Helping People with Cancer
Why Pro Bono for Cancer?
Studies show that individuals with cancer often face “financial toxicity,” manifested by a mix of severe economic stress, depression and anxiety that can worsen the underlying health condition. Even with private health insurance or coverage through Medicare or Medicaid, families are at substantial risk of financial catastrophe. These families experience not only a major increase in daily expenses, but often a significant loss of income due to patients’ and their caregivers’ inability to maintain full-time work. We believe that financial planning can help.
Research shows that financial issues are the second most frequent source of distress identified by cancer patients.
37% cut back on groceries
36% deplete their savings
24% borrow against their retirements
86% of cancer survivors reporting serious financial burden had health insurance
Cancer patients are 2.65 times more likely to go bankrupt than people without cancer
Those experiencing bankruptcy are 80% more likely to die from any cause than others with cancer
How We Are Helping
FFP’s Pro Bono for Cancer Campaign is raising funds to help grow our support of pro bono efforts for families affected by a serious cancer diagnosis. Over the next several years, FFP will continue to award strategic grants focused on addressing the financial toxicity of cancer. Our goal is to test, refine and grow outstanding program models so that this work can be replicated and scaled, eventually helping thousands of families across the country.
Funding for our Cancer Program will help cover:
- Grants to great nonprofits administering pro bono financial planning programs for cancer patients.
- The recruitment of Certified Financial Planner (CFP®) professionals to provide their services, pro bono, to patients and their families, helping them plan for anticipated expenses, loss of income and more.
- A specialized online training program to educate volunteer financial planners on the unique financial and other challenges faced by cancer patients.
- Research and evaluation activities that will measure the impact of pro bono financial planning on the lives and financial health of families, enabling us and our partners to finetune programs for maximum effectiveness.
- Ongoing programmatic support of the various FFP-funded programs around the country.
If you are a Certified Financial Planning professional (CFP®), then you have the opportunity to serve as a volunteer for our Financial Planning for Cancer program, lending your skills and knowledge to help patients manage their finances so they can focus on getting well.
Family Reach, in partnership with FFP and the FPA, developed the Financial Planning for Cancer Program which pairs cancer patients and their families with pro bono financial planners to help them manage cash flow and debt during cancer treatment. This program leverages a digital hub that matches CFP® professionals with patients and caregivers to ensure consistent professional standards, and an eLearning program that ensures CFP’s® are equipped to provide families facing cancer with the best support possible. For an update on the impact FFP and Family Reach are making through the Financial Planning for Cancer Program, see Family Reach’s 2019 Annual Report.
Angel Foundation is working with FFP to pilot the Financial Cancer Care program to disrupt Cancer-related financial toxicity in the Twin Cities, MN area. A financial navigator, along with CFP’s®, will conduct financial risk assessments and develop individual financial plans for cancer patients. Prior to being matched with a CFP professional, patients will participate in a financial and health literacy training session which will educate them about insurance benefits, interpreting medical bills, and estimating out of pocket costs.
With support from FFP, the Atrium Health’s Levine Cancer Institute, in Charlotte, NC, is offering comprehensive multidisciplinary financial planning and support for patient with hematologic malignancies. Oncologists expect that by decreasing the financial stress and difficulties these greatly at-risk patients are experiencing, there will be not only improvement in their quality of life, but also increase their survival.