Finances

Cancer can affect your finances in ways you might not expect. You don’t have to pay for your doctor’s time or most treatments in hospital, which are covered by public health insurance. But cancer can still bring new expenses to your life. Taking time away from work also comes at a cost.

Losing income at the same time as having expenses that you haven’t planned for can add to your stress. There are people that can answer questions about money, help you budget and make plans for your future. You and your caregivers may also benefit from government financial assistance programs.

Common out-of-pocket costs associated with cancer care include:

• prescription drugs
• nutritional supplements
• medical equipment
• complementary therapies
• child care and housekeeping services
• lost earnings because you’re unable to work or you have to take time off as a caregiver
• transportation and accommodation expenses, such as parking fees at the hospital and lodging if you live far from treatment
• wigs or head coverings

There are people that can answer questions about money, direct you to insurance and benefit programs, and suggest ways to reduce your financial burden.

Your human resources representative or insurance broker can give you more information about your private health insurance. It may be offered through your employer or you may purchase a plan on your own. Your human resources representative may also be able to help arrange a more flexible work schedule to reduce your lost income. They can also let you know if tools such as an employee assistance program are available to provide financial assistance or other support.

Your bank manager or personal financial planner or advisor can help you budget your money and suggest ways to manage new expenses in your life. Check with them early, if possible, to make financial plans that reflect your changing needs.

An accountant can tell you about expenses you can claim on your income tax return. Some of your medical costs (such as drugs, equipment and supplies) may be claimed. You may also be able to claim other costs such as child care or travelling to treatments.

A social worker at your hospital or cancer treatment centre can help you access local, provincial and federal financial assistance programs and benefits. They can also help you fill in and submit forms.

A drug access navigator can direct you to drug assistance programs that can help cover the costs of medicines that are part of your treatment. Your hospital or cancer treatment centre can connect you with a drug access navigator if you need help paying for prescribed drugs.

A lawyer can help you understand federal and provincial laws to make sure your legal rights are protected. They can help with advance care planning and documenting your treatment preferences, and with drafting a will and naming a substitute decision-maker (power of attorney) to make decisions for you if you’re unable to do so. They can also help you appeal denied benefits or insurance claims. Find out more about the paperwork or arrangements you may need as you plan for the future.

Private health insurance can help cover expenses that are not paid for by your provincial health plan. It may also provide disability benefits if you’re unable to work.

If you have insurance through your employer or a private insurer, it’s important to make sure you understand its terms and conditions.

Questions to ask about your insurance policy include:

• What will your insurance pay for and what will you need to pay out of pocket?
• Are there any excluded treatments or procedures?
• Are pre-existing conditions covered and under what conditions?
• Are disability benefits included and is there a waiting period before coverage starts?
• What are the types of disabilities or conditions qualified for coverage?
• Does your policy cover rehabilitation or therapy services?
• Does the policy have any yearly or lifetime caps (the maximum payout) on benefits?
• How to file a claim and what documentation is required?

If you have insurance coverage through your employer, your group benefits provider may have offered tools to help you manage costs for medications and health services. Check with your human resources department or your group benefits provider to learn more.

Long-term disability (LTD) benefits are a type of insurance that pays a percentage of your salary if you’re unable to work for a long time or unable to return to work at all.

There may be a waiting period before LTD coverage begins. If your group plan – through your employer – or your private insurance plan includes LTD benefits, you may first receive short-term disability benefits for a few months before LTD coverage takes effect.

You will need to provide detailed medical information when applying for LTD benefits. Some medical forms have to be completed by all of the doctors responsible for your care. To continue receiving LTD benefits, updated forms may be needed at certain times. You might only be eligible to receive LTD for a limited time.

Critical illness insurance (CII) covers serious, life-altering diseases including cancer. CII is usually offered as an optional add-on to an employer-provided insurance plan. You may also buy one separately from a private insurer.

CII provides a lump-sum payment that you can use to cover any type of expense. Eligibility for the lump-sum payment varies depending on the plan.

If you need to stop working due to illness, federal programs can offer you assistance.

The Employment Insurance (EI) Sickness Benefit offers up to 26 weeks of financial assistance to people who can’t work because of medical reasons. You will need to apply within 4 weeks after your last day of work to avoid losing benefits.

The Canada Pension Plan (CPP) Disability Benefit is a monthly payment to people who can’t work on a regular basis because of a long-term disability and have contributed enough to the CPP. If you are receiving this benefit, your dependent children may also get a monthly payment under the CPP children’s benefits.

Your caregivers may apply for EI caregiving benefits if they need to take time away from work to provide care or support for you. To qualify, caregivers must be your family members or someone who is considered to be like family to you.

There are 3 types of EI caregiving benefits.

The Family Caregiver Benefit for Adults offers up to 15 weeks of financial assistance to provide care or support for a critically ill or injured adult.

The Family Caregiver Benefit for Children offers up to 35 weeks of financial assistance to provide care or support for a critically ill or injured child.

The Compassionate Care Benefit offers up to 26 weeks of financial assistance to provide care or support for a family member who needs end-of-life care.

If you are self-employed and registered in the EI special benefits program, you may be eligible for EI sickness or caregiving benefits. You must also have an active agreement with the Canada Employment Insurance Commission (CEIC) for at least 12 months before applying for benefits.

The Veterans Emergency Fund (VEF) provides financial support to veterans, their families and survivors who face urgent and unexpected situations. The fund offers short-term relief while VEF works with you to identify any long-term needs and possible solutions.

You may be eligible for other federal programs that offer additional support based on your specific circumstances. Find out more about available federal benefits.

Provincial and territorial governments may offer other programs that help cover medical and non-medical expenses. The benefits available vary by province and territory. Local organizations may offer assistance as well.

Your provincial or territorial drug benefit program can cover certain medicines and medical supplies. Programs that help with transportation and accommodation costs are also often offered if you need to travel for cancer treatment.

A utility grant or customer crisis fund may be available through your local utility providers. If you’ve fallen behind on your utility bill because you can’t work or have unexpected medical expenses, your providers may offer grant payments or other short-term financial assistance to keep your service connected.

Find out more about provincial and territorial programs and local support services by searching with our community services locator (CSL).

There are also non-refundable tax credits that can reduce the income tax you pay to the Canadian government. The following tax credits may be available to you or your caregiver.

The Medical Expense Tax Credit allows you to claim expenses for wigs, medicines, medical equipment and medical travel expenses such as meals, hotels and parking.

The Disability Tax Credit reduces income tax for people with a severe and prolonged impairment or who are currently receiving life-sustaining therapy. To receive this credit, you must apply and be approved before filing your tax return.

The Canada Caregiver Credit (CCC) is a non-refundable tax credit available to caregivers who support a partner or dependent with a physical or mental impairment.

You may be eligible for other federal and provincial tax credits or deductions. An accountant can help you learn more about those that apply to your situation.

Managing financial problems associated with cancer care can feel overwhelming. Sometimes it’s hard to know where to start.

Our Cancer Information Helpline (CIH) is here to help. You can also talk to an information specialist for general answers about cancer and to learn more about financial resources available in your community. You can reach CIH online, by phone or by email.

CCS also offers different support programs and services that may help ease your financial burden. Find out more about the financial help available.