Dealing With the Financial Impacts of A Serious Diagnosis

If you or a loved one is diagnosed with a serious illness, money is the last thing you want to worry about. Here's what to know to avoid that.

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Transcript

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Welcome to youo and you'd Money. Today's episode features Lysel Langevin, senior vice president and financial advisor at WHZ Strategic Wealth Advisors. Our topic is navigating the impact of a serious health diagnosis. Why is this such an important topic to bring into the conversation? Yeah, absolutely, Gary. Well, I mean, the focus whenever you get a serious health diagnosis is on the physical and emotional toll. And, of course, those have the biggest impact. And I'll just say we were at the road to wellness event this past weekend, and we heard some of the stories of the participants in that great program with the y, and it was just really inspiring to see. But they also, they go through a lot. And so in addition to that, there's the financial side that can also cause additional stress, and, you know, that overall well being. And so it's really crucial to also prepare for that side of it. So that's what we'll be talking about. So drill down on that. What kind of financial impacts are we talking about? Lysol. Yeah, I mean, at a high level, comes down to increased expenses and reduced income. And even with health insurance, treatment costs can be very high. And in fact, there's a stat out there that cancer patients, especially, are two and a half more times likely to file for bankruptcy than those without. And so. And that's because they have to typically reduce work hours or stop working altogether. And that could be for that person or maybe a family member that's taking care of them. So how do you manage these financial challenges? What do you do? Yeah, well, there's several key strategies that I'll mention here that we help, especially whc clients with. But number one, understanding your insurance coverage thoroughly and just making sure that you know what's covered and what is not covered and what your out of pocket responsibilities will be. Number two, exploring financial assistance programs. And so many hospitals and pharmaceutical companies, they offer, and also nonprofits offer help with medical treatments and the medications number three, don't be afraid to negotiate those medical bills. Theyll work with payments or, sorry, patients on doing some more manageable payment terms so you can spread it out over time and make those payments. Consider number four, consider disability insurance. This is definitely one for small business owners and it can help reduce that lost income during treatment. Five, organize your finances. Consider if you need to grant a power of attorney to somebody that can help while you're going through these treatments, get you through that. Number six, look into clinical trials and this can help. Maybe there's access to treatment plans that aren't available. And then lastly, seeking professional help from an advisor that can help you know, experience in dealing with some of these and the financial impacts. Let's switch it up a little. Talk about being prepared. I mean these are reaction how you can react and have to react. But what about preparing for the potential of a serious illness diagnosis? Yeah, exactly. So shoring up your insurance coverage. Definitely. I mentioned making sure you have enough coverage for major medical needs. I know sometimes we focus more on the everyday needs or the prescriptions, things like that. Number two, building an emergency fund is key. That will help family absorb those out of pocket expenses. And then number three, understanding what your employee benefits are. So if you have maybe long term disability insurance through work, that will help or you know, taking advantage of plans like that, or if there's grace period before coverage kicks in on those disability policies. So really, really helpful to get those things set up in advance. Now I understand that people nearing or even already in retirement have a couple of additional things to think about. Tell me about that. Yeah, exactly. And so, I mean, we go through this when we work with our clients and they think, I'd love to move to a small town or a beach town or something, but just making sure that local healthcare infrastructure is in place. So what's the proximity to high quality hospitals? Do you have availability of cancer treatment? And in those areas, what are the insurance options? Maybe there's different insurance options from state to state. And then availability of in home care services and transportation to medical appointments is really important because as you get older, you may need some of these services. So you know, they're definitely can make a difference in your planning, especially as you approach retirement. Great advice, Liza. Thanks for taking time to talk about this today. Yeah, thanks, Gary. Thanks for the opportunity. You know, I know it's not the most you know, the topic is sad and just talking through it, but being financial, financially prepared, can really be crucial. And that's something that we're always talking about with our clients at WHC. And I know our new motto of absolute confidence, unwavering partnership for life. That's really what we, especially in these times do for our clients. For more information regarding wealth management and customized financial planning with WHZ strategic wealth advisors, please visit whz wealth.com. wHZ Strategic Wealth Advisors offer securities and advisory services through Commonwealth Financial Network member FINRa SIPC, a registered investment advisor, fixed insurance products and services offered through CES insurance agency. They practice at 697 Pomfret Street, Pomfrethe Center, Connecticut 06259 and three nine two a Marrow Road, Tolland, Connecticut 06084. They can be reached at 860-928-2341 WHz Strategic wealth advisors do not provide legal or tax advice. The tenured financial services team strives to support clients in achieving their financial life goals while providing absolute confidence and unwavering partnership for life.