Financial planning for mesothelioma patients and families
Receiving a diagnosis of mesothelioma can be devastating. It’s not only physically and emotionally challenging, but also financially draining. The treatment for mesothelioma can be expensive, and it can add up quickly. If you or a loved one has been diagnosed with mesothelioma, it’s important to start thinking about the financial implications of the disease, and how you can plan for the future.
Here are some important financial planning tips for mesothelioma patients and families:
1. Start by Understanding Your Insurance Coverage
One of the first things you should do after a mesothelioma diagnosis is to review your insurance coverage, including health, disability, and life insurance policies. Make sure you understand what each policy covers, and what your out-of-pocket expenses will be.
If you have private health insurance, review your policy to see if it covers the cost of your treatment. If you have Medicare or Medicaid, find out what services and treatments are covered.
If you have disability insurance, know the terms and conditions. It can help you pay bills while you are unable to work due to treatments or recovery.
Knowing what your insurance covers can help you make informed decisions about your treatment and reduce financial burdens.
2. Consider Hiring a Financial Planner
A financial planner can help you create a comprehensive financial plan that takes into account all of your income, expenses, and assets. A financial planner can help you identify areas where you can save money and reduce expenses, and can help you create a budget that reflects your financial situation.
They can help you choose between income streams and retirement accounts, along with any other financial decisions that require professional input.
3. Explore All Possible Options for Financial Assistance
There are many resources available for mesothelioma patients and families, including government assistance programs, veterans benefits, and non-profit organizations. For example, mesothelioma patients are eligible for Social Security Disability Insurance (SSDI) benefits.
There are also many non-profit organizations that provide financial assistance to mesothelioma patients and their families. Some organizations offer grants to help with medical expenses, while others offer travel assistance, lodging, and other forms of support.
4. Explore Lawsuit Options
If you believe that your mesothelioma was caused by asbestos exposure, you may be able to file a lawsuit against the company that exposed you to asbestos. This can provide a significant amount of compensation to help cover medical expenses, lost wages, and other costs associated with mesothelioma.
Be sure to consult with a mesothelioma lawyer to discuss your legal options.
5. Create a Will and Estate Plan
Create a will to ensure that your assets are distributed according to your wishes. As a mesothelioma patient, creating a will can give you peace of mind that your loved ones will receive your assets as intended. You can also work with an estate planning attorney to create a comprehensive estate plan that takes into account your unique situation.
6. Take Advantage of Tax Breaks
There are a few tax breaks available to mesothelioma patients and their families. For example, some medical expenses associated with mesothelioma may be tax-deductible.
Additionally, if you receive a settlement or award in a mesothelioma lawsuit, these funds are generally tax-free.
Overall, financial planning is essential for mesothelioma patients and families. By taking these steps, you can ensure that you are financially prepared to face the challenges ahead. Remember, you are not alone, and there are resources available to help you through this difficult time.