The Emotional Toll of financial changes experienced within the process of chronic illness

I was fortunate to recently interview with Dr. Stephanie Zepeda, LMFT a specialist in financial therapy, to discuss the emotional impacts of the financial changes often seen when a person experiences chronic, terminal, and/or progressively debilitating illness. Often in these situations, stress is experienced by the person managing illness and their care systems as the person’s medical expenses increase and their ability to work as before decreases due to symptom progression and/or increased need to be present at medical appointments and treatments or recoveries. These situations also often occur without a reasonable ability to predict or prepare for them. Persons experiencing these illnesses directly or as a care partner may find themselves needing to change their financial roles inside of their relationships. This can lead to stress and changes in how one sees themselves, each other, and the nature of their relationships. It can even lead some to change their viewpoints about the brightness of their entire futures. Seeking the help of a therapist during these difficult times can help people managing illness and their care systems to more comfortably navigate these and other issues they might be experiencing. Dr. Zepeda mentioned that certainly “dealing with medical debt and a new chronic illness can be overwhelming, but taking proactive steps such as reviewing bills, negotiating payment plans, and seeking financial assistance can help you navigate this challenging situation more effectively.” Dr. Zepeda also suggested “talking with additional family members to recruit assistance with these new financial tasks”. While managing the financial challenges that come with chronic and/or terminal illness can be overwhelming, there are strategies to help alleviate some of the stress. Start by creating a comprehensive budget that outlines your current financial situation and projected expenses. Explore all available resources, such as disability benefits, government assistance programs, and charitable organizations that provide financial support to individuals facing illness. Consider meeting with a financial advisor to discuss options like setting up a healthcare trust or adjusting investment strategies to ensure long-term financial stability. Additionally, be proactive in negotiating medical bills, exploring generic medication options, and seeking out clinical trials or research studies that may offer financial assistance. Remember, you are not alone in this journey, and seeking help from financial experts and support groups can provide valuable guidance and emotional relief. A therapist can also help clients to work through concerns with reaching out for help with tasks from others in their systems. Financial changes within the context of chronic illness can amplify the emotional burden already carried by individuals facing health challenges. The uncertainty of medical expenses, coupled with potential loss of income due to reduced work hours or disability, can lead to feelings of anxiety, fear, and helplessness. The need to navigate insurance coverage, treatment costs, and unforeseen medical bills can take a significant toll on mental well-being, causing stress and worry. Adjusting to a new financial reality while managing the demands of chronic illness creates a complex layer of emotional strain that requires both resilience and support to cope effectively. If you or someone you know could use some help with any of these or other concerns, please feel free to contact me, I am available for phone, videoconference, or in person sessions.