When you have a major illness, your entire life will change. An illness that is life-threatening or critical means that you might have to leave work indefinitely. That means that your family could suffer because of your illness. Your family is already dealing with your health; the last thing they need to worry about is finances. Making sure that you secure finances in such an event is vital. Doing so will mean that your family has the money to live whilst helping you through your illness. There are many preventative actions you can take today to help ensure your family doesn’t struggle if your health fails you. Here are some vital tips that will help you, should you ever fall sick.
Start a backup savings fund
One of the best things you can do to ensure your family has money in the future is to begin to save money. Open a savings account. Make sure that you shop around. The best savings account rates come in at around 0.80%. Look for rates around that figure as they will help you to save the most money in the long term. Be aware that sometimes savings accounts have terms whereby you can’t touch the savings until a certain date. Make sure that your family has access to the fund whenever they should need it.
Invest in a comprehensive insurance policy
Some insurance policies only cover minor injuries and accidents. Make sure you look for a comprehensive policy that covers trauma insurance. That should cover all manner of illnesses and will include a fund to cover your medical bills. When you fall sick with a critical illness, you need the best medical care money can buy. Investing in a comprehensive insurance plan means that you can afford any hospital fees. The policy will also cover living costs for you and your family. Make sure that you talk to the insurer to find out what financial aid you would receive in the case of your illness.
Talk to the doctor about when you can return to work
One difficult discussion you will need to have with your doctor will center on when you can return to work. You need to know what the likelihood of you returning in the next few months is. Make sure that you are clear on your abilities so that you can tell your employer when you will be back. Your employer will appreciate your honesty, and you will be able to find out what cover you can get.
See what sick pay your employer provides
When you know how long you a likely to be off work, you can look into what sick pay your employer provides. Of course, there is a standard sick pay that will help as a short-term solution, but that won’t cover much. Usually, that pay is around 20% of your salary. That won’t go far if you have a family. Be honest with your boss throughout the process so that he or she can help you in any way he or she can.
Consider seeking compensation
If your illness was someone else’s fault, you might want to consider seeking compensation. Doing so will mean that you can get monetary compensation for your illness, which will help with costs. If, for example, a medical professional is to blame for your health issues, you can take them to a claims court to sue them. Perhaps the professional didn’t see the early warning signs of your illness or gave you the wrong treatment. If you feel that the professionals didn’t do the best possible job, compensation might be your only route.