When you (or a loved one) receive a cancer diagnosis, several things will change. You probably already know about the emotional and physical challenges of a terminal illness. If it’s a loved one, you have to adapt to being a caretaker. However, what most people don’t consider is the financial burdens you could face.
A study in the American Journal of Medicine says a cancer diagnosis can deplete your income and your life’s assets. Even if you have a life insurance policy and a good insurance company, you could end up broke. The treatment for cancer can be expensive. However, that’s not the only issue. Even with a high life expectancy, after your diagnosis, your ability to work may reduce. While an insurance company will cover things like car accidents and personal injury, it won’t be enough for cancer treatments. If your diagnosis has changed your financial plans, here are a few tips.
Consider a Viatical Settlement
Have you heard about life settlements and viatical settlements? If your cancer diagnosis leaves you with the prospect of costly medical expenses, this is an excellent option to consider. These are usually only available to those with a terminal illness. The viatical settlement companies facilitate the sale of a life insurance policy.
These companies also offer life settlements. A life settlement transaction takes place between a policy owner and purchaser. They are usually for people with longer life expectancies. There are several benefits to selling your life insurance policy even during retirement or old age. You can get more money than you will if it lapses. Moreover, you won’t see any financial loss, and you will have something saved for medical treatments you may need in old age.
Find the Best Insurance Company
It’s a good idea to make sure you have adequate health insurance in advance. However, check your insurance after your diagnosis as well. Even cancer survivors face severe financial hardships. So, you have to make sure to plan well for the future. Call your insurance company to get all the information. If you don’t know enough, get legal advice instead of going by the policy’s face value. Even a health care provider with all your medical records will not be able to help if you don’t have low premiums and no health savings.
Additionally, even if an insurance policy looks like the best offer, it could miss important things. Check whether you have coverage for everything from serious injury to wrongful death and medical malpractice. Make sure your insurance policy gives you access to specialists in your network. Are your medications covered? If not, what are the out-of-pocket costs? What are the exclusions and limitations? Also, beware of giving personal information to an unverified insurance company. The insurance industry has witnessed several health scams — ask your attorney before you sign any documents.
Focus on the Cause
In several instances, you may be able to link your diagnosis to your workplace. With the help of an attorney, find out if you’re eligible for a personal injury claim or any type of workers’ compensation. Remember, you need legal representation to approach this correctly.
To find legal services in your area, make sure your search is specific. For example, look for “personal injury lawyers in Albuquerque” to find law firms in Albuquerque. A reputable law firm can help you receive monthly or weekly payments. They can also get you a lump sum, or help with medical bills and rehabilitation.
Think About Filing for Bankruptcy
You can file personal injury cases, consider viatical settlement providers, or approach the life settlement market. You can make sure you’re with the best life insurance company, and get legal representation to help you out. You can sell your assets and anything that has any cash value. However, sometimes the only option you have left is to file for bankruptcy. It can help those already in debt, but there are some pros and cons.
Make sure you know what it entails before you decide to go down this route. You should know that bankrupcy will affect your credit rating for many years. There are also limitations on what you can and cannot do to earn income for some time. However, if you have a terminal illness, bankruptcy may be an option to consider.