How an illness can affect your finances

Category: Personal Finances

Sick man lying on sofa checking his temperature

Nobody ever plans to get sick, but alas, it does happen. Getting sick is certainly no fun, and depending on what your specific illness is, it can be downright miserable. But have you ever considered how getting sick also affects your finances? This is one reason why having an emergency fund is so important. Even a minor illness that lingers can cost you a lot of money. Here’s how:

Medicine

Whether it’s to get rid of what you’ve got, or something to alleviate symptoms, you’ll usually need medicine when you’re under the weather. Even a minor cold that just won’t go away can cost you a lot of money if you need to keep running to the drug store to get medicine that helps you feel better. If you need prescription medications, these can be particularly expensive, especially if you don’t have health insurance. If you’re fighting a long-term illness, this can have a huge impact on your budget.

Healthcare bills

Healthcare expenses in general are another expense you’ll usually face when you get sick. Aside from medication, you have to consider doctor’s visits, diagnostic testing, and other forms of treatment. With or without health insurance, paying for these things can cost a lot, but can be especially burdensome if you don’t have healthcare coverage.

Missed work

Do you need to miss work as a result of your illness? If your job doesn’t offer paid time off, or you’re out of sick days, you’ll need to account for the loss of income. Depending on how long you’re out of work, this can put you in a very tough spot financially.

Hiring extra help

If you’re too sick to take care of certain things around the home, and you don’t have anyone else who can help you out, you might need to hire help for the stuff you normally do on your own. This could include cleaning your home, shoveling snow out of your driveway, taking care of yard work, and so on. Some of these things can only be neglected for so long, and hiring someone (or multiple people) to help you out might be a necessary expense to budget for.

How to avoid getting sick

Sometimes, getting sick is just completely unavoidable, no matter what you do. But you can try your hardest to be the healthiest possible, and take proper precautions so that you can minimize your chances of getting sick. For example, wash your hands frequently, especially before eating and when you’re out in public. Also, ask your doctor for advice on staying healthy and avoiding illness, such as a recommended supplements or vitamin regimen. You might also want to vaccinate yourself against certain contagious illnesses; for instance, if there is a flu outbreak in your area, you may want to consider getting a flu shot.


Do you need to catch up on bills and other expenses? If you’re the recipient of a long-term payment stream, such as an annuity or structured settlement, Peachtree Financial Solutions may be able to help. Contact Peachtree Financial Solutions today to learn more about selling some or all of your future payments to receive your money sooner.

 

Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.

Tags: jobs, medical expenses, prescriptions

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