The Financial Impact of Asbestos-Related Cancer: Finding Support and Solutions

In a moment of upheaval, asbestos trusts offer vital relief – compensation without a lawsuit.

Asbestos-related cancers, such as mesothelioma, have long been a significant health concern due to the widespread use of asbestos in various industries throughout the 20th century. Tragically, the diagnosis of an asbestos-related cancer brings with it not only a heavy emotional toll, but also a colossal financial impact. With the high costs of treatment, patients and their families often find themselves in a severely challenging financial situation; according to a 2013 report, just the cost of a first-line mesothelioma treatment of Alimta will set victims back in excess of $40,000.

It’s therefore crucial to know that there are legal rights and financial support options available to help mitigate the burden of asbestos treatment funding; victims of asbestos-related illness have already been dealt an excruciatingly unfair blow, and the more that can be done to alleviate some of the financial struggle as they undergo treatment, the better.

High Costs of Treatment: A Glimpse into the Economic Challenge

The financial impact of asbestos cancer cannot be overstated; treatment for mesothelioma and other asbestos-related cancers is complex, involving surgery, chemotherapy, radiation therapy, and often, experimental treatments not covered by insurance. According to the National Institute of Health, for cancer patients with Medicare, a course of radiation for the treatment of lung cancer averaged $9,000 in 2015 – and that’s just the tip of the iceberg.

Immunotherapy for Mesothelioma

Immunotherapy has emerged as a particularly promising avenue for the treatment of mesothelioma, offering up new hope to patients with this confronting diagnosis. This highly specialized treatment leverages the body’s immune system to fight cancer, targeting specific cancer cells without harming healthy tissue. Among the immunotherapy options currently available, checkpoint inhibitors stand out for their effectiveness, although the financial aspect of these treatments is a crucial consideration for patients and their families.

The High Costs of Cutting-edge Cancer Treatment

According to a report by Reuters in 2017, the annual cost for checkpoint inhibitors – a type of immunotherapy – can reach around a whopping $150,000; more specifically, the combination therapy of Yervoy (ipilimumab) and Opdivo (nivolumab), which has shown promising results in treating mesothelioma, is even more costly, amounting to approximately $256,000 per year.

While insurance may cover a portion of these expenses, the out-of-pocket costs can still be substantial, making it imperative for patients to investigate all potential sources of financial support; this may include assistance from pharmaceutical companies, non-profit organizations, and government programs designed to help mitigate the costs of cancer treatment.

Additional Costs with Cancer Treatment: Ongoing Care

These high costs are compounded by the fact that asbestos-related cancers often require specialized care, which may not be fully covered by health insurance; this gap in coverage can lead to significant out-of-pocket expenses, even for those with comprehensive insurance plans with all the bells and whistles you can think of. The financial strain is, of course, exacerbated for those without insurance, who face the immeasurably daunting challenge of covering these expenses entirely on their own.

A startling study published in the American Journal of Medicine recently highlights that medical bills are the cause of two-thirds of American bankruptcies, clearly demonstrating the devastating financial strain that medical expenses can impose on families; the costs of treating asbestos-related cancer can be astronomical, reaching hundreds of thousands of dollars, and inevitably contribute to this harrowing state of affairs.

Asbestos Trusts: A Beacon of Hope

In response to the widespread damage caused by asbestos exposure, asbestos trusts were established to provide financial compensation to victims. These trusts were created as part of the bankruptcy proceedings of companies found liable for asbestos exposure; what’s important to note, is that they represent one of the easiest and fastest routes to financial support for those diagnosed with asbestos-related cancers.

Asbestos trusts are designed to streamline the compensation process. Unlike traditional asbestos lawsuits, which can take years to resolve and require substantial evidence of exposure and illness, trust claims can be processed more quickly. What’s also crucial to understand about the trust avenue, is that claimants are not required to prove the company’s negligence; instead, they only need to show that their illness is consistent with exposure to asbestos products made by the company funding the trust.

Legal Rights and Financial Support Options

Fortunately, there are several avenues of support for those facing the financial impact of asbestos cancer. Beyond asbestos trusts, individuals may be eligible for Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), and veteran disability benefits; these government programs can provide crucial financial support, though they often come with their own set of limitations, especially given the high costs associated with cancer treatment.

SSI and SSDI, for example, have strict eligibility criteria, and the benefit amounts may not fully cover the extensive costs of cancer treatment; similarly, veteran disability benefits, while vital for those who served in the military and were exposed to asbestos during their service, may also fall short of covering all medical expenses.

Navigating the Path to Compensation: Trusts vs. Lawsuits

For many, the decision between pursuing a claim through an asbestos trust or filing a lawsuit can be challenging; lawsuits against companies not protected by bankruptcy and asbestos trusts can result in higher payouts, but they also come with greater risk and uncertainty. “Failure to warn” lawsuits, in which companies are sued for not informing employees of the dangers of asbestos exposure, often have the highest payouts, but require substantial evidence and can take years to resolve.

In contrast, claims against asbestos trusts are generally processed more quickly and with less burden of proof on the claimant; a speed and ease that can be a significant advantage for patients and their families facing immediate financial pressures. Still, it’s essential to consult with a legal professional specializing in asbestos-related cases to navigate these options effectively.

Finding Support and Solutions

For those facing the financial impact of asbestos-related cancer, the path to finding support and solutions can, naturally, seem extremely daunting. It’s crucial, therefore, to explore all available options, from government benefits to legal avenues for compensation; asbestos support services and cancer financial solutions organizations can provide guidance and assistance in navigating these complex processes.

Support Networks for Asbestos-Related Diseases

And the support doesn’t end there. Organizations like the Mesothelioma Applied Research Foundation and the Asbestos Disease Awareness Organization also offer up a range of resources and support for patients and their families; additionally, legal firms specializing in asbestos cases can provide valuable advice on the most appropriate course of action, whether it’s filing a claim with an asbestos trust or pursuing litigation.

Pathways to Relief

The financial impact of asbestos-related cancer is a significant challenge for many patients and their families. However, through a combination of asbestos trusts, legal rights, and financial support options, there are pathways to relief. By exploring these avenues, individuals affected by asbestos-related cancers can find the economic help they need to navigate their treatment and recovery; the journey may be complex, but with the right support and resources, it’s possible to find solutions that alleviate the financial burdens of this devastating disease.