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I am a long-term cancer survivor with a Health Savings Account (HSA). I struggle with a host of long-term side effects.
My wife and I spend a lot of money on health expenses each year. Some of these health care expenses are covered by our health insurance and some are not. An example of health expenses that are not covered my our health insurance is:
Even if my cancer is in complete remission, I undergo regular diagnostic testing simply to make sure that I remain in CR and do not get a chemotherapy-related secondary cancer.
When I underwent conventional cancer therapies I incurred thousands of dollars in health expenses- some covered, some not.
My point is, no matter how wonderful your health insurance is, if you are diagnosed with cancer, you will incur thousands of dollars of health expenses- financial toxicity of cancer is clearly explained in the article linked and excerpted below.
Our health saving account is one of the keys to managing our long-term financial lives.
A Health Savings Account (HSA) can offer several benefits to a cancer patient on Medicare:
The money we put in the HSA annually is tax-deductible up to legal limits. Over the years we have manage to build a reasonable amount along with our other forms of savings- IRA, etc.
If you are a cancer patient or survivor, I encourage you to open an HSA and save as much as you can annually.
Thank you,
David Emerson
“General Information About Financial Toxicity (Financial Distress) and Cancer Treatment
“HSAs are portable and offer tax advantages, but they have some drawbacks-
A health savings account (HSA) is essentially a personal savings account that can be used only for medical expenses. To be eligible, you must be enrolled in a high-deductible health plan (HDHP). HSAs have tax advantages that result in many people using them as retirement plans, alongside their 401(k) or IRA accounts.
Contributions to an HSA are made with pretax dollars. This means that you won’t pay income tax on the money that you put directly into your HSA, and you’ll save on income taxes for the year…
On the other hand, the money that you put into your HSA is expensive to access once it’s already in the account if it is not used properly. You’ll owe income taxes plus a 20% penalty if you withdraw funds from your HSA for non-qualified expenses before you turn age 65…
Cancer is one of the most expensive medical conditions to treat in the United States. People with cancer may receive multiple types of treatments, including radiation therapy and systemic treatment, and may be hospitalized. People with cancer who have health insurance are paying higher premiums than in the past. They are also paying more for copayments, deductibles, and coinsurance.
Compared to 10 years ago, patients receive more expensive chemotherapy, immunotherapy, and other new types of treatments. Copayments for prescription drugs covered by health insurance may be more for higher priced drugs or brand name drugs (versus generic drugs) and may increase over time. These copayments and coinsurance for drugs may cause financial toxicity even for people with cancer who have health insurance.
Cancer survivors may have financial problems many years after they are diagnosed. This is because they may be paying for ongoing cancer treatment or care for late effects from their treatment.