October is Breast Cancer Awareness Month, a time when we gather to support those in our lives who have undertaken or will undertake the courageous battle against breast cancer. We can all share a common goal of raising awareness for those affected by this horrible disease and fundraising to progress science in pursuit of a cure.
Unfortunately, those fighting breast cancer often find themselves in an ongoing battle with many factors out of their control. When in those tough situations, it is often best to focus on what we can control. Managing this disease carries enough worries, so before to or following a positive diagnosis, here are a few tips that could alleviate some of the financial burden:
Plan Ahead
Being proactive prior to a breast cancer diagnosis will allow those affected to establish proper safeguards:
- Estate Planning: Completing documents such as a trust, will, and power of attorney ensures your voice can be heard when it’s time to make some of the toughest decisions, especially when you might not have the capacity to speak for yourself.
- Life Insurance: It is extremely important to have this in place prior to a diagnosis, as a once-affordable policy may mean the patient is no longer insurable.
- Disability Insurance: A disability insurance policy is there to replace or supplement income when a medical condition, including breast cancer, prevents the ability to work. Private insurance policy benefits may be tax-free, while company-provided insurance benefits are usually taxable.
Review Details with the Employer
It is crucial that workers and employers are on the same page when it comes to employee protections. To ensure you fully understand your rights and available resources, consider meeting with your benefits team or administrator for personalized guidance.
- Workers of companies with 15 or more employees are protected under The Americans with Disabilities Act (ADA). Per this act, employers must provide workers with reasonable accommodations to allow the participation in a job. This could consist of remote working accommodations, altered work schedules, accessibility in the workplace and so on.
- The Family and Medical Leave Act (for companies with 50 or more employees) states employers must allow up to 12 work weeks of unpaid leave in a 12-month period for serious illness, including breast cancer. This applies to those with the illness and the family supporting them.
Review Health Insurance Coverage
For those diagnosed with breast cancer, there may be numerous prescriptions, exams or surgeries, and countless doctor visits. It is essential to know what services are covered by insurance and which ones are not.
Get Help with Your Finances
There will be enough on the plate going through breast cancer treatment or caring for a loved one. It is important to stay on top of finances, so they do not get away from you. There will be days and weeks of distraction and/or exhaustion. Consulting with a CFP® professional can be the perfect complement to lessen that burden.
Research Various Foundations and Non-Profits
You are not alone; a massive support community is out there to assist you through your most challenging times. Whether it is a national breast cancer organization such as the Susan G. Komen Breast Cancer Foundation or a local organization that helps women in their community, there is always someone looking to help financially, emotionally or even provide a home-cooked meal when you do not have the energy to make one yourself.
In the end, the name of the game is being proactive and having a plan. While taking on these tasks might seem daunting, especially in the face of a breast cancer diagnosis, working with a CERTIFIED FINANCIAL PLANNER® professional can help ease the burden. They can assist you with getting the proper safeguards in place in the most efficient and stress-free way possible. Find your CFP® professional at LetsMakeAPlan.org.