By Karen Didde
Family Reach, an organization that provides assistance to families dealing with cancer, has developed the Financial Planning for Cancer Program by joining forces with the Foundation for Financial Planning. The program’s objective is to help alleviate the financial burden of patients and families fighting cancer. Family Reach works with patients and healthcare professionals to “disrupt” how cancer financially affects families. According to Family Reach, being financially healthy improves the patient’s chance of overcoming cancer.
Cancer treatment can cut family income and increase out of pocket costs, jeopardizing a patient’s treatment and the well-being of the whole family. This is known as Cancer-Related Financial Toxicity (CRFT). Examples of Cancer-Related Financial Toxicity include the extra cost of travel and lodging if treatment is in another city, time off from work to attend treatment and insurance deductibles.
The partnership between Family Reach and Foundation for Financial Planning is a smart match. Family Reach’s roles are to provide education to patients and families facing a cancer diagnosis, assist in navigating the healthcare system to assess options available to reduce patients’ costs, and provide financial assistance to cover essential costs. The role of the Foundation for Financial Planning, represented by CFP® professionals, is to help patients and families manage their cash flow and debt as they undergo cancer treatment. The CFP® reviews budgets, long-term care insurance and disability insurance for the provisions and benefits that may be paid.
Harbor Wealth Management is a supporter of the Financial Planning for Cancer Program. We believe that having a financial plan of action in place is always important but it is particularly beneficial when going through major life events. It can alleviate stress that uncertainty can cause, making it more possible for patients and families to focus on treatment.
If you or someone you know would like more information about Family Reach’s program, please visit their website at https://familyreach.org.