October is Breast Cancer Awareness Month. This time of year, many individuals and organizations wear pink to raise awareness about this critical health issue. For those affected by breast cancer, whether directly or indirectly, having a solid support system and practical financial strategies in place can make a significant difference during this challenging time.
One essential tip is to establish an emergency fund with enough savings to cover three to six months of living expenses. This can be a huge lifesaver bridging those gaps between benefits being paid and the sudden uptick in expenses associated with treatment. This financial cushion can alleviate stress related to unexpected costs that may arise during treatment. It could also pay for much needed home cleaning and maintenance services to relieve that burden from you and your caregiver.
Additionally, it’s crucial to understand your health insurance coverage, including what your policy entails regarding disability and long-term care. Knowing these details helps ensure that you are prepared for the various aspects of treatment and recovery. If you have a separate, stand-alone policy for cancer or catastrophic coverage (supplemental insurance), find out what exactly is covered, and how you need to trigger benefits to turn on any available coverage or cash flow.
Moreover, consider designating a financial helper who is separate from your caregiver. This trusted person can assist in managing finances while allowing your caregiver to focus on providing emotional and physical support without the added burden of financial responsibilities. Creating a financial helper plan can alleviate a lot of stress
By taking these proactive steps, you can foster a supportive environment that allows for better coping with the challenges posed by breast cancer. Remember, you are not alone. Put your team into action and focus on your healing and recovery.
As an independent CERTIFIED FINANCIAL PLANNER™, I can help you plan for life’s unexpected events. Contact me and let’s get started on a new savings plan, retirement plan, debt reduction, or something more specific. #talktometuesday #education #Hireaplanner #stressfree #savings #debtfree #budget #CFPPro #LetsMakeAPlan #breastcancer #cancer