That pesky saying—when it rains, it pours.
Sometimes things happen in life that spur a cascade of consequences—many you could’ve never seen coming.
Cancer is a heavy and unfortunately common example. Nearly 2 million Americans were diagnosed with the disease in 2018 alone.
It can be devastating on so many fronts—physically and emotionally to be sure, but often financially, as well. What’s worse, nearly 90 percent of cancer diagnoses happen to people over age 50, around the time when saving for retirement is ever more critical.
In attempt to alleviate some of the financial pressure for patients and families who should be concentrating on anything but, Transamerica recently unveiled a new suite of tools on its website.
Written by Dr. Bill Lloyd, a field guide for patients called “Planning to Outsmart Cancer” offers critical information and insights about the disease, related expenses and more. It’s designed as a roadmap for people and their loved ones to better navigate the many decisions and actions that must be made after cancer diagnosis and treatment.
“One immediate step to take following a cancer diagnosis is to expand your support team. These are the people who will help you gather the information needed to make informed decisions. It’s important to avoid the temptation to deal with everything alone,” said Lloyd, Transamerica’s health director and a licensed physician who is also a board-certified surgeon and pathologist.
“For example, many people don’t immediately think their financial professional would be in their circle of support. But unplanned expenses like those associated with a cancer diagnosis can be a huge source of stress and anxiety. A good financial professional will help you develop a financial strategy to get you through your cancer treatment and beyond. You are not going to fight cancer alone, nor should you manage your finances alone.”
Supplementing the field guide are two tool kits. The “Tool Kit for Planning to Outsmart Cancer” outlines steps for patients and families to work with a professional to create a financial plan following a diagnosis.
A separate kit is available for financial professionals who work with clients living with the disease. It offers guidance on supporting patients’ wealth and health throughout treatment, follow-up care, survivorship and more.
“The reality of cancer is the first edge of this,” Lloyd said in an interview with 401k Specialist. “The other half is, we’ve made powerful strides in treating cancer. According to the American Cancer Society, we know that nearly 70 percent of all new malignancies diagnosed in 2018…are curable.”
“Of course, the impact of that is cancer care is expensive, and now we’re discovering that cancer survivorship is expensive, as well. So, this is not a grim story of, ‘You have to prepare to die.’ It’s not that at all… The majority are going to survive their cancer, and they too need the expert help of a financial advisor. They didn’t treat their cancer without seeing their doctor. They’re not going to be able to successfully navigate the expenses of cancer unless they partner with a financial advisor who has the tools to help them both in the health domain, as well as the personal finance domain.”