Colorectal Cancer: Post Treatment 0-6 Months: Finances: Stages II,III,IV

EACH OF THESE SUBJECTS IS COVERED IN DETAIL IN THE ARTICLES LISTED IN “TO LEARN MORE”

Hopefully there will be no recurrence. However, now is the time to start working on your financial situation in case it does. For instance:

• If you don't have health insurance, now is the time to start doing what you can to get it. If you work, and your employer doesn't offer a health insurance benefit, consider changing to an employer that does. Job lock because of a health condition is a thing of the past. A new employer cannot ask about your health condition before offering you a job. If necessary, you can retain insurance from a former employer under COBRA until new health insurance coverage starts.
• Pay your bills on time. Timely payments are an important part of your credit rating. .
  • Especially pay essential bills such as rent or your mortgage.
  • Pay at least the minimums due on your credit cards on time.
  • Do not let any type of insurance policy lapse for non-payment - particularly health insurance. The last thing you need is a large economic loss that could have been insured against.
• Do what you can to increase your credit.
  • Start accepting the credit card offers you get in the mail. That does not mean to use the cards to run up debt. It does mean using each card just enough to keep it open in case you need to use credit in the future.
  • If you don't have credit, start getting it. Our articles in "To Learn More" tell you how.
• Do what you can to improve your credit score. Credit scores are important for a batch of reasons, including how much you will be charged to borrow money. Your score may even be a factor in determining whether you get a job or how much you pay for car insurance.
• Create an Emergency+Fund so you have cash on hand for emergencies and other expenses that may require cash.
  • Work toward a goal of a cash fund equal to 3 to 6 months of monthly expenses. This is the amount of money generally recommended to have on hand in case of periods of no income or unexpected expense. It does not mean you have to put this much money away today. However, now is the time to start.
  • If you work in a specialized area where there are very few jobs, aim for 12 months of expenses in your fund because if you lose your job, it may take longer to find another one.
• Put as much money as you can spare into your retirement accounts. (See the next section).
• See what you can do to increase your income. Perhaps there is a better paying job with your employer for which you can qualify. Or, as mentioned above, consider changing jobs.
• A little financial planning will help maximize your financial situation. It doesn't have to take a lot of time. Planning should take into account ongoing medical costs and changes in your income and non-medical expenses due to colorectal cancer. Planning should also include the possibility of a recurrence. If this becomes burdensome, ask a family member or friend to help. Professional help is also available.
• Consider increasing the amount of life insurance you have.
  • Among other ways to get life insurance, you may be able to buy life insurance at work once a year no matter what your health history (an “Open enrollment” period).
  • If your life becomes shortened, life insurance can be used as an asset from which you can get cash.
• Find out if you can obtain Disability Income Insurance. It provides an income in case you become disabled and unable to work. If you are unable to obtain it on your own, you may be able to get Disability Income Insurance from a new employer. Large employers such as the government often offer such insurance as an employee benefit.
• A diagnosis heightens the importance of minimizing taxes.
  • Keep track of your medical expenses. They may be deductible from your taxes. Learn what is included in deductible medical expenses. For instance, deductible expenses include the cost of getting to and from doctors.
  • A diagnosis is not an excuse to skip filing.
  • Plan to minimize chances of an audit. If audited, your diagnosis may help if you are audited.
• Don't pay a medical bill just because you receive it. Many health care providers send bills to patients even if the amount is covered by insurance. Check each bill to be sure:
  • That the service was received AND
  • That you owe the money instead of the insurance company.
  • If you owe a bill, you can likely negotiate the amount due.

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