Alice Turing
A serious illness can have a lot of impact on more than just your health. Treatment may affect your ability to work, your household income may decrease, and new medical and caregiving expenses may arise at the same time. That can make financial decisions feel urgent. In this article, we’ll show you how to protect your financial independence when a serious illness changes your life.
Begin With Your New Financial Situation
The first step is to assess how your finances have changed because of the diagnosis. Review what you get, what you spend, and check which expenses are likely to change due to treatment or lost work.
Your priorities may temporarily change. You may need to focus on housing, food, utilities, insurance, medications, and necessary care before spending on nonessential expenses. If you lost your income or it dropped, you may feel pressured to decide quickly, but don’t rush. Just remember that some expenses can be postponed.
Find Out About Insurance and Benefits
Health insurance is not the only benefit you might possess. You may have access to disability insurance, paid leave, government benefits, or even other support that you are eligible to, depending on what is happening to you at the moment.
Check your insurance policies before making any decisions. Find out how to file the claim, what is covered, and filing deadlines. If you find the paperwork difficult to handle, you can always ask for help from any specialist in the field.
Plan for Costs That Are Not Immediately Obvious
Medical costs are only one aspect of the financial burden of a serious illness. Transportation to appointments, changes in work hours, caregiving, or help at home can also lead to costs that affect the family budget.
Cancer, for instance, can bring major financial strain. Experts describe this problem as financial toxicity and note that medical expenses can affect patients and their families in serious ways. You need to prepare for future expenses, which may increase over the next couple of months. By doing this, it allows you to adjust accordingly.
Avoid Making Decisions Under Pressure
A frightening diagnosis may make you feel pressure to make quick decisions about your finances. However, that’s not the case; you don’t need to make such decisions immediately. Before liquidating major investments, withdrawing funds from retirement accounts, or making drastic changes to finances, be sure to obtain sound advice from a licensed financial advisor.
The same goes for any legal questions that may arise in a process. Certain diseases stem from environmental or occupational causes. For instance, according to the CDC, most of the cases of mesothelioma are due to exposure to asbestos. Are you looking for a mesothelioma lawyer? Talking to one may help you find out whether your case may be worth pursuing legally.
Endnote
Protecting your financial independence after a serious illness isn’t about eliminating all expenses or predicting the future; it’s about making reasonable decisions that consider your needs and future security.
Don’t hesitate to ask for assistance. Your health may need most of your attention now, but getting help with finances, benefits, insurance, or legal matters can lighten the load.
Follow me down the rabbit hole!
I'm Alice and I live with a dizzying assortment of invisible disabilities, including ADHD and fibromyalgia. I write to raise awareness and end the stigma surrounding mental and chronic illnesses of all kinds.
