Home Health Coming Back From A Catastrophic Illness Financially
Coming Back From A Catastrophic Illness Financially Print E-mail
Written by Terry Ferguson   
Having a catastrophic illness can happen to anyone unexpectedly, whether young or old. But when you are the sole financial supporter of your household and you lose your income, the consequences can be devastating. In 2005, I became very ill, and my doctors discovered that I had been stricken with Rheumatoid Arthritis. This disease not only affected my joints and limbs, but also my heart causing fluid buildup called Pericardial Effusion. I had to be hospitalized for this condition and guess what My near death experience cost $20,000 for a fourday stay in Intensive Care. Just prior to being hospitalized, I had lost my health care coverage with HIP because I could no longer afford the 200 monthly premium.

I am not going to tell you that I bounced back quickly and that everything was okay. It was not okay for me, mentally and physically. As a result of this life altering experience, I had to learn how to adapt to my new life as a person with a chronic illness. Despite all of these changes, I am here to tell you that as long as there is life, there is hope, no pun intended.

Here are seven useful tips to help you get back on track physically and financially after an illness:

1. Healthcare Without healthcare, you have written a death sentence. You need your health to produce wealth, and I am not trying to rhyme like Rev. Jesse Jackson. Until you can get a stable health plan that is affordable, research whether your local hospital has a feeforservices plan based on your income. A fee based plan will allow you to see the doctor for as little as $10.00 to $20.00 per visit as well as provide low cost medication at $10.00 per prescription. Using this service will allow you seek out other sources of healthcare such as managed healthcare programs offered by city or state government agencies. I mentioned that my hospital bill was $20,000. I was able to pay $1200.00 of that bill based on financial hardship. If you are selfemployed or a consultant, look into obtaining health insurance through a group plan for selfemployed or independent consultants, if you can afford it.

2. Other Sources of Income I cannot stress the importance of saving money. For no reason whatsoever should you touch your pension because you will be taxed and issued a penalty for taking money out before the age of retirement designated by your pension plan. Instead, prepare for the worst. Try to save at least three to six months worth of living expenses, specifically your rent and other bills. For four months, I had no income and I almost took money from a pension that I had established years prior. I had saved some money, which I thought was going to be for vacation. Instead, I paid my rent and other expenses when I became ill. In addition, I was able to find some additional income by applying for unemployment. If youve been working, look into whether you can collect unemployment benefits. If your medical condition can be classified as a disability, see a counselor regarding applying for Social Security disability benefits. You may be eligible to receive additional income whether you have worked or not. It may take some time to receive this assistance, but at least you can get this process going to prepare for the future

3. Going Back To Work and Other Opportunities If you are interested in going back to work or school or opening a business, go see an independent living counselor to assist you with your goal. Because I was unable to continue to work full time, I met with a counselor from Vocational Rehabilitation Counselor of Vocational and Educational Services for Individuals with Disabilities
VESID helped me to adjust to a parttime schedule. VESID helped me to rethink my employment situation as well as taught me to adjust to making less money. Being counseled about how to relive your life is great for anyone, whether you are divorced, disabled or displaced in life.

4. Reassess Your Finances Get rid of credit card debt. This has to be done slowly. Renegotiate with credit card companies for a lower APR or 0% APR. This will allow you to pay off more of the principal. See if you can consolidate your debt as well. Take another look at your savings and your expenses. See if there are any expenses that you can to get rid of.

5. Pay Cash For Everything SelfExplanatory

6. Surround Yourself With A Network Of People The right network of people can help you financially, spiritually, physically, and mentally. Most of all, they will be positive and supportive of your goals.

7. Find Low Cost Ways To Enjoy Yourself Look for discounts on everything from food, clothes, entertainment, fitness, and travel. Just because your life has changed, doesnt mean you cant enjoy yourself.

The only person who can rewrite your life is you, but you have to do this one day at a time at your own pace. What I discovered is that there is help out there if youre looking for it. Just be persistent, have a positive attitude, and thank God above for giving you another chance at life. To get a list of resources to assist you with getting back on your feet financially after a catastrophic illness, click here.

Terry A. Ferguson, is the host of A Bowl of Soul a classic soul and r&b radio show on WPNT, The Beat of Hunts Point. She is also a 17 year veteran of the information technology industry.