Did you know you can sell all or a portion of a life insurance policy, even term insurance?
(4 minute read)
Managing chronic illnesses can take a lot out of us. Not only is there the emotional toll involved, there’s also many costs that arise in order to keep the patient and the caretaker comfortable. For diseases such as cancer, Parkinson’s, diabetes, or COPD, it’s important that you and your loved ones are prepared for some of the expenditures that are associated with the day-to-day management of these conditions. Let’s take a look at four areas that can commonly lead to medical expenses and some idea of what those might cost.
The first and possibly most obvious of chronic disease costs are the treatments that are used to control them. For instance, chemotherapy is used to combat the spread of cancer cells in the body. While this is certainly important, the price can be quite ghastly; the average monthly cost of chemo can range from $1000-$12,000. The number of chemo treatments a patient may have depends on the type of cancer the patient has, but if the patient requires four treatments in a year, this could lead to a total cost of nearly $50,000.
Another large expenditure for managing chronic diseases is the medications used on a daily basis. These pharmaceutical solutions are hugely important, and are ordered by the doctors overseeing the patient. But the costs can often be quite high, such as with insulin used to treat Type 1 Diabetes, with annual costs for the diabetes drug totaling an average of $5,705. This is a major increase, as costs per patient was about half that in 2012. According to a study, 44% of patients did not fill a prescription needed to manage their chronic illness because the out-of-pocket expense was simply too high.
When chronic diseases like dementia or Parkinson’s become too much for a spouse or loved one to care for, it’s common to look to in-home care professionals for assistance. These folks prevent the ill from needing to move into a care facility, allowing the patient to continue living at home. The cost is a good alternative to residential facilities, where assisted living can cost patients an average of $41,724 per year, or even more for private rooms, which cost an average of $87,235 per year. Home health aides visit patients at home, meaning no charges for round-the-clock observation and care. However, these home health aides still run around $21/hour, coming out to a median cost of $21,840 per year.
For some chronic diseases, physical therapy is needed to help patients relearn or strengthen their ability to get around the house and daily lives. Some common chronic diseases requiring physical therapy are rheumatoid arthritis (RA), cancer survivorship, diabetes, and cardiovascular disease. Not only is this treatment incredibly helpful for those suffering from chronic illnesses, these costs are also quite affordable. The national average cost per physical therapy session ranges from $50-$125 per session without insurance coverage. However, with insurance, the out-of-pocket costs can drop to as low as $15 per session.
Plan Ahead for the Costs of Chronic Illnesses
Whether it’s you or a loved one suffering from a chronic illness, it’s important to have all your finances in order. Laying out the costs of treatments and needed care is a process you can turn to your doctor or treatment team for. Paying for the treatments, however, is a difficult process in its own right. If you’re looking for alternative streams of available cash, Life Settlement Advisors is here to help.
Did you know you can sell all or a portion of a life insurance policy, even term insurance? Selling an unwanted life insurance policy is no different than selling your car, home or any other valuable asset that will create immediate cash. Contact us today to learn more.
Life Settlement Advisors