Colorectal Cancer: In Treatment: Finances
IF YOU READ ABOUT THIS SUBJECT WHEN NEWLY DIAGNOSED, THE FOLLOWING INFORMATION IS WORTH REVIEWING. FINANCES PAY FOR MEDICAL TREATMENT AND YOUR LIFESTYLE.
Treatment can create financial havoc because of increased costs even if you have health insurance as well as the possibility of lost income.
- For information about how to save money on health care, click here.
- To learn how to negotiate for a lower medical bill, click here.
- If you have health insurance:
- If you have a financial crunch, click here. In addition to subjects you may expect to find, we include such subjects as how to raise money, including how to ask family and friends for money.
- If you owe money:
- If you are having difficulty with creditors, learn about your rights by clicking here.
- To learn how to negotiate with creditors, click here.
- Consider speaking with a credit counselor for advice about how to manage the situation. Click here to learn how to pick a credit counselr that will work on your side (instead of on the creditor's side).
- If you are working, you can learn simple tips that have helped other people increase their income by looking at our document How To Increase Your Income.
- If you have investments:
- Reexamine your investment strategy to take your diagnosis and potential medical needs into account.
- Start with the question whether you should make investment decisions on your own or use an advisor. To learn more, click here.
- If you have a shortened life expectancy, you may be able to sell your life insurance and get money now. To learn more, see: Viatical Settlements and Life Settlements.
- There may be other new uses of assets you have not thought about, or don’t know the best way to go about maximizing the money you receive. See: New Uses of Assets.
- Do not think that because you have a serious health condition that you can stop paying taxes. It’s a mistake. On the other hand, it may cheer you to know that your diagnosis may be helpful if you are audited. To learn more, click here.
- Keep receipts for all medical bills – including cost of transportation to and from medical appointments.
- Medical expenses may be deductible for income tax purposes.
- To learn what is and is not a deductible medical expense and additional information relating to taxes relevant to your health situation, click here.
- It is even more important for a person with a serious health diagnosis than an undiagnosed person to avoid losses that could wipe out assets. This means at least having basic automobile and renters or homeowners insurance. Our documents about Property and Casualty Insurance provide unbiased information about the specifics of what you do and don’t need.
- If you have any excess money:
- First use it to create a fund we call an Emergency+Fund in case you need extra money for a drug or treatment not covered by insurance. The fund will also come in handy for a rainy day.
- Additional money should go into retirement accounts to reduce current income taxes. You can still get to the money if necessary in the future.
- A budget helps prioritize your spending. Budgets are easy to create. You can tweak them as you go along. For tips about creating a budget as a person with a serious health condition, click here.
- When it comes to paying bills:
- Be sure your important documents are stored appropriately. A loss of documents could mean a heavy financial loss. To learn how, click here.
The way to get your finances in the best possible shape is through financial planning specifically for a person with a life changing diagnosis. This type of planning does not change according to the specific condition or stage.
- If you haven’t done financial planning before, the idea of doing financial planning may seem daunting – especially when you are not feeling well and are being emotionally whip sawed because of treatment. Financial planning can be rather simple and not take a lot of time at all. Elsewhere on this site we show you how.
- Once you have a picture of what your financial situation is, and what it could be, there are steps you can start taking to improve the situation.
- If you are not up to the task of doing financial planning now, at least look at the subjects mentioned in the remainder of this document to see which can help you now. Also consider using the time to start pulling together the facts and documents that will be needed. You can do the planning when you’re feeling better.
- An alternative is to ask a close family member or friend do look at your finances for you and let you know what, if anything, should be done now.
- Also consider speaking with a financial planner with experience helping people with a life changing diagnosis.
To get started with financial planning, click here and/or see the documents in “To Learn More.”
- If you do not have health insurance, read our information in “To Learn More” about paying for treatment when you are uninsured. As soon as you are up to it, start figuring out how to get it. Your diagnosis does not prevent your getting health insurance.
- If you do have health insurance, assistance is available for paying premiums, co-pays etc. See “To Learn More.”
- If someone takes advantage of you financially, you may have rights as a “vulnerable person.” See “To Learn More.”
To Learn More
More InformationUninsured Health Insurance: How To Obtain Financial Crunch: How To Deal With A Fund Raising Financial Planners 101 Taxes Rights Of A Vulnerable Person New Uses Of Assets
Related ArticlesHealth Insurance: Financial Assistance To Pay Premiums, Deductibles, Copays, Coinsurance Where To Store Important Documents