Financial Recovery Plan: Post Life-Changing Diagnosis Guide
TL/DR –
Every year, over 15,000 children between the ages of birth to 19 are diagnosed with cancer in the U.S. These diagnoses can lead to hundreds of thousands of dollars in medical debt due to ongoing and regular inpatient and outpatient visits, as well as frequent hospitalizations. Apart from the emotional distress, there are various financial considerations to bear in mind, such as health insurance not covering everything, additional living expenses beyond health care, alternative ways to fund treatment, the different regulations for children over 26, and the fact that the end of treatment is not the end of the journey.
Harrowing Reality of Childhood Cancer
Imagine you are leading a fulfilling professional and family life, with considerable savings and a retirement plan. Then, your college-graduated child experiences inexplicable back pain and is diagnosed with cancer. The American Childhood Cancer Organization reports over 15,000 children aged 0-19 develop cancer yearly in the U.S. The emotional and financial toll is immense, with costs potentially amounting to hundreds of thousands of dollars, as stated by the U.S. Environmental Protection Agency.
Countering the Financial Toll of Cancer
Navigating the financial burden of cancer requires prudent planning. Following are essential considerations and means to manage expenses:
1. Insurance may not cover all.
While life-saving, health insurance carriers often don’t cover all costs, with additional out-of-pocket expenses and deductibles.
2. Multiple financial impacts.
Parents should anticipate expenditures beyond healthcare, including housing, transportation, work leave, and other living expenses.
3. Various ways to fund treatment.
Consider leveraging savings and checking accounts, friends and family, after-tax investment accounts, retirement accounts, life insurance, home equity line of credit, real estate liquidation, and credit cards as last resort.
4. Different scenario for “adult kids”.
Parents of children over 26 need to prepare legal documents such as power of attorney, living will, health care proxy and advance health care directive for decision-making rights.
5. Formal treatment end is not the conclusion.
The emotional and physical impact of cancer treatment extends beyond the hospital. Acceptance of the long-term changes in your child’s life is part of the journey.
No such thing as over-saving or over-planning.
Prepare for the unexpected, and if your child is diagnosed with cancer, remember there is light at the end of the tunnel. Keep your financial house in order to focus on what truly matters – your child’s care.
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