We have touched upon this subject in other posts. Money issues are an added source of stress when you least need stress. Often the mind is so busy dealing with survival, that this subject takes a back seat. For many, this is the first time you have had to face potential end of life decisions. Here are some ideas.
1. Your ability to work WILL be affected. Each person responds a little differently, but it is very likely that you will not be able to perform much work for 4-6 months and possibly longer. Some desk jobs you might be able to perform, but radiation fatigue will prevent very much physical labor. Many employers have disability insurance on their employees. Find out and apply.
2. Check into Social Security benefits DO NOT PUT THIS OFF! The sooner you apply the sooner they will help.
3. Seek out an attorney whom REGULARLY advises people on estate issues. DO NOT PUT THIS OFF! Laws vary from state to state about how assets and financial liabilities are dealt with. Generally at minimum you need a legal WILL and you may need to set up a TRUST to protect your assets and POWER OF ATTORNEY documents will also be important. These documents are not usually expensive ($200- $1000) and in the long run will save you or your estate potentially thousands of dollars. Most people underestimate the value of their estate and the consequence of not planning properly, means you loose. Even if you think you owe more than your net worth, a good attorney may be able to help. IF YOU OWN ANYTHING OR HAVE CHILDREN, YOU NEED A WILL! You can find will writing software cheap. I would not recommend this method because you might miss a very important step.
4. Before you get a diagnosis (a narrow window between thinking you might have cancer and knowing you do have cancer) call your creditors and ask for credit life / disability insurance. Many offer this coverage as an add-on feature and it is cheap when you need it. If you have an existing life insurance policy call immediatly about increasing the covered amount.
5. Make sure your health and life insurance is paid up and set aside enough money to keep them paid. If your employer offers life insurance, make sure you are signed up. If you loose your job, find out if you can pay for continued life insurance coverage. After a cancer diagnosis you will probably NOT be able to get affordable life insurance for a long time if ever.
6. If you are the one that handled the bill paying and money matters in your family, then find someone to help take that over until you feel better. Perhaps your spouse or a reliable family member could help
7. Consider selling off expensive financed items like Boats, Auto's etc.
8. After your diagnosis, call your creditors and tell them what is happening. Many will have alternative payment options available.
9. If money becomes very tight, consider not paying certain bills. Discuss this with your attorney and ALWAYS PAY YOUR ATTORNEY ON TIME! Bankruptcy is a possibility and you want to do it correctly.
10. Do call the county Social Services office and enquire about such things as food stamps, welfare and medical services. Don't be too proud to use these services, you likely paid for them over the years.
11. If you own your own business, things are more complex. How you might deal with those complexities could be the subject of a whole new post.
This list is not exhaustive. I invite others to share their ideas and experiences. During this difficult time you can do a little planning and save yourself a lot of headaches.
