1. What financial supports, benefits and insurance coverage exist to help?
Dealing with unexpected costs on top of a cancer diagnosis can feel overwhelming. Checking what help is available through your workplace is a good place to start. If your workplace has a human resources department, they can give you more information about any health insurance that is part of your benefit package.
If you are self-employed, you may have bought private health insurance. Contact the insurance provider to check what benefits you have.
Private health insurance may cover costs that your provincial health plan doesn’t. One member of our community says that their wellness benefits helped ease a lot of stress as the primary carer for their partner. Every plan is different, so use these questions to get started, then talk to your human resources department about the support available to you.
It’s also worth applying to federal assistance programs. You may be surprised to learn which treatment costs are covered and which ones you may need to pay for yourself, especially for medications and other expenses.
2. What costs should I be tracking from day one?
Keeping a record of your costs from the start of treatment can help you better understand and manage the financial impact of cancer. Track any travel costs, parking, meals, medication, medical supplies, accommodations and complementary services and save all receipts related to your care.
“I lived 45 minutes away from the cancer centre and I was able to claim travel, food, parking, any medications not covered, and supplies on my income tax. I ended up creating a spreadsheet to track everything which proved very helpful at income tax time.”
3. How would my finances change if I had to reduce my hours or stop working?
4. Have I planned for the unexpected?
A cancer diagnosis can be a reminder to make sure your important legal and financial documents are up to date. This includes things like your will, life insurance and choosing a power of attorney for finances and a power of attorney to make medical decisions.
As one member of our cancer community says: “Making a will or power of attorney does not mean something will happen. It means your wishes will be in writing for two, 10 or 20 years in future … it’s the biggest gift you could give to your family in the future.”
5.Who can help me?
You don’t have to deal with the financial impact of cancer alone. There are people who can help answer questions about money, help you budget and make plans for your future. Reaching out early to oncology social workers, patient navigators, or resource specialists at your local hospital or cancer treatment centre can help you learn about what resources are available. A financial advisor or planner can help you create a budget to manage these new costs.
Sometimes it can help to talk about your feelings with people who understand what you’re going through. To connect with others who have had similar experiences, join CancerConnection.ca, our online community of people living with cancer, caregivers and survivors.
Whatever financial challenges cancer brings, the Canadian Cancer Society offers support programs and services that can help ease the burden and connect you with the resources you need.
Money and cancer: Get practical guidance by email
Looking for more information about managing the costs of cancer? The Canadian Cancer Society’s free Financial Guidance email series offers practical, trusted information in one short email each week for 10 weeks. It is designed for people with cancer and caregivers, and you can join at any time.
Sign up for the Financial Guidance email series and receive information in manageable steps.