5 ways to reduce your out-of-pocket AML medical costs
Being diagnosed with acute myeloid leukemia (AML) is often only the beginning of a long, painful, expensive journey. Along with the physical AML symptoms and emotional toll, the financial burden can be overwhelming. Even with health insurance, the associated AML treatment costs can strain finances and deplete personal savings.
Medical expenses may include direct medical costs (e.g,. co-pays, balance billing, deductibles), as well as indirect costs (e.g., child care, transportation, personal care).
If your child has AML, the indirect costs to a parent can also include those related to time away from work or traveling for care (e.g., hotels).
Here are some ways to potentially decrease your out-of-pocket expenses.
1. Ask for help.
Yelling at your insurance company may be satisfying, but it rarely makes a dent in your medical costs.
Hospitals, treatment centers, and doctor’s offices may offer financial resources for people living with AML or parents of children with AML.
Financial counselors: Many hospitals and treatment centers have financial counselors on staff. Their job is to advise patients on medical costs, help with insurance paperwork, and work with patients to manage bills. If your hospital or treatment center doesn’t have a financial counselor, you might get assistance from the billing department.
Your oncologist’s office: This office usually has a billing department or an individual who serves as the liaison with an outside billing service. They can help you review medical bills, negotiate reduced rates if possible, discuss payment plans, and possibly refer you to other resources.
Social workers or patient navigators: These individuals may work for the hospital or treatment center. A social worker or patient navigator may help you plan your AML treatment to reduce costs – such as by combining medical visits. They may also know of outside AML financial assistance programs.
2. Set up a payment plan.
Medical bills can increase quickly. Depending on the AML treatment facility (hospital versus private clinic), the number and frequency of bills, and your financial standing, you may be able to make smaller payments on a monthly schedule, rather than a lump outstanding balance.
Again, ask to speak to a financial counselor, billing office representative, or social worker.
3. Apply for financial aid.
There are financial aid resources available to those living with AML, including loans and grants. Some organizations are focused specifically on parents with a child with leukemia.
Organizations that offer assistance or help in finding assistance include:
4. Comparison shop.
Prices among facilities such as labs aren’t uniform; they can vary greatly, even within the same city. Comparing costs may be time-consuming upfront but can lead to substantial savings.
Frequently, doctors recommend the closest facility or lab for a medical test. The facility may be convenient but potentially out of network, or it’s more expensive than a similar facility a couple of miles away.
Call a lab or other facility prior to scheduling an appointment to find out if it’s in-network and what the services you’re getting will cost (both if in-network and out-of-network). Also, ask your referring doctor to recommend at least one other facility that may be a more affordable option for you.
You can also call your insurance company to find labs and other treatment facilities near you that are in-network.
5. Save on prescription medication.
Leukemia medications can be expensive, and coverage varies greatly among insurance companies. Here are some ways to reduce your prescription medication costs.
Contact pharmaceutical companies about their financial assistance programs. Many drug companies offer discount medications or other financial aid.
Shop around. Medication costs vary based on location, type of store, and other factors. Check around at pharmacies, grocery stores, and discount chains to compare prices for your medication.
Ask your doctor for samples. Drug companies often provide samples to doctors. While you usually won’t get a full month’s supply of medication, you may be able to obtain a few days’ worth. This is especially helpful if you’re trying a new medication and don’t yet know its side effects or effectiveness for you.
Check if there is a generic version. Not all AML medications have generic versions, but it’s worth asking because the savings can be considerable. Also, insurance is more likely to cover generic medications if they are available.
Seek out financial assistance programs specifically for reducing the costs of prescription medication. NeedyMeds (www.needymeds.org) is one such resource. Your oncologist’s office may know of others.
Sources
Things to Know About the Cost of Your Cancer Treatment. American Cancer Society. May 2019.
Understanding the Costs Related to Cancer Care. Cancer.net. March 2018.
Frazier, L. The Financial Impact Of Childhood Cancer On Families, And Where To Find Help. Forbes. December 20, 2017.
Finances and Insurance Coverage. Leukemia & Lymphoma Society.
Financial Support. Leukemia & Lymphoma Society.
Disclaimer
Member comments are lightly edited for length and to remove identifying information but are otherwise reproduced as they appear in the community as part of public posts.
This content is for general informational purposes only and does not necessarily reflect the views and opinions of any organization or individual. The content should not be used as a substitute for professional medical advice, diagnosis, or treatment. Please consult your healthcare provider about any questions you may have regarding a medical condition.
