Q&A with health and wealth experts: What to do after cancer diagnosis

Breast cancer is among the most frequently diagnosed cancers in women. According to the American Cancer Society, it represents 30% of all new female cancer cases annually.

Navigating a cancer diagnosis can be complicated and expensive. Through education, support, and research, the Breast Cancer Coalition of Rochester (BCCR) helps those diagnosed with breast and gynecologic cancer. Recently, the BCCR hosted a series called "Evening Educational Webinars" to educate new and surviving patients.

The BCCR collaborates with local professionals to cover varying topics related to cancer treatment and personal health. Most recently, local experts Theresa Seil and Parker Wichelmann discussed financial wellness.

The following is a Q&A with Theresa Seil, an insurance agent at Maust & Leone, an agency helping patients with the Medicare application process. The answers have been edited for quality and length:

What is Medicare?

Medicare is a federal health insurance program funded in part by taxes you pay while working. It’s individual insurance; it doesn’t cover your spouse or children. It’s not free, and it’s not Medicaid.

How can I enroll in Medicare?

Typically, people age into Medicare. If you are 65 or older, you are eligible for Medicare. If you are younger than 65 and have a qualifying disability, you will be qualified for Medicare. For Medicare purposes, a qualifying disability is if you have been collecting Social Security disability benefits for 24 consecutive months. You will automatically, regardless of your age, qualify for Medicare. Any age with a diagnosis of end-stage renal disease or ALS also qualifies you.

What should patients ask insurance companies?

You'd always want to find out if this is a PPO or an HMO. A PPO offers more flexibility. You have the option of seeing doctors or going to facilities that are out of the network, maybe out of the area, for a second opinion or a specific specialist.

The other thing is, what are the co-pays or co-insurances that go along with a hospital stay, a surgical stay, or your consults? And then the other thing would be the drug benefits. Find out what those are. Those are very important.

What if a patient has no insurance when they are diagnosed?

The breast care coalition has some resources. They can help people with financial assistance. Many of the hospital systems in our area have wonderful programs for people without insurance. You may also be eligible for Medicaid.

The following is a discussion with Parker Wichelmann, a financial advisor at Equitable Advisors . The answers have been edited for quality and length:

What are the benefits of having a financial advisor?

Everybody has a financial goal in mind, whether it's retirement, helping through an uncertain time, such as a cancer diagnosis, or just buying a home at the end of the day. My job is to help people reach those goals and find the best tools efficiently and effectively. Everybody has their own situation, investments, and insurance. It really adds a lot of value to have that one-on-one to sit down, take inventory of what's going on, and make sure we have a good game plan for the future.

What percentage of a person's income should be saved for emergencies?

It varies from person to person. But in terms of emergency savings, we recommend saving up at least 3 to 6 months of living expenses in any savings account.

Can you open an HSA account without having a health plan or employment?

You can open a Health Savings Account with a financial institution like a bank, credit union, or brokerage.

How will New York's proposed long-term care program help patients and families?

A lot of times, people go through their lives not even thinking of what long-term care costs can look like later in their retirement and later in their lives. This is going to provide a cushion for some who don't have that coverage in place already. It will assist in reimbursing some of the expenses associated with long-term care. However, it will not cover the entire cost.

Visit bccr.org/evening-educational-webinars/ to view new and previous sessions.

Genae Shields is the business & development impact reporter. Reach out at gshields@gannett.com or on Instagram: @genaebriphoto for questions, comments, or concerns. Thank you for your continued support!

This article originally appeared on Rochester Democrat and Chronicle: Q&A with health and wealth experts: What to do after cancer diagnosis