You are Diagnosed of a Medical Illness

Financial Planning Situation

Hunter and Betty have been married for 8 years. They have a little son Casey who will turn 2 in December. Hunter was diagnosed of early stage hodgkin's lymphoma last month. While the chances for recovery are very good, he has been advised to undergo chemo therapy which could be extremely debilitating at times.

Here are the key questions he has:

  • How can he protect his income during such disability?
  • How best to manage his day to day finances when there is no income coming in and there are additional medical expenses to bear?
Man diagnosed with illness

These client stories are based on hypothetical, fictional situations.

Planning Process

We are very sorry to hear about your diagnosis. Dealing with a cancer diagnosis can be emotionally and financially challenging. We can provide valuable assistance and support during this time by helping you navigate the financial aspects of your situation. Here is how we can help:

  • Medical Expense Planning: We can review your health insurance coverage and help you understand your benefits, copayments, deductibles, and out-of-pocket maximums. We can help you estimate potential medical expenses and create a budget to manage these costs.
  • Maximizing Insurance Benefits: If you have various insurance policies, such as health, disability, and critical illness insurance, we can help you understand and optimize the benefits available to you.
  • Navigating Disability Claims: If your diagnosis prevents you from working, we can assist you in filing for disability benefits, understanding the process, and ensuring you receive the benefits you're entitled to.
  • Budget Adjustment: We can help you revise your budget to accommodate changes in your income and expenses due to medical treatments, medications, and other related costs.
  • Financial Goal Adjustment: If your diagnosis affects your long-term financial goals, such as retirement plans, education funding, or major purchases, we can help you adjust these goals based on your new circumstances.
  • Social Security Disability: If applicable, we can guide you through the process of applying for Social Security Disability benefits and help you understand the implications on your overall financial picture.
  • Workplace Benefits: We can help you navigate any workplace benefits you might have, such as employer-sponsored health savings accounts (HSAs), flexible spending accounts (FSAs), and leave policies.
  • Tax Planning: We can help you understand the potential tax implications of your medical expenses and guide you on how to optimize your tax situation during this time.
  • Coordination with Medical Professionals: We work in conjunction with other professionals, such as estate attorneys and healthcare providers, to ensure a comprehensive approach to your financial and medical needs.
  • Assistance with Paperwork: Dealing with medical bills, insurance claims, and related paperwork can be overwhelming. We can help you organize and manage these documents.
  • Emotional Support: While not a substitute for therapy, we can provide emotional support and understanding during this difficult time.

By discussing these topics with us, we can offer our expertise and support you need to rebuild your financial life and regain stability after such a trying period. Working with us can provide you with peace of mind and a solid foundation for your financial future.

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Disclosures

  • Trillium Square Advisors LLC is a registered investment adviser offering advisory services in the state of North Carolina and in other jurisdictions where exempted. Registration as an investment adviser does not imply a certain level of skill or training, and the content of this communication has not been approved or verified by the United States Security and Exchange Commission or by any state securities authority.
  • Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Market data, articles and other content in this presentation are based on generally available information and are believed to be reliable. Trillium Square does not guarantee the accuracy of the information contained in this presentation. The information is of a general nature and should not be construed as investment advice and relied upon in making investment decisions.
  • Investments involve risk and are never guaranteed. Be sure to first consult with a qualified financial adviser before implementing any strategies discussed herein.
  • Past performance is not indicative of future performance.
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  • Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular investment strategy. Hypothetical performance for illustration purposes only.
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