Managing Financially: Advice For People With Chronic Illness

No one ever plans to have a catastrophic illness.

Most people go through life assuming that conditions such as organ failure, HIV/AIDS, cancer or hypertension will happen to someone else – not to them or their loved ones. But if a chronic disease does strike, individuals are confronted with a wide range of issues, one of which is finances.

If you are seriously ill and concerned that you have insufficient funds to maintain your quality of life, consider the information presented here before you do anything drastic such as selling your home or your life insurance policy. Also, retain the counsel of a professional comprehensive advisor. This individual should be someone who is not working on commission and with whom you have no conflict of interest. The advisor should examine your situation to suggest the wisest course of action.

Understand Your Financial Situation

The most important thing you can do is to get a clear picture of your financial situation – from assets to liabilities to borrowing sources. Once you thoroughly understand your financial situation, review these tips.

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