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Question for the Money Doctors

Question submitted on Apr 29, 2012.

Question

My spouse has cancer and even with medical insurance, we have almost depleted our rainy day fund with co-pay, above URC charges, etc. How can we keep up with our regular expenses, and still pay all these bills?

Answer

Not knowing your overall situation, that's tough to say.  While I don't have the specifics of your medical insurance and suspect you don't have a long-term care insurance policy, the first thing you should do is review your budget and see if there is any place you have the ability to cut back.  As part of this process, you should review your current income/cash flow to determine if there is any ability to pickup more income (i.e. Job - more hours, business  - more profit, portfolio - more withdrawals, etc.)

Beyond that, you could review what Medicare or Medicaid options, if any, may available for your spouse.  Again, not knowing all the specifics it is difficult to provide more detailed direction.  As always, www.findapfs.com, is a great resource to find a local CPA, PFS in your market who might be able to help.  In your case, preferably a PFS that has expertise and experience with these type of situations, such as an Elder Care specialty.  Best wishes with your spouse's health and recovery.


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