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Managing the Cost of Terminal Illness

Finance Lifestyle

Facing a terminal illness is hard enough. But on top of the emotional and physical toll this diagnosis is bound to have on you and your family, the idea of the outrageous costs you will face for treatments, medications, and even living with reduced income if you need to leave your job, can seem almost impossible. If you have been hit with this unfortunate news, read on to learn some ways you may be able to manage costs as you navigate these trying times to the best of your ability.

Life Insurance Settlement Options

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Many people are unaware of places like the American Life Fund Viatical Settlement Company who offer viatical settlements to the terminally ill. The American Life Fund will buy out your life insurance policy to give you a lump sum payout for end of life expense planning. That is, they will pay you a check amount large enough to cover funeral and memorial expenses so that you aren’t worried about how your family will handle those costs after your passing.

Viatical settlements are popular with people who are interested in pre-planning their funeral arrangements. For some, there is comfort in being part of the process when it comes to planning a funeral or celebration of life service. If you are a planner who wants to take the pressure off your family when your time comes, this may be an option to consider. Before you get overwhelmed and throw your hands in the air, consider doing some research about the life settlement industry. Professionals there are trained to help you with your finances in difficult times.

Practical Money Savers

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Prescription drug costs in the United States can be one of the most expensive things you will face when hit with a terminal diagnosis. No matter how good your health insurance is and particularly for cancer patients, the long-term costs ahead can seem nearly as daunting as the prognosis. Before the end comes, you will want to do what you can to manage the expenses that come with a terminal diagnosis. One thing to think about is getting prescription discount cards that will help you handle prescription medication costs at the pharmacy. One way to get these cards is to ask your pharmacist or health care providers.

If you are open to considering other money saving options, ask to speak to the case manager or social worker at your hospital or even through palliative care. They will know of resources in your local area including free home care services and more that will save money when it comes to the end of life needs and expenses. They have done this before and will make sure you are in good hands.

Financial Advisors

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Now might be a time to see a financial advisor. While it may sound silly, there’s nothing funny about losing life savings after a terminal diagnosis. Licensed agents will be able to give you advice on where to save money or even gift it so that you don’t wind up running through it and having nothing left to leave your loved ones with. If your diagnosis is terminal but far off, this will be particularly important.

For cancer and ALS patients, you could still have years and years ahead before death. Do what you can to secure a financial advisor who specializes in end of life financial choices. Even if it’s not that you are worried about having money after you pass, it will be important to know you are financially secure and have all you need for treatment and care before that time comes. There’s still living to do and you want to make the very best of it. For as crass as it sounds, the truth is that proper financial planning will help see to that.