Fifth Season Financial Offers Solutions for Advanced Heart Disease Patients Facing Financial Hardship

2019 APR 10 (NewsRx) -- By a News Reporter-Staff News Editor at Heart Disease Daily -- A new study published in the Journal of the American College of Cardiology has revealed that nearly half of non-elderly adults with atherosclerotic cardiovascular disease (ACVD) report financial hardship due to illness-related costs - and roughly one in five is unable to pay their medical bills. Specialty lender Fifth Season Financial has developed a solution to alleviate the financial strain associated with late-stage illnesses including advanced heart disease, which can be caused by ACVD.

According to the Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death in the United States. Further, cardiovascular diseases top the list as one of the most expensive chronic illnesses to treat.

Financial toxicity - or, the financial stress brought on by expensive medical treatment - is a very real threat for many facing congestive heart failure and other advanced-stage illnesses. Fifth Season Financial’s Funds for Living and Giving (FLAG) program addresses this growing problem by leveraging an asset that many have, but don’t always capitalize on: their existing life insurance policy.

“When faced with a life-threatening illness, the cost of co-payments, deductibles, coinsurance, medicine, and not being able to work can overwhelm patients,” said Fifth Season Financial president Adam Balinsky. “Our FLAG program allows individuals to access a portion of the face value of their life insurance policy (as opposed to the cash surrender value) at a time when they need funds most. Perhaps the most empowering part - and the element that best helps overcome financial toxicity - is that there are absolutely no restrictions regarding how funds can be used.”

Many clients choose to pay their medication and treatment costs. Some use funds for their mortgage, rent or utility bills. Others decide to take a trip, pay for in-home care, or use their advance to help bring family together.

Throughout the process, the individual’s policy is kept in place. Fifth Season Financial handles all remaining premium payments and out-of-pocket expenses. Ultimately, the advance is repaid using the proceeds of the policy and, in more than 90 percent of cases, funds remain to pass on to beneficiaries.

“The concept is to provide access to funds when they are needed (funds for living), while maintaining a portion of the policy for the surviving family (funds for giving),” noted Balinsky. “Nothing is more important than preserving quality of life, especially when battling an advanced-stage illness. That is our goal for every client, and the inspiration behind the FLAG program.”

Fifth Season Financial is located at 2777 Summer Street, Suite 304 in Stamford, CT. They can be reached at (866) 459-1271 or by visiting www.fifthseasonfinancial.com. For the latest news and updates, follow @5SeasonFin on Facebook and @fifth-season-financial-assistance on LinkedIn.

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