Have you recently had a serious medical condition diagnosis? Has this meant that you needed to take a break from work? While you can’t financially afford to take any time off of work, you also need to focus on your health and recovering from your illness. While everyone knows that having a savings account designated for unforeseen circumstances is essential for survival, it’s not always feasible for everyone. If you’ve found yourself with limited income to work with, you need to take advantage of the right resources until you can get back to work and on your feet again.
Seeking Short-Term Loans
If you feel like you’re only going to be off of work for a short period of time, or you need some money to tide you over until you have more cash flow, consider a short-term loan. A personal or installment loan offers a fast way to get your hands on cash so that you can pay for daily living expenses. Many lenders have a variety of loan options to make your payment affordable or in some cases, deferred. If you qualify, this gives you a longer period of time to pay back the loan and in smaller payment increments. Easy installment loans often offer flexible terms that can be beneficial to you during a time of crisis.
Squeezing by when you can’t work and have limited financial resources can instantly wreak havoc on your debt load. While you’re already on a tight budget and your mortgage, car payments, student loans and credit cards are a priority to pay, you may end up skipping these if you’re unable to pay right away. This can lead to late payments, bank levies and generate a crippling effect on your credit report. One thing to consider is to consolidate your debt. Not only can you move all of your high-interest cards to a lower interest rate card or loan, during the process you may get to skip a payment or have the payment deferred. Many mortgage companies and banks also offer a skip a payment option. If you find you can’t pay your house payment as well as your vehicle payment, don’t hesitate to call them right away. Explain your situation. They may offer a new loan term or the option to make your payments in smaller increments over the course of time.
Utilizing Assistance Programs
While no one wants to ask for help, now is the time to reach out, especially if you find yourself in financial and medical despair. Social service organizations through your state can help with food, shelter costs, medical expenses and insurance. Don’t forget to reach out to social service assistance programs located in the hospital that your doctor is affiliated with. Many financial divisions offer programs such as meal reimbursement, gas cards, wig banks and other volunteer contacts that can help meet your personal and financial needs. All you need to do is inquire.
Talk With Your Employer
Having a sit down with your employer is vital during this trying time. Ask about any disability services you may qualify for which are paid by your employer, or any insurance that you’ve obtained through work. You have to reach out to the insurance companies; they won’t reach out to you. Take advantage of supplemental insurance policies you may have as well as short or long-term disability offered by your employer. You may be able to get financial reimbursement and mileage coverage for wages and benefits lost since you’ve been off of work. Weigh the options with your employer about filing for unemployment and disability and get them on the same page as you. Discuss whether or not you plan on going back to work and when. Also, ask if there is anything else that you can do from home or with flexible hours so that you can generate some income while you’re out of work full-time. A small amount of income can make a difference in sustaining your lifestyle while you get medical treatment.
Being diagnosed with a serious medical condition can be devastating. There are laws such as the FMLA and the Americans with Disabilities Act or ADA that protect your rights. Utilize all the resources available to you so you can easily make it through this tough time.