Financial Planning Guide for Myeloma Patients & Families

Key Takeaways

• Know the typical out‑of‑pocket costs of myeloma treatment and where they come from.
• Review health‑insurance options-including Medicare, supplemental plans, and employer coverage-early.
• Identify disability‑benefit programs that can replace lost income.
• Tap into patient‑assistance programs, charity funds, and tax deductions to lower the financial hit.
• Create a simple budgeting and tracking system to keep the family afloat.

When a myeloma diagnosis hits, myeloma financial planning is crucial. Financial planning for myeloma patients and families is a strategic approach to handle medical bills, insurance navigation, and everyday household expenses while coping with treatment. This guide walks you through the biggest money‑drainers, the insurance and benefit avenues you can explore, and practical steps to keep the budget in check.

Why Financial Planning Matters

Myeloma treatment isn’t a one‑time expense; it involves chemotherapy, targeted therapies, stem‑cell transplants, regular lab work, and supportive care that can stretch over years. According to a 2024 study by the Cancer Financial Literacy Consortium, the average total cost for a myeloma patient over five years tops $350,000, with out‑of‑pocket portions ranging from $70,000 to $120,000. Those numbers translate into tough choices for families-whether to cut back on groceries, delay payments, or tap into savings. A solid financial plan reduces stress, lets patients focus on healing, and protects the family’s long‑term stability.

Understanding Myeloma Treatment Costs

Myeloma is a malignant plasma‑cell disorder that typically requires a mix of drugs, infusions, and hospital stays. Below are the most common cost categories:

• Drug therapy: Newer agents like daratumumab and carfilzomib can cost $10,000‑$15,000 per month.
• Hospitalization: Stem‑cell transplant procedures often run $150,000‑$250,000.
• Imaging and labs: Monthly blood work and periodic PET/CT scans add $500‑$1,200 each.
• Supportive care: Growth factors, antibiotics, and pain management can total $2,000‑$5,000 per cycle.

These figures vary by region and insurance contract, but having a baseline helps you anticipate the cash flow needed each month.

Insurance Options You Should Review

Health insurance is the first line of defense. While each plan looks different, most myeloma patients rely on a combination of the following:

1. Health insurance (employer or marketplace) - covers a portion of drug and hospital costs after deductibles and co‑pays.
2. Medicare (Part A, B, and D) - essential for patients over 65 or those qualifying due to disability. Part D helps with prescription‑drug coverage, but premiums and the “donut hole” can be pricey.
3. Supplemental or “Medigap” policies - fill the gaps left by Medicare’s cost‑sharing.
4. Employer‑based disability insurance - may provide income replacement if you can’t work during treatment.

Tip: Request a detailed Explanation of Benefits (EOB) from each insurer before starting therapy. Compare out‑of‑pocket maximums, drug formularies, and prior‑authorization requirements. If your current plan blocks a prescribed drug, a quick switch to a plan with a broader formulary can save thousands.

Disability Benefits You May Qualify For

When treatment sidelines you or a primary caregiver, disability benefits become a lifeline. Below are the main avenues:

• Short‑Term Disability (STD): Typically offers 60‑70% of salary for up to 26 weeks. Check your employer’s policy for waiting periods and medical documentation requirements.
• Long‑Term Disability (LTD): Provides 50‑60% of earnings after the STD period ends, often lasting until retirement age. Some policies have a 180‑day elimination period before payments start.
• Social Security Disability Insurance (SSDI): For patients whose condition meets the SSA’s “severe impairment” criteria. The average monthly benefit in 2025 is $1,650, but the approval process can take 3‑6 months.
• State-specific programs: Many states run Cancer Treatment Benefit (CTB) programs that give cash assistance for low‑income patients.

Start the application early-paperwork often asks for physician statements, treatment plans, and functional‑capacity assessments. A proactive approach prevents gaps in income.

Patient Assistance & Charity Programs

Pharmaceutical manufacturers, nonprofits, and local charities routinely offer aid to offset drug costs or provide emergency cash.

Keep a spreadsheet of each program’s deadline, required documents, and contact person. Many charities prioritize patients who are already enrolled in insurance, so gather your EOBs first.

Budgeting Tips for Families

Even with insurance and assistance, day‑to‑day cash flow can get tight. Here’s a simple budgeting workflow:

1. List all fixed monthly expenses (mortgage, utilities, insurance premiums).
2. Estimate variable medical costs (co‑pays, infusion day parking, prescription fills).
3. Set up a dedicated “treatment fund” account-use a high‑yield savings or money‑market account for any surplus.
4. Track every expense using a free app like Mint or a Google Sheet; categorize by “Medical,” “Household,” “Transportation.”
5. Review the budget weekly; adjust discretionary spending (e.g., dining out, subscriptions) to cover any overruns.

Involving the whole family in the budgeting conversation builds transparency and reduces anxiety. Assign one person-often the primary caregiver-to oversee the treatment fund.

Tax Strategies to Reduce the Burden

Medical expenses that exceed 7.5% of your adjusted gross income (AGI) are deductible on Schedule A. To maximize deductions:

• Pay for as many out‑of‑pocket costs in a single tax year as possible (e.g., schedule elective procedures before year‑end).
• Keep detailed receipts for drug co‑pays, transportation (mileage at 65.5cents per mile in 2025), and home‑care services.
• Consider a Health Savings Account (HSA) if you have a high‑deductible plan-contributions are tax‑free and can be rolled over year‑to‑year.
• Explore the Medical Expense Tax Credit offered by some states for low‑income households.

Consult a CPA familiar with oncology cases; they can help you time deductible expenses and avoid missing out on credits.

Putting It All Together: A Practical Checklist

Use this quick‑reference checklist to stay on track:

• Gather all insurance policies, EOBs, and prescription lists.
• Calculate estimated total treatment cost for the next 12 months.
• Apply for short‑term and long‑term disability benefits within two weeks of diagnosis.
• Enroll in at least two patient‑assistance programs before the first infusion.
• Open a dedicated treatment‑fund account and set up automatic transfers.
• Record every medical expense; review the spreadsheet weekly.
• Schedule a tax‑planning session before filing season.

Cross‑checking each item each quarter ensures you’re not missing any financial support that could ease the burden.