achieve greater healthcare savings

This article from the Philadelphia Enquirer contains valuable information about the high cost of cancer care and the options people have in managing those costs.

The good news is more Americans are surviving cancer.

The bad news? We pay big bucks to stay free and clear of the disease.

Nearly 14.5 million American cancer survivors remain alive and well as of Jan. 1, 2014, according to the American Cancer Society, the National Cancer Institute, and the Centers for Disease Control and Prevention. By 2024, cancer survivors will number 19 million people.

So how much does it cost to stay cancer-free? Quite a lot, says Zhiyuan Zheng, Ph.D. and senior health services researcher with the American Cancer Society in Atlanta.

For American men, the three most prevalent types of cancer among survivors are prostate (43 percent), colorectal (9 percent), and melanoma (8 percent). Breast (41 percent), uterine (8 percent), and colon and rectum (8 percent) are most common among women who survive cancer.

Prostate, colorectal, and breast cancers account for about 30 percent of all cancer-related health-care costs. The survivors incur higher medical expenses, are at higher risk of secondary cancer, and require more tests and follow-up care.

Total cancer treatment costs in 2004 were $72 billion, about $120 billion in 2014, and will increase to $180 billion by 2024, Zheng adds.

How does that break down per person? In the first 12 months, breast cancer treatment costs roughly $20,000, colorectal cancer $30,000, and prostate $10,000.

Lost workdays add to the total annual economic burden per cancer survivor: $20,238 for colorectal, $14,202 for breast, and $9,278 for prostate, for those under age 64, the researchers found.

Fortunately, cancer patients can now turn to medical bill negotiators who bargain with medical providers.

“We have a number of cancer patients who’ve hired us. Plus we’re also seeing a higher success rate” among cancer patients, says Derek Fitteron, founder and CEO of Medical Cost Advocate in Wyckoff, N.J.

One customer was a family facing $125,000 in bills incurred in a year for treatment of a rare childhood cancer.

“We reviewed the bills for billing accuracy and found comparable pricing negotiating savings of more than $85,000 with several Pennsylvania facilities,” Fitteron said.

Resources Cancer maintains a list of organizations that help patients financially

The Cancer Financial Assistance Coalition is a group of national organizations that provide financial help.

The nonprofit CancerCare provides limited financial assistance to people affected by cancer. It also has a foundation to help fund copays, the CancerCare Patient Assistance Foundation

The HealthWell Foundation similarly provides financial assistance to cover copayments, premiums, and deductibles for certain medications and therapies.

Partnership for Prescription Assistance helps qualifying patients who lack prescription-drug coverage obtain the medications they need.

Needy Meds offers information on companies assisting those who can’t afford medication.

The Patient Access Network Foundation assists patients with out-of-pocket costs associated with their treatment.

Patient Services Inc. assists with insurance premiums and copayments for people with chronic diseases.

RxHope.com helps patients obtain free or low-cost prescription medications.

The Assist Fund provides financial support to chronically ill patients with high-cost medications.

The Patient Advocate Foundation provides education, legal counseling, and referrals for people with cancer who need assistance managing insurance, financial, debt crisis, and job-discrimination issues.

Medical Cost Advocate is in the news! Reporter Miranda Marquit from All Business News recently spoke with CEO Derek Fitteron about negotiating medical costs. Read on to learn about Medical Cost Advocate and what they are doing to help consumers who have large medical expenses. It’s great to know that there is a company working as an advocate on behalf of consumers to reduce healthcare costs.

Miranda Marquit

I recently saw an increase in my health insurance premium, and I will see it again quite soon, thanks to age-based premium increases. As a result, I am seriously thinking of a Health Savings Account and a high deductible plan. The ridiculousness of rising medical costs is really starting to be annoying — and increasingly moving toward unaffordable. Many people already experience the fact that health care in this country is unaffordable for them. So it was interesting to learn a little bit about a company that works to negotiate medical costs.

I recently spoke with Derek Fitteron, the CEO of Medical Cost Advocate, and he gave me some insight into what his company does to help consumers reduce their health care costs.

“Expectations were that health insurance premiums would go up six to eight percent,” Fitteron told me. “Instead, they are going up 10 to 12 percent. That means that employers are passing more costs on to employees, and consumers find that they have to pay more out of pocket. What we do is work to negotiate out of pocket expenses so that consumers pay less.”

The way it works, he explained, is that consumers can submit their out of pocket expenses, spent to meet a deductible or due to out of network treatment, and Medical Cost Advocate will attempt to negotiate a lower payment. Fitteron said that the company only charges if the fee is successfully renegotiated. “We take a percentage of what we accomplish. If the bill isn’t reduced, we get nothing.”

“We also help the uninsured,” Fitteron continued. “About 15 percent of the people we serve are not insured, and we can help them get a better rate, since they don’t have the advantage of a group rate through insurance.”

Fitteron also told me about a program that can help manage a family’s health care costs. “For 200 dollars a month, it is possible for us to track bills, review insurance and negotiate your costs. And this is for the whole family.”

Services offered by Medical Cost Advocate can be paid for using money from Flexible Spending Accounts or Health Savings Accounts. I haven’t used these services, but they seem intriguing. If I decided to go with a Health Savings Account, and have to pay out of pocket for more of my health care, it might be worth it to see if cost negotiation can save me a little more. I’m not sure that I would need the monthly service, but it might be worth it to check into the negotiation service offered.

Finding Help for the High Costs of Cancer Care

Negotiate Your Medical Costs: Interview with Derek Fitteron, CEO of Medical Cost Advocate