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.

Another idea to check out is short term disability insurance through your employer. My company recently changed from offering Extended Sick Leave as a benefit to giving additional Paid Days Off to use for vacation or sick.

If we had accumulated sick leave, it is available to us until it runs out. I had the max ESL, used half of it during my treatment last spring. Since I still have 250 hours of ESL, I also signed up for short term disability that has a one year waiting period for preexisting conditions. Should I need more treatment, my ESL should cover me for the one year and short term disability will kick in after that.

Funny thing, I KNOW I am cured... but this little nagging thought at the back of my head is keeping me prepared.

In reference to bankruptcy, it IS different when you are self employed. If you go chapter 7, the trustee can take charge of your business, hire someone to run it, and you could lose it and your income. Definitely speak with an attorney that specializes in bankruptcy.

Sincerely,
Lisa

Another thing....scrutinize all documents. My husband has a life insurance policy that we pay premiums on through automatic debit from our checking account each month. I have gotten so used to seeing that statement that I never really paid attention to the details. Just last week I noticed that it also has a disability policy attached to it. So...we are filing the papers so that Scott will get back pay for the last 5 months (even though he is currently still getting paid from his banked sick leave hours)! It will certainly come in handy since we spent so much money on travel and lodging while he was getting treatments.

Christine

But DO YOU ALL HAVE A WILL? and how about previous marriages and what will that spouse get?

Make sure you keep track of all your medical expenses, including travel and lodging expenses when going for treatment or consults. Keep track of your mileage to ALL appointments. Most people can't deduct medical expenses on their income tax most years if they are covered by insurance, because it doesn't add up to enough. (7.5% of AGI, I think.) But when you add up all the copays, prescriptions, mileage, insurance premiums, etc. when dealing with cancer, a lot of people will have enough to deduct.

Rainbows & hugs,
Rosie

Mark,

I am ashamed to say the one we do have is years old, kids go to my sister...money controlled by her for their care until they reach a certain age, written when they were like four and six and that was our major concern. Don't think we even owned our house then! We will have to dust it off and take another look. Thanks for the heads up.

Life Insurance in good shape...but wish I had tripled it when I dreamed I'd never need it!

Lisa

Hi lisa,

I wasn't trying to pick on you, just trying to be sure the 1000 or so people that lurk here daily get the point.

Take care