Cancer Awareness: Young Patients Increasing; 3 Ways Parents Can Help Millennials Prepare For Financial Setbacks

There's a need to raise cancer awareness further as the disease is expected to affect young patients between the ages of 15 to 39 in the coming years. While millennials receive enough information about cancer causes and the gravity of the disease, there's another downside to having cancer that's hardly talked about - it can be a huge blow to the patient financially.

A report from the National Cancer Institute cites that cancer diseases among the youth can eclipse to nearly 70,000 cases a year. But the report also cites that the rate of survival has increased due to the advancement of cancer treatments and early detection. This might sound like good news, but financial expert Samantha Watson believes millennials have to be taught a different level of cancer awareness. They need to prepare for the likelihood of dealing with cancer financially despite knowing they have their parents' and family's support.

Get friends to help make noise for teens & young adults with cancer! Share your best ROAR + use hashtag #ROAR4TCA pic.twitter.com/CqSU9Cryls

— Teen Cancer America (@TeenCancerUSA) April 29, 2016

 "What seems like an unimaginable event - getting diagnosed with cancer as a young person - actually happens 10 times an hour, every hour, all year in this country," Watson said, per Huffington Post. So, where do kids begin? Here are three ways parents can help them prepare for cancer's financial setbacks:

1. Cancer Awareness: Assessing Costs Against Finances

Cancer treatments could be covered with insurance, but there are limitations to this and it will depend on the kind of insurance plan. As parents, do your teens and young adults have any idea how insurance coverage works? It might be good to discuss this with them early on and perhaps take this as a cue on teaching the value of planning for their future.

This discussion might not even be covered in one sitting. Continue to talk and remind your millennials about this, especially if they are already earning their own money and considering their own insurance and health coverage.

2. Cancer Awareness: Options For Assistance Programs  

Explore a few options yourself, such as assistance programs like the American Cancer Society's Health Insurance Assistance Service, and find out how these are provided. Then, let your kids know they could be eligible for this in case the inevitable happens.

If possible, consider visiting organizations with your kids so that they can ask the questions to the people in charge themselves.  It is one way to getting more information about the realities of managing the disease.

3. Cancer Awareness: Teaching Resourcefulness, Tapping Into It

Ideally, kids should have the initiative to be resourceful once they enter middle school and as parents, you can remind them to use their network of friends whenever help is needed. They can use the tool they are most skilled at - social media - to help raise funds for a friend's cancer treatment, for example.

It might also be good to join in your kids' efforts by letting your own network know about what they are doing. This will not only be a boost of support, but it could inspire them to come up with better, grander ideas  to raising money too.