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5 Financial Steps One Must Know Once Diagnosed With Cancer

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A cancer diagnosis can be devastating news upon learning lab results from your Physicians. You and the family have to consider what treatment options to consider fighting the disease. You and your spouse must learn about financial planning to pay the costs associated with treatment. Everyday household bills must be paid on time each month with all the medical expenses.

A Financial Consultant Can Help

Discussing all current finances including cancer treatment costs with a professional can resolve problems during the future. The costs of cancer treatment alone can become expensive over time. A financial consultant is also known as a navigator. They will help you work out a strategy to afford to live during these difficult times.

Your cancer diagnosis could affect the ability to work. If you become too sick to work, your spouse could have to limit the number of hours worked on the job to be home to take care of you. This is a reality in life as more people are diagnosed with different cancers each year. This can devastate monthly incomes.

Learning how to live within your financial means will be important during cancer treatment. You may have dietary changes in the food you can eat compared to the rest of the family. The out-of-pocket medical expense can include insurance deductibles and co-payments for prescriptions. Special expenses could include transportation, lengthy hospital stays requiring members of the family to stay over in hotels and services within the home such as housekeeping.

Make Sure Life Insurance Is There

Life insurance is one of the most important things people need. You would be surprised how many people don’t even consider having life insurance as a priority. Without insurance, your family must face the burden of funeral arrangements. Hopefully, you won’t need to worry about that situation. Always make sure any existing policies are up-to-date on who the beneficiaries are. Check that the policy amounts are enough to pay funeral costs. You could want to leave the family with a resource cushion in case something did happen to you. You might want some extra coverage with a cancer insurance policy.

Seek Other Sources To Help

Government programs are available to assist families during a medical crisis. Apply for disability if you can. This is a good option to have more income to pay expenses. Different types of cancer qualify for approval. The process could take considerable time though. 

Signing up for early retirement with the Social Security Administration is another way to bring in a monthly income. People 62 years of age or older should think seriously about this. Nothing is wrong with applying for the benefits you worked your life for when you need them the most. Y 

Medicare is another option for people who are in a low-income situation. The program can assist you with prescriptions and hospital stays during treatment. It will also pay for visits to medical doctors you may have appointments with. 

The Department of Family and Children’s Services can help those with limited income resources receive EBT help to supplement dietary needs. The foods you consume can differ from those the rest of the family might eat. A limited income makes it hard to afford this extra food during the month. 

Cancer Organizations

Contact every available resource you can locate to see what kind of beneficial help they can offer you and the family. Nonprofit organizations can help with transportation, family care and home care. They can assist you during your treatment for cancer. Co-pay relief can help you with drugs, deductibles and other medical costs. 

Have A Power Of Attorney

This is the person who will act for you concerning financial matters should you become physically or mentally incapacitated. A legal document specifying a person to take care of your affairs is important when you’re sick from a debilitating illness. They can handle a variety of issues concerning you in this situation. Selling property, managing your last affairs and handling health-related matters are some of the areas this person will be responsible for.

A will of some type should be another important document to leave behind for the family’s peace of mind. It leaves specific instructions on who will receive whatever you decide to give them. It helps to resolve any kind of conflict that would be there if you pass away.

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