Anne Orchard

Cancer - Avoiding the Negative Financial Impact

A diagnosis of cancer brings with it additional expenses, and often also impacts the family's income.  What are the ways to lessen the short term and long term effects?

A diagnosis of cancer will most definitely have significant impact on the affected family’s finances. Thoughtful evaluation of the family’s financial resources will be necessary. Difficult, sometimes painful, adjustments may be required. I discuss this in my book Their Cancer – Your Journey, and share the following with you:

Once upon a time, not all that long ago, most people worked in secure jobs for many years. They had full sickness cover, and their wages would continue to be paid if they became ill. For many that situation no longer exists. When my mother became ill, her employment contract had just been renewed for a year. Her pay would have lasted only as long as that contract. 

Sick pay generally goes down over time, rather than staying at the same level as previous earnings. Your loved one may also lose any part of their pay that was based on commission, performance or overtime. If the person with cancer contributed a major part of their household income, and this is affected, problems could arise.

The most important thing, of course, is to face up to facts as soon as they become clear. Plan ahead of time what you (or they, if you are not part of their household) can do to deal with the problem. It seems ironic that just as expenses are probably rising, their ability to cover those expenses is threatened. 

It is possible that the person with cancer has some kind of insurance that covers this situation. They can dig it out and check the terms and conditions. Some policies cover illness, and others will pay out early if the person is not expected to live. You have to be practical if your finances are threatened, even if you don’t like facing up to unpleasant facts.

Some help may be available from outside agencies. You could have a list of these already, or find them through the medical team. Contact them to see if help is available in your situation. The person with cancer may be able to claim some welfare benefits to help out. This is often a long process, so don’t leave it until a financial crisis is upon you. 

Some also choose to tap into equity they have built up in their home to tide them over this time. This could be done: through an equity release scheme; by moving to a cheaper property; or by using a ‘Sell and Rent Back’ company.

Be sure to check out the companies you deal with. Compare the end results carefully, and take financial advice if you need it in order to understand the full implications.

Extracted from Their Cancer – Your Journey ©2008 Anne Orchard

Worry about finances weighs heavily upon the thoughts of the person who has cancer, and is a realistic ever-present worry for their family. You can best help by undertaking a thoughtful analysis of family finances, determining what assets can be used, what outside assistance is available, and what adjustments can be made to handle these burdensome obligations. Remember, you can only do so much with the resources that are available. This is a time for practicality, not guilt. Do the best that you can, and no more.

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