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Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Summary

As a prudent person, it is advisable to consider now how to handle your workload on those days you do not feel well, or have to undergo treatment, or even find yourself unable to work temporarily or long term. It's possible that you will have periods that alternate between full functioning, limited functioning and possibly a need for bed-rest or hospitalization.

If you will not be able to handle your workload yourself, this may be the time to bring in help, make an arrangement with a colleague, sell the business, and/or go to work for someone else such as a large corporation or the government where you can get health insurance and other benefits.

If you do bring in a colleague or other help, turn it into a positive by letting your clients/customers know about the continued success of your business.

If you may be unable to handle your current work load, much less increased work, review your marketing efforts. Efforts such as taking people to dinner, or showing up at local benefits, or advertising in the local paper, may have to continue to keep you in the game. But are you spending your dollars and time wisely to continue other marketing efforts? If not, the dollars could go into a protected retirement plan for use when you need them. Of course, if you have backup, there may be no reason to change your marketing.

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How To Think About Your Workload

Learning about your health condition and its possible physical and emotional effects can provide a starting point to prioritize your planning. It is possible that you will have periods of full functioning, limited functioning and possibly a need for bed-rest or hospitalization.

Your health care team and other people with a similar diagnosis can give you an idea of what to plan for "just in case." Ask for specifics such as how disrupting an event could be, and for how long. Find out about the effects of your:

  • Health condition.
  • Treatments.
  • Side effects such as fatigue, pain and/or chemo brain.

Review your work schedule and tasks. Keep in mind time lines when various jobs have to be done - including for your most demanding customer/client. Consider such questions as:

  • How much can you do if you shift your work habits? For example, you can generally make phone calls or send text message from a doctor's office, examining room or treatment center.
  • Take a good hard look at the amount of your time your business involves.
  • Consider how much of your brain power and physical ability is required.
  • Look at the historic timing of when work comes in.
  • Think about the timelines required for your work.
  • Keep in mind that as a self employed person, you can work at your own hours. Clients don't need to know when you work. They also aren't likely to know whether you're lying in bed in your p.j.'s with slept-in hair, or sitting at a desk in "business clothes" and fully groomed.

Is there a less taxing way to conduct your business? For example:

  • This may be the time to invest in a PDA (Personal Digital Assistant) or a laptop computer. These devices can make out-of-the office time more productive and help keep you in touch. These devices may also double as a means to keep your medical information including appointments, contact information, a health diary, a work journal, and questions to ask at a doctor's appointment. These devices can even change time in the waiting and examining room of a doctor's office into work time. They're generally considered to be deductible business expenses.
  • This may be the time to install Wi-fi in your home so you can work in bed as well as at your desk.
  • Can you shift everyday tasks? For example:
    • Use messengers for local deliveries.
    • Buy whatever you need online, including groceries.
    • Bundle purchase of business supplies with other people in your location to save time when and money by not having to pay delivery charges because of the larger size of the order.

If you need help to keep your business going:

  • Where do you need help?
  • What kind of help do you need?
  • What type of person or service could provide the help you may need?

If you decide to bring in help, see Bring In Help If You Need To, below.

For assistance making a plan, as well as for suggestions about people who can pick up the slack, speak with colleagues who have a great deal of experience and with colleagues who have been in a similar situation. For example, contact The National Association For The Self-Employed (NASE) even if you are not a member. Call 800.232.6273 or www.nase.com offsite link. If you have a specific question, you can go to NASE's website, the "contact us" section. In the subject line, type: Business Consultant. Then type your question. Or you can take advantage of such programs as one on shop talk which is offered by NASE.

Is It Time To Form A Partnership Or Work For An Employer?

Consider using your diagnosis as a trigger to think about whether you want to continue as a self employed person, or if this is the time to join forces with a colleague in a partnership type arrangement or to go to work for some one else.

Consider whether either of these arrangements would:

  • Mean less time you would need to devote to work.
  • Reduce stress. Studies show that stress reduces the immune system.
  • Provide more job satisfaction.
  • Provide more money.
  • Provide benefits, such as health insurance, retirement benefits and vacations.

Before you join forces with someone, it is a good idea to give the person a project so you can see how well he or she performs. You'll also have an opportunity to tweak the work to your style.

Even if you don't bring someone on board now, if you think through your game plan for finding the person if needed, you'll be able to move forward without delay if the time comes. The sooner you have a plan, the sooner you can relax - as will the people around you.

A potential employer cannot ask about your health condition. Under a federal law known as HIPAA, you may be able to get health insurance from an employer without an exclusion for your existing health condition if you have any type of health insurance. At the least, the period of time that a pre-existing condition is excluded is likely to be limited - and you would have coverage for whatever else might happen in the meantime.

Bring In Help If You Have To

Perhaps you can handle your work load by bringing in part time, or even full time, help.

Consider whether to tell your clients about the person. If the work can get done without client interaction, there may be no need to tell. On the other hand, if there will be a new voice answering your phone or there's face-to-face interaction, introduce the person.

No matter whom you bring in - whether it's a colleague or a temp person you find on the internet through such sites as CraigsList (www.CraigsList.com offsite link), through local advertising or a temp agency, give the person a project as a test.

Keep control of your work product and of the relationship with the client. Clients bargain for your vision and quality of work, and that's what they should get. (It's also important for your future to assure you keep the client, instead of a possible misappropriation of the client).

It is advisable to put the arrangement with the person who will be your business support in writing. The document doesn't have to be lengthy or complicated, but you'll need it for your protection. Include such matters are:

  • Whether the person is to have contact with any of your clients.
  • Whether the person is allowed to discuss your health condition with anyone unless directed by you to the contrary - and then, only to the extent that you agree ahead of time.
  • The person's status: is he or she an employee or an independent contractor?
    • As a general rule, a person is an independent contractor when you have the right to control or direct only the result of the work and not the means or methods of accomplishing the result). If the person is to be an employee, keep in mind tax and other obligations.
    • The person's status determines such matters as whether you are obligated to pay FICA taxes or withhold income.
  • Duties (job description).
  • Where work is to be performed.
  • Deadlines.
  • Compensation and payment dates.
  • Who pays for what expenses.
  • Length of time the arrangement is to continue.
  • A confidentiality agreement about your list of clients with an agreement not to compete for those clients for a minimum of a specified period of time.

Because of the complexities involved, it is advisable to consult a lawyer to draft the agreement or to at least review what you write.

Marketing Efforts

If you may be unable to handle your current work load, much less increased work, review your marketing efforts. Efforts such as taking people to dinner, or showing up at local benefits, or advertising in the local paper, may have to continue to keep you in the game. But are you spending your dollars and time wisely to continue other marketing efforts? If not, the dollars could go into a protected retirement plan for use when you need them.

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More Information

Retirement Plans