Unfortunately, many people each year are told that they have cancer. When cancer of any type comes into your life, it will be a very expensive disease to treat. Even if you have health insurance in place, you will be facing deductibles and other costs that may not be covered, which can have a tremendous impact on your finances. If you are facing a cancer diagnosis, here are some ways you can keep your finances on the right track.
More than anything, planning ahead prior to being confronted with health problems can be a big plus for your finances. From having health insurance in place to building up a substantial amount of savings, having a sound financial plan already working for you can make the months ahead a bit easier.
Critical Illness Insurance
If you have a critical illness insurance policy as part of your financial portfolio, a cancer diagnosis will not be devastating from a financial perspective. Offering you a lump-sum payment of generally between $10,000-$25,000, it can be used to pay medical bills or other expenses. By using an instant insurance cost calculator, you can get an estimate of how much a $10,000 policy would cost you per month.
Resist the Credit Cards
While you may need to use your credit cards to some extent, try not to use them to pay everything while you are confronting your cancer diagnosis. By maxing out your cards, you’ll only dig yourself a deeper financial hole that will add even more stress to your life.
Create a Budget
Once you know the medical bills are going to start accumulating, always sit down and create a budget for yourself and your family. For instance, when you are considering the purchase of critical illness insurance, always make sure the amount of coverage you opt for will be enough to make your rent or mortgage payments for as much as one year. Along with this, examine your other monthly expenses as well to see how much money you will need and if there is anything you could cut to help save money.
Since a cancer diagnosis in today’s world does not necessarily mean an immediate death sentence, it is more important than ever to have a strong and realistic financial plan in place while you get treatment. From planning ahead to making sure you have the necessary insurance in place, these and other steps will give you peace of mind as you battle cancer.