While it’s a well-known fact that medical expenses are the number-one reason that people file for personal bankruptcy, an especially troubling new study shows just how dire the consequences can be for one’s health. According to new research, cancer patients who file for bankruptcy have a significantly higher risk of dying earlier than those who have less financial distress. Other studies show that people tend to not improve or get sicker when they have personal financial problems.

What you may not know: Even if you are fully insured, with either private insurance, Medicare and/or Medicaid, the cost of premiums, deductibles, co-payments and noncovered services could put your financial well-being at great risk…even leading to bankruptcy. In most cases, however, there are ways to get the health care you need—without going broke. Here’s how…*

• Federally provided low-cost or free health care. Let’s say you need a checkup, dental care or a pricey prescription drug at little or no cost. You can get these services through a national network of health-care clinics administered by the federal Health Resources and Services Administration (HRSA), the prime agency responsible for helping uninsured, underinsured and medically vulnerable people with chronic and/or debilitating conditions get care based on their income. To find a clinic near you: Go to HRSA.gov or call 877-464-4772.

• Your local nonprofit hospital. About 80% of US hospitals are nonprofit, and in order to retain their nonprofit status, they must provide a certain amount of charity care (the amount varies). That means nonprofit hospitals cannot deny you emergency room services or care for a serious illness if you cannot afford it. In addition, these hospitals have many free services such as nutrition counseling for diabetics and mental health counseling. To learn what’s available: Call hospitals in your area to find out which ones are nonprofit. Then check those hospitals’ websites and/or call their social service departments and ask what they can do to meet your needs.

• Free or low-cost medications. Many new advanced medications that aren’t available as generics can have monthly retail prices of up to $10,000 or more. Even with medication insurance, your co-pay may run up to 50% of that or more each month until you reach your insurance plan’s out-of-pocket limits. What’s more, many insurers don’t include these high-cost drugs on their list of covered medications. Fortunately, most major pharmaceutical companies have patient-assistance programs that can help by discounting the drug if you can’t afford it…or even providing the medication for free. For additional information: Search online to find out what company manufactures the drug you need, and check its website or call the company for more details. Not all of these drug programs are based on income.

• Other ways to get help. You may also qualify for non-health-related programs that will help offset medical costs. For example, most states have programs that will help pay your utility bills, mortgage or rent. If you need cash for medical bills and have equity in your house, you may qualify for a reverse mortgage. For more details: Contact your local Area Agency on Aging.

*Financial eligibility criteria may vary by program.      

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