some want a settlement to cover medical bills. Others want to pay off their home, so they leave it to their spouse or children. Others need to replace loss of income, or they use the settlement so that their loved one can quit their job to care for them.

If you’ve decided that you want to cash in your life insurance policy through a viatical settlement, your next step is to find a provider. A viatical settlement provider is a company that gives you a cash settlement in exchange for your life insurance policy.

There are a variety of companies that offer this service. To ensure you find the best viatical settlement provider for your needs, keep the following tips in mind.

Look for Experience with Your Condition

To qualify for a viatical settlement, you need to meet certain health criteria. This process is typically easier if you work with a viatical settlement provider who has experience with your health condition. Many viatical settlement providers work with people with cancer, but others also work with people who have terminal illnesses related to heart failure, kidney disease, stroke, liver disease, Parkinson’s, or Alzheimer’s. To ensure you’re getting the best settlement for your situation, you may want to work with a provider who has experience with your specific type of diagnosis.

Use a Direct Provider

In the world of viatical settlements, there are two options: direct providers and brokers. A broker helps you review multiple settlement offers from a variety of companies to find the best offer, but they also tend to charge for this service. That can get expensive. If you work directly with a viatical service provider, you cut out the “middleman”. You work directly with the company which ensures you get accurate answers to your questions and that you don’t face any unnecessary brokerage fees.

Ensure They Work with Your Type of Insurance

Some viatical insurance providers may only work with certain types of life insurance policies. For example, one company may accept life policies through your employer also known as group policies, while others may not. To ensure you get the services you need, you want to choose a provider that accepts multiple types of policies.

Insist on an Easy Application Process

As you look at different viatical settlement providers, take some time to find out about their application process. To make the process as easy as possible, you want to be able to print out the application materials and fill them out at your convenience. You don’t have the time to go stand in line in an office and wait for physical copies of the application. Additionally, you also want relatively short forms, and the ability to submit them using a variety of options including fax, email of PDF files, and mail.

To ensure you get through the process quickly, take time to gather your insurance documents and medical records when you fill out the forms. Sometimes, those missing details are what hold up the process.

Find the Best Quote for Your Settlement

If you find an easy application process, you may want to get multiple quotes. Then, you can compare the offers to see which one is the best for your needs. Remember this is a competitive industry, and these companies need your business just as much as you need their services. To ensure you get the right fit for your needs, you may want to look for the viatical settlement provider who offers you the best quote on your settlement.

Choose a Viatical Settlement Provider with Good Reviews

In addition to comparing quotes, also see what other customers have to say about the company. If you’re considering a viatical settlement, that can be a stressful and emotional time in your life. You deserve a company that can help you get through the process in a simple, hassle-free, and friendly way. When you read customer reviews online or on the provider’s website, you get a sense of what the provider offers. To protect your emotional well-being (and your finances), you should only choose a company with positive reviews from previous clients.

Make Sure You Can Keep Some of Your Policy

Many people don’t know that you can keep a portion of your policy intact for your original beneficiary or whoever else you may choose. This is one option individuals take when they need policy funds now but would also like to keep part of the policy intact for later, giving them the best of both worlds. But not all viatical settlement providers may offer this option. Make sure the provider you work with allows you to keep a portion of your policy in place.

At American Life Fund, we have a long history of making clients and their families happy. We offer a fast and easy application process as well as competitive quotes.

To learn more about viatical settlements or about why you should choose American Life Fund to be your viatical settlement provider, contact us today. We look forward to helping you gain the financial freedom you deserve.

Traditional cancer treatment is what many people refer to as “slash, burn, and poison”. These harsh words reference surgery, radiation, and medications, and for many people, this crude treatment simply doesn’t work. As a result, they want to turn to alternative cancer treatments.

In other cases, patients have been part of the natural health movement long before they were diagnosed with cancer, so seeking alternative treatment for cancer is an easy decision. Here are some of the most popular alternative treatments.

Diet-Based Cancer Treatments

Many people believe that the toxic food supply causes cancer and prevents people’s bodies from healing from this harrowing disease. To heal themselves, some people try diet-based cancer treatments. They focus on proboitic foods, immune-boost supplements, and organic vegetables. Some alternative cancer treatments that fall into this category include the Gerson Diet, The Budwig Protocol, Proteolytic Enzyme Therapy, and Vitamin C Chelation.

Frankincense Essential Oil Alternative Cancer Treatments

Some people also turn to frankincense oil treatment for cancer. They have used this for brain cancer, breast cancer, colon cancer, pancreatic cancer, prostate cancer, and stomach cancer. This particular essential oil has been linked with a variety of treatments since ancient times, but contemporary studies also attest to the efficacy of this treatment. In one study, scientists found that breast cancer cells stopped growing when they were exposed to frankincense oil. In another study, they found that it helped to suppress cells associated with bladder cancer.

Vitamin D3

Although the sun can cause skin cancer, the vitamin D3 that it produces can also work as an alternative cancer treatment. Some people take these vitamins proactively, but others use this as an option to treat existing cancer. To ensure optimal absorption of any supplement with vitamin D3, make sure to eat some fatty foods like coconut oil.

Turmeric and Curcumin

Turmeric is the spice that gives Indian curries their iconic color, and curcumin is a substance found in turmeric. Many people believe these elements fight cancer cells and stop them from spreading. This is one of the alternative cancer treatments that seems to work the most effectively with breast, bowel, stomach, and skin cancer.

There is a lab test that indicates that curcumin has been able to stablize colorectal cancer that was resistant to other treatments. Beyond that, these treatments can help with pain and inflammation. Getting a therapeutic dose of curcumin through eating cumin isn’t really that easy, so the best way is to use a supplement.

Acupuncture

Acupuncture is an ancient Chinese healing technique. It involves placing very tiny needles into key pressure points of your body. People turn to this treatment for pain, fertility issues, headaches, osteoporosis, and cancer.

Even the mainstream medical community embraces acupuncture as a complementary cancer treatment. Studies show that it can help with pain relief during traditional or alternative cancer treatments.

Oxygen Therapy

Your body thrives on oxygen, but cancer cells are an anomaly. They can live and grow without oxygen — this statement applies to all types of cancer cells. In fact, when healthy cells don’t get enough oxygen, they can become cancerous. This information is not new.

Otto Warburg, who won the Nobel Prize in Physiology in 1931, pointed out this connection. Because oxygen deficiency can cause cancer, the reverse is considered to have an effect. Some people use oxygen therapy including time in hyperbaric chambers to fight their cancer.

Mushroom Therapy

Mushrooms have been a part of healing techniques since ancient times. You can ingest whole mushrooms, mushroom compounds, or supplements made from mushrooms. Mushrooms are known to strengthen your immune system, and many patients believe that mushrooms help to cure cancer.

Insulin Potentiation Therapy

Insulin Potentiation Therapy or IPT is one of the alternative cancer treatments that some people use alongside very low-dose chemotherapy. IPT helps small chemotherapy doses to target cancer cells more effectively.

Typically, you start by fasting. This helps to push your cells into a state of mild hypoglycemia or “hunger”. Then, when you start the chemotherapy (the dose only a 10th of the usual amount), the “hungry” cells attract the radiation toward them. This allows you to take advantage of the traditional cancer treatment but with less radiation entering your body.

Mistletoe Extracts

Also called iscador, mistletoe extracts are essential oils taken from mistletoe leaves. This treatment has been credited to Rudolf Steiner, inventor of the Waldorf style of education, and it has been one of the most popular alternative cancer treatments in Switzerland, Germany, and other parts of Europe for decades.

With this treatment, you don’t apply the oil topically. Rather, you get injections of it. This stimulates your immune system and encourages it to start attacking your unwanted cancer cells.

Biomagnetic Therapy

You may hear this cancer treatment referred to as biomagnetism, biomagnetic pairs, or terrain restoration therapy. It uses magnets, and similar to acupuncture, the magnets are placed on strategic parts of your body. In particular, they are placed over the areas where you have cancer, and they work to restore the natural pH balance of your body.

The belief behind this treatment is that cancer cells work with viruses, fungi, and bacteria in your body, and that creates an environment that allows the cancer to thrive. The magnets disrupt this process, and they create a healthier environment that is unideal for cancer.

How to Find Alternative Treatments

The best way to learn about alternative treatments for cancer patients is to talk with other people who have tried treatments. If you find testimonials online, try to verify the individual’s experience. Additionally, consider finding a holistic medical practitioner. They don’t prescribe one-size-fits-all treatments to any disease including cancer. Instead, they help you find the best approach for you by taking into account all aspects of your health. You may also want to look for alternative cancer treatment centers where many of the described treatments are offered.

Unfortunately, in many cases, insurance won’t pay for alternative cancer treatments. However, there are ways to get funding for this treatment. A viatical settlement allows you to cash out your life insurance policy, allowing you to use the funds for treatment costs. To learn more or to get an estimate of your policy’s worth, contact us at American Life Fund today.

Sadly, cancer can be very expensive. Patients often face large co-pays and other medical bills, and if they are unable to work, they have to juggle these bills without any steady income. If you’re in that situation, it may be time to start looking for money for cancer patients. In particular, you may want to consider a viatical settlement.

The Value of a Viatical Settlement

There are other cancer financial assistance programs designed to help cancer patients, but many of them such as Medicaid or community assistance programs are based on income or need, and that can make it hard for some people to qualify. A viatical settlement, in contrast, doesn’t require you to meet any income guidelines, making it the perfect option for many patients.

Here’s what our client Debra M. has to say about viatical settlements, “American Life Fund made this difficult time in my life much easier. The team is knowledgeable, very helpful, and very empathetic which a necessity in this situation. I would recommend others suffering from cancer and struggling with their finances to use American Life Fund.”

Obtaining Money for Cancer Patients

If you’re interested in using a viatical settlement, you may be wondering about the qualification criteria. In general, here’s what you need to qualify for a settlement:

• Term, whole, universal, or group life insurance
• Policy worth at least $100,000
• Issued at least two years ago
• Life threatening illness such as late-stage cancer

You may also be able to obtain a viatical settlement if you have ALS or Alzheimer’s. If you’re over the age of 70, you may be able to get a settlement even if you’re healthy.

The Process of Obtaining Money for Cancer Patients

The premise of a viatical settlement is simple. We become the owners of the policy and take over paying the premiums. In return, we give you cash for your insurance policy now. The application process is straightforward, and we guide you through every step of the journey. Just take a look at what our clients have to say about working with us:

“The American Life Fund team was extremely helpful from beginning to the end of the process. The settlement was fair and we were impressed with the timeliness and efficiency of the settlement. If friends or acquaintances are looking for assistance, we won’t hesitate to refer them to American Life Fund.”-Karen M.

“My experience working with American Life Fund was excellent. The entire team is hard-working, knowledgeable, courteous, and informative. It was an easy process from beginning to end. I was very pleased with the offer for my policy and the time frame was quick.”-Mansukh D.

“American Life Fund sent us everything we needed to get the process done quickly. We appreciate the caring people we worked with. They worked diligently and were always patient and caring with any questions I had. I would rate them an A++.”-Jackie M.

Using Your Viatical Settlement

People obtain money for cancer patients for a variety of different reasons. Our clients use the funds to cover medical expenses and to stay on top of routine bills (rent, mortgage, utilities, etc.). Denise P. sought money for cancer patients so she could take care of her husband. She writes, “Having the security of American Life Fund purchasing my husband’s life insurance policy allowed me to take a leave of absence from work so I could stay home and care for him during his illness. Thank you again for all of your assistance.”

Others use the funds to take a vacation with their family, to pay off debt, or to supplement their incomes. In all cases, the extra funds help our clients to minimize their stress during this difficult time. The following reviews all emphasize American Life Fund’s role in reducing stress and financial worries:

“Using American Life Fund changed the quality of my life. I feel so blessed not having to worry about money anymore. I would highly recommend using American Life Fund to anyone.”-Carolyn A.

“I am very happy that I found out about American Life Fund. It has made my life and finances more bearable. I would highly recommend this company. Thank you so much for helping me.”-Vanessa C.

Signs You Need Money for Cancer Patients

Often, it can be hard to decide if you should apply for a viatical settlement, but here are some signs that you should look into this option:

• You feel stressed about your finances
• You are worried about paying your mortgage or rent
• You can’t afford routine living expenses
• You are juggling multiple credit card bills
• Your medical clinic is threatening to send bills to collections
• Your doctor says they can’t see you unless you get your account current
• You can no longer work
• You want to quit your job to spend time with your family
• Your family member wants to take a leave of absence to care for you
• You can no longer afford to pay your life insurance premiums

Those are just a few signs you should apply for a settlement. If you’re still not sure, contact us directly to talk about your situation.

What to Do When You Can’t Afford Your Life Insurance Premiums

When people are financially strapped, they often have to pick and choose which bills to pay. In this situation, utility and housing bills often have to take priority over other bills. As a result, people may stop paying their credit cards or other non-essential bills, and for some people, life insurance can fall in this category.

Not being able to afford your life insurance premiums is a big sign that it’s time to seek funding for cancer patients. Unfortunately, if you simply quit paying your premiums, your insurer will cancel your policy. This means your beneficiaries get nothing, and you lose all the premiums you’ve paid or value you’ve built up over the years.

In this situation, it makes a lot of sense to sell your policy. Rather than letting it lapse, you can work with a viatical settlement company to turn your policy into cash. Then, you can use the funds however you choose.

If you’re looking for money for cancer patients, we can help. Our clients enjoy working with us as we provide the utmost care along with years of experience. Here’s what Patricia P. said about us, “American Life Fund is a very pleasant, professional, and caring company. I appreciate their wonderful and genuine care. I have even recommended their services to several family members.” To learn more or to start the application process, contact us directly.

Cancer treatment is expensive and many people affected by cancer can’t afford the cost of important health care services. Thankfully, there is a variety of financial support for cancer patients available to those with a financial need.

How to Find Health Care Assistance Programs

To find financial support for cancer patients, consider working through these tips:

• Talk to a patient-services representative at a nearby non-profit cancer organization or hospital.
• Use keywords and the name of your town to search online. For example, you might search “low-income health care in San Jose” to see what’s available in your area.
• Talk with a social worker or someone from the Department of Health and Human Services in your area.
• Call the United Way 2-1-1 telephone hotline, if available in your area.
• Talk to family members, friends, and co-workers for experiences or advice they may have.

Common Financial Support Programs

Medicaid — Medicaid is a federally-funded program administered by the Medicaid offices in each state. You must be a citizen or lawful U.S. resident to receive this help. You must also meet certain income guidelines and/or have certain disabilities. Children and pregnant women may also receive this assistance. In spite of income level or assets, someone who has had excessive medical expenses and is considered medically needy may be eligible for Medicaid benefits.

Medicare — Medicare is also a federally-funded program. It includes coverage and options for medication, doctor’s services, and hospital visits. This program is for people with certain disabilities, citizens or lawful residents 65 or older. Also, you or your spouse must have worked ten years or more in a Medicare-covered employment position to qualify for these benefits.

Financial Aid for Low Income Assistance — For someone who needs hospital care but has little to no insurance, it may be possible to receive financial assistance. Federal and state laws require some hospitals to provide free or reduced-cost medical care to people who qualify. Contact your state or county Health Department, a social worker, a hospital financial counselor, or a patient advocate for information.

Financial Aid for Medical Treatments

You can also find financial support for cancer patients for medical treatments from some of the following cancer and patient advocacy organizations.

Clinical Trials Community — Clinical trials are studies to test treatments and medications in development. The advantage here are that patients often do not have to pay to participate and are sometimes actually paid a little. Talk with your doctor to decide if this is a good option for you.

Health Care Centers and Free Clinics — Health clinics in a community provide some health services, usually based on a sliding scale. Usually there is no charge to see a doctor or nurse and lab work and medications are at no cost.

Viatical Settlement — Another option when you need financial support for cancer patients is a viatical settlement. This is when you sell an existing life insurance policy for more than its surrender value but less than its death benefit. In fact, your existing insurance policy can be the answer to paying off various expenses like medical bills, living expenses, medications, and even future cancer treatments.

Cancer can be scary and expensive. There are ways to get help. Don’t let your financial issues ruin your health or affect your cure. For help, contact us at American Life Fund today.