Fifth Season Financial Offers Resources for COPD Patients Facing Financial Hardship

STAMFORD, Conn., Nov. 13, 2019 /PRNewswire/ -- November 13, 2019 /PRNewswire/ -- According to the Centers for Disease Control and Prevention (CDC), chronic obstructive pulmonary disease (COPD) affects roughly 16 million Americans with more than 3 million new cases each year. Recognizing National COPD Awareness Month this November, specialty lender Fifth Season Financial has developed an online resource for patients as well as a solution to help alleviate the financial strain associated with COPD and other advanced-stage illnesses.

Living with COPD can be a major challenge. While there is no cure, treatments are available. Unfortunately for many, however, monthly bills and out-of-pocket healthcare costs can exceed several thousand dollars each year. In a recent study published in the Annals of the American Thoracic Society, Harvard Medical School researchers found that nearly a quarter of COPD patients with high-deductible health plans delayed care due to cost and roughly 20 percent couldn't afford their medications.

Fifth Season Financial's new blog post, Financial Solutions for Patients with Chronic Obstructive Pulmonary Disease (COPD), includes information on programs available to help minimize patients' financial challenges. The company's Funds for Living and Giving (FLAG) program addresses the issue head-on by leveraging an asset that many have, but don't always capitalize on: their existing life insurance policy.

"Coping with a serious illness can drain savings and rack up bills swiftly," said Fifth Season Financial president Adam Balinsky. "No one should be faced with delaying or skipping necessary treatment. Sadly, for many, it's an all too common reality. Our mission at Fifth Season is to change that."

Fifth Season Financial's 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 financial assistance is most critical. With no restrictions regarding how the advance can be used, clients are empowered to spend their funds in whatever manner best meets their needs and lifestyles.

Since the FLAG advance is structured as a loan, it's not treated as taxable income to the borrower. Further, because life insurance proceeds are generally received tax-free to beneficiaries, there is typically no tax leakage when borrowing against your life insurance policy.

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 ultimate goal of our FLAG program is to help relieve financial stress so that clients can focus on their health and quality of life," noted Balinsky. "We 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)."

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.

About Fifth Season Financial

Since 2007, Fifth Season Financial has offered a solution to combat the financial strain caused by serious illness. The Funds for Living and Giving (FLAG) program utilizes an often-overlooked asset for people with cancer and other advanced-stage illnesses ? their life insurance policy and, in more than 90 percent of cases, funds remain to pass on to beneficiaries. Fifth Season has provided over $190 million in financial assistance to more than 600 patients across the United States. For more information, visit www.fifthseasonfinancial.com.

Press Contact: 
Kelly Lee
Co-Communications
914-666-0066
[email protected]

SOURCE Fifth Season Financial