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The questions we will answer in this video is; how much of those costs will Medicare pay? What can you expect to pay? How much do you need in your financial war chest to make certain your life and death decisions are not based on your budget?
As we go over what you can expect with the cost of cancer treatment, we have divided your financial risk into two different categories; direct costs and indirect costs for cancer treatment.
Direct costs are the bills you receive for medical services, chemotherapy and other medications.
Indirect costs are expenses you incur to get better treatment or care, but are not directly in response to medications or specific services. For example; let’s say that you decide to have some of the top oncologists in the country treat your cancer and visit MD Anderson in Texas or Sloan-Kettering in New York for service. While Medicare may pay for your services, depending on the plan you have, you still need to pay for transportation to get to and from the clinic and for the cost of lodging and meals while you are there. These costs will often be in the thousands of dollars and are indirect costs for cancer treatment.
It is also important to understand which drug treatments may be covered under Medicare Part B for outpatient services or your Advantage plan equivalent, and which are typically covered through the Part D or prescription drug portion of your insurance. This is important because it defines your level of financial risk or obligation, so this is where we will start.