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Financial stability during sickness
When a family member is seriously ill, it can turn your life completely upside down.
Sadly I have been there myself but in my case, the ‘rainy weather’ fund and the fact my parents had savings helped a lot.
The most severe shock will be the emotional one because you worry about their health every second of the day, wracking your brains to find a new way of helping them, and thinking about the potential consequences of the illness…
This can have a negative knock-on effect in other areas of your life, too.
If you have a job, then you may find yourself distracted, overwhelmed by balancing your workload with your family issues, and unable to perform tasks to the best of your abilities. You may be healthy but yet unfit for work in the same way as before your family member got diagnosed. I have been there too and in the end, did take a sabbatical for 6 months as I couldn’t go on caring for dad and working… But many aren’t as privileged as you may be too short in the company to qualify for a sabbatical break or simply there is none offered at all at your workplace…
What’s more, if your family member needs care, then if you take either a sabbatical or unpaid time off work this will most likely put a huge strain on your family’s finances. This problem is exaggerated if the family member in question needs private medical treatment and other expensive items.
To help here is some money advice for if a family member is sick:
Make sure you have the necessary insurance
One of the most important aspects you need to consider when you are caring for a sick family member is money. If you don’t have enough spare finances available, you will find it difficult to give them the attention and care they need.
Moreover, if the family member usually provides income, then your entire family will be hit by the effects of less cash flow. In fact, this could lead to further issues if you are struggling to pay rent, a mortgage and even worrying about food on the table during times of enormous financial strain.
There are various types of insurance that might help you if you have gaps in your income ranging from basic income protection to things like critical illness cover, which can cover you if you are finishing work due to ill health and ultimately unable to work because of sickness or a health condition.
To find out what type of cover would best suit your needs, speak to an independent specialist to make sure you find the right policy.
Luckily dad and I had an illness and health insurance so things were much easier thanks to that.
Find out how long you can take off work
If you need to help care for your ill family member, then you should notify your employer immediately. By opening a channel of communication, you will be able to explain why your performance at work may have dropped off, and whether they can help you in some way. Chron explores how to open communication with the management in your business.
It may be that they offer you paid leave, put you on a part-time contract or, at the very least, give you more reasonable project deadlines.
Consider dipping into your savings
Savings are there to help you on rainy days, and this might well be that rainy day.
If you have any meaningful savings, then it might be worth dipping into them, even if it is just to ensure that each member of your family is as comfortable as they can be during a trying time. If you don’t want to run down your savings, then consider other methods of generating income.
If I finish work due to ill health can I claim benefits?
If you have to focus on finishing work due to ill health you are entitled to some benefits and tax credits. The rules for claiming benefits can be complicated so I’d say visit Citizens Advice site to learn more on this subject.
If you are ill or disabled, you could be entitled to benefits that will:
- enhance your income – e.g. Universal Credit
- help you cover some of your essential costs – e.g, the housing costs element of Universal Credit
- get Carer’s Allowance for your carer
- Personal Independence Payment (PIP) can cover extra living costs if you have both: a long-term physical or mental health condition or disability difficulty doing some daily tasks or getting around because of your health issue.
Share your care with your partner or another family member
Finally, you should endeavour to share the caring for your unwell family member with as many people as possible.
This takes the burden of responsibility off your shoulders, helps prevent exhaustion, and makes everyone’s work/life balance much more manageable.
Not only this but sharing the care creates a sense of community spirit within your family, helping to distract everyone from their own private worries and ensuring that everyone feels that they have done their bit.
Sadly I lost my dad to cancer and his illness and death have changed me profoundly…I do see many things differently now and even though it’s been a while since dads illness and death I still struggle to come to terms with grief and accept my loss!
I do post less here and focus more on helping people going through a similar journey at My Healthy Addictions
