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Don’t Let Long-Term Illness Ruin Your Finances

This contributed post is for informational purposes only. Please consult a business, financial and legal professional before making any decisions. We may earn money or products from the affiliate links in this post.

long term illness

With the cost of health and medical care being as high as it is for a lot of us, it can be difficult to survive should one be struck down with a serious illness or injury that requires long-term treatment.

If you need long-term care, one of the most important things you should be looking to do is protect your income, cash and assets as best you can. Unfortunately, a lot of people don’t do this, not realizing just how quickly the cost of care and medical attention can take everything from them.

With that in mind, here are some strategies you may be able to use to help you stay afloat financially and keep:

Buy Insurance

Obviously, if you’ve already been struck down with an illness or injury, then it may be too late for you to buy insurance that covers your needs, but for everyone else, taking preventative measures by doing whatever you can to have insurance in place is only sensible.

Save

Simply saving money, as much as you can for as long as you can could also help you to be in better financial shape should you ever become sick long-term. Of course, investing wisely would be even better, but there are no guarantees when it comes to investing. So, tread carefully if you decide to do that.

See if You Qualify for Medicaid

A lot of people are wrongly under the assumption that they don’t qualify for Medicaid, either because they have too much money or assets or because their salary is too high. However, they are often wrong, and if you have a long-term illness, it is well worth checking your eligibility.

Speak to a Personal Injury Lawyer

If your long-term illness or the need for long-term care was caused by an injury or, perhaps unsafe working conditions, and it was not caused by your own negligence, you might want to speak to a personal injury attorney. There are no guarantees, but if your case meets the criteria, you might well be able to fight for compensation to cover your medical bills.

Act Now

If you’re experiencing symptoms which could turn out to be something worrying, you shouldn’t wait to see how things progress for whatever reason. The sooner you get medical attention, the less likely it is that your condition will seriously deteriorate and cost you even more money.

Set Up a Trust

Setting up a trust can help to keep your money and assets safe when you are struggling to pay your medical bills. You should probably talk with an experienced financial adviser about how best to do this if you want it to be all legal and above board, and actually protect you though because it can be quite difficult. You need to make sure you get it right!

Power of Attorney

If your illness is likely to impair your ability to make decisions and manage your money, hiring a lawyer and having them appoint power of attorney to a trusted person is a great way of ensuring that you don’t get into financial troubles through no real fault of your own.

I hope this helps you hold on to as much of your money as you can!

Financial Bin Community


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