According to the National Cancer Institute, approximately 1.8 million people will be diagnosed with some form of cancer this year. And almost everyone faced with this diagnosis will have serious questions about how to cope with their situation. These questions will concern things like emotions, relationships, and physical comfort. Unfortunately for most, they will also have a lot of questions and concerns about finances.
During such a difficult battle, financial struggles only add to the burden, but it’s a grim reality for many people. Between treatments, hospital stays, specialists, and travel expenses, most cancer patients find themselves and their families wondering how they’ll make it through. Will they lose their home and savings in the process?
If this situation describes you or if you’ve been newly diagnosed with cancer, the time to take action is now. Learn how to cope ahead of time and give yourself the much-needed freedom to relax and heal. Look for ways, including these, that will help you get your finances in order and deal with the times when you still have unanswered questions.
Put your life insurance to work.
Believe it or not, your life insurance policy can go to work for you now, while you’re still living. There are companies that will buy out your policy, negotiating a lump sum that leaves you with the majority of its value. This is called a viatical settlement and it can give you the money to do whatever you need to in order to gain peace of mind for your finances while you deal with your health.
Many people use these payouts for medical bills, paying off a mortgage, or replenishing their savings. Sometimes this is just the lifeline you need during such a difficult time. Qualifying for a settlement is easy and you’ll be able to see your offer upfront before you make a decision.
Hire a financial expert.
A financial advisor can help you manage your finances in ways you might never have thought of. Their job is to help you increase your net worth and “create strategies for eliminating financial risk.” But there are many types of financial advisors that specialize in different areas. You’ll find them in fields like tax consultation, investments, and wealth management. It’s important to find someone who will be able to lend their focus where you need it.
Lean on your faith.
During any hardship, it’s important to have something to believe in. This is when many people begin searching for something greater than themselves or discover a sense of renewed or growing faith. This isn’t just important for their emotional well-being but can bring a great deal of comfort about their finances and other needs as well.
God’s word reveals a lot of truths that people of faith find comforting. An NRSV bible is a wonderful version of this word to delve into. This version is as easy to read and understand as possible while still retaining a very close translation of the original text. Reading the bible daily and attending a local church is an excellent way to cope with all the trials you’re facing.
Find extra income.
This might be easier said than done for some people. After all, you may be so busy with medical treatments and doctor visits that the thought of anything else is daunting. Not to mention the fact that you just don’t feel up to working more than you already are. But finding extra income doesn’t always require physical effort. Sometimes it’s a matter of thinking about where you can cut corners. For example, you might enlist your family to start cooking more meals at home rather than grabbing takeout. This can be difficult when hospital stays and doctor visits are a new part of life, but if it’s possible, it could save a lot of money over time.
Other ways to bring in extra money without a lot of physical effort are selling things you don’t need, taking donations, and finding short-term investments. Keep in mind that there are also a lot of little-known programs to assist patients with serious diagnoses such as cancer. To find out what’s available, you can usually speak to a social worker at your hospital or doctor’s office.