Receiving a cancer diagnosis is frightening. Your life suddenly seems a lot more uncertain and it’s impossible to tell what the future might hold. It can impact your mental health, your life insurance policy, and take a real emotional toll. On top of all of that, you’re wondering how your new diagnosis is going to impact your finances. Thankfully, there are simple workarounds that let you prioritize your health and stress less about the emotional and financial burdens.
Sometimes, what you need is a good therapy session. No, not radiation therapy, because you’re likely going to have plenty of that. Instead, think more about talk therapy. You can discuss your thoughts, feelings, and struggles with a HIPAA-compliant therapist. If you’re having difficulty fitting a therapist into your schedule between radiation therapy sessions and check-ups, consider teletherapy. Teletherapy is growing in popularity, especially in the United States. Teletherapy allows you to connect with a therapist from the comfort of your own home. You can video chat with your therapist or even send them a text message for real-time advice. Traditional phone calls work as well. If you want to use digital teletherapy services to simulate the one-one-one feeling of a conventional session, you’ll need to pay the appropriate fee to ensure your internet connection is in good standing.
Beyond that, teletherapy tends to be more affordable than traditional therapist services. Teletherapy also works for you if you don’t have insurance that provides adequate mental health coverage. It’s always a good idea to review your insurance policy or speak with a financing agent to determine how much financial assistance your plan will provide. Since some teletherapy is structured as a private practice, you can also discuss your financial concerns directly with a therapist and see if there are any payment alternatives. While a therapist can’t make your problems vanish into thin air, teletherapy can help you find better coping mechanisms while you’re navigating a difficult time.
Consider a Viatical Settlement
For many, a cancer diagnosis can have a large impact on your finances. On top of your existing health insurance policy, you may also be responsible for some of the costs of daily radiation treatments and monthly life insurance premiums. If you’re struggling to keep up with your financial responsibilities, you may want to meet with a financial planner, viatical broker, or life settlement broker to conduct a viatical settlement transaction. Unfamiliar with viatical transactions? Viatical transactions are most frequently employed in the face of a terminal illness, though there are plenty of exceptions to this.
Essentially, you’ll meet with a viatical broker who will help you sell your current life insurance policy to a third-party purchaser of viatical settlements. After the sale of an existing life insurance policy in a life settlement transaction, you’ll be able to benefit from the proceeds. A life settlement transaction can help with outstanding bills and treatment costs. The trade-off, of course, is that you’ll no longer have access to your life insurance. You can, of course, seek life insurance down the road if that’s the appropriate course of action.
Make sure your provider of viatical settlements has a viatical settlement broker license. Since your viatical broker is selling the life insurance policy on behalf of a viator, it’s important to go with a reputable financing agent. Your viatical settlement broker should shop your life insurance policy around to get the biggest return that they can as part of their fiduciary duty. Do your research on both the Viatical Settlement Act and your prospective viatical broker before you sign a viatical settlement contract.
Keep Looking Forward
Whether you’re pursuing teletherapy from the comfort of your own home or researching viatical settlements to sell your life insurance, you have options. The most valuable consideration is that you keep giving yourself goals to accomplish and things to achieve. It’ll help you to keep looking forward.
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