Financial Planning and Budgeting

Financial planning and budgeting.

First, it is very important to know not only the time commitment, but also the financial resources that will be necessary.

The goal is to understand as soon as possible the known cost of your treatment every step of the way, while understanding that there will be unknown costs because of changes in treatment and the scope of treatment needed.

Myeloma is usually a long-term illness and the treatment required is very expensive.

Understanding what the treatment plan will be, including test, prescriptions, cost of care, travel cost if required, hospitalization, and in-home care.

With cancer comes a lot of paperwork.

Consider keeping a binder, perhaps a three-prong with separate file folder, so easily file copies of health insurance policies, approval and denial letters, authorization statements, insurance claims, explanations of benefits, disability policies and statements.

Medical bills both paid and unpaid, prescription bills and prescription history, medical travel expenses all so that they can be easily accessed when necessary.

Keep a record of all discussions you have had with the insurance company, the medical billing department, and your HR department regarding benefits such as sick leave, FMLA, etc..

Keep a note of the date and time of call, the name of the person with whom you spoke and the nature of the call.

You may need to refer to them later.

In another folder, keep a copy of your pertinent paper, such as living will, power of attorney, and trust documents.

Make sure your oncologist has a living will at play on file.

Also, make sure the person who will be handling your affairs on your behalf has a copy of these documents.

Keep a folder with a list of your doctors and pharmacy, their addresses and phone numbers, and a copy of your prescription and insurance card.

It will be a good idea to take this folder to all of your appointments.

Keep a folder with your medical history with a current list of medications.

Also, keep a folder with updated questions or concerns you want to address with your doctor.

You may want to keep a copy of recent labs as well.

Make a folder for them and keep the most recent first.

Keep an envelope of miscellaneous receipts of medical bills or medical related bills paid.

You may be able to use them while filing your federal taxes.

Keep an appointment book available to keep up with doctor's appointments.

You will also find it will help you keep the rest of your life more organized.

Make a budget.

Making a budget is the most basic and important tool for managing and maintaining control of your money.

When you have myeloma, it is even more important to keep up and control your spending.

Again, myeloma is a long-term illness and the expenses associated with it will not go down.

This will allow planning in advance for you to change around, reduce expenses or eliminate unnecessary expenses.

Making a budget isn't a one-time exercise.

Reviewing your plan at least yearly will allow you to keep up with changes.

Budgeting includes looking at other resources you may have, such as savings, investments, or other assets that may be used prudently to help offset the cost of medical treatment.

Gather a list of your assets and review with your financial advisor if you have one.

If you don't have an advisor, seek one out who understands your financial challenges and can include all aspects of your treatment plan.

To put together a comprehensive budget that would include finding additional outside resources if needed.

The financial advisor will be able to review your assets and evaluate your risk tolerance and income needs.

They may also be able to find a revenue stream for you depending on the assets you have.

Unfortunately, most people don't use this tool because they think it's either too time-consuming, it's extra work, or that it will not allow them to do the things they like to do.

Surprisingly, the opposite is true.

Knowing what your income sources are as well as what your expenses are and where you are spending your discretionary money, will allow you to find the strengths and weaknesses of your daily planning.

Budgeting will allow you to allocate your money.

It will provide you with a detailed understanding of what you can afford while saving you the distress of overspending.

For more information about budgeting, click the links below this video.