A stroke, like any other major medical emergency, can have an enormous impact on family finances. Careful planning both before and after a stroke can help alleviate some of the pain inflicted on family finances.
According to a recent AARP study, 47 percent of respondents who suffered a serious illness stated that this event wreaked the most havoc on family finances. Moreover, 75 percent said they felt “overwhelmed” about their finances after a serious illness/disability. And the impact on family finances for women is even more devastating: 46 percent of women (compared to 17 percent of men) said that the death of a spouse had a very significant impact on their finances.
Whether the person having the stroke is the breadwinner, matriarch or dependent in the family, many financial issues face those charged with being the caretakers. You and your caregivers will be thrust into a world filled with new roles and responsibilities that will ultimately affect the lifestyle of the family.
Issues and questions like the following will arise:
- What will your new budget/spending plan look like?
- How are bills going to be paid?
- What benefits are you eligible for?
- Will you still get paid and/or when will your employer stop paying you?
- Do you need to tap into retirement benefits/insurance policies?
- Will living arrangements change? Do you need to live with a relative/friend? Will relatives move in with you?
For more information, see the Stroke Caretakers and What you can do to protect yourself and your family pages. Have a question/comment about stroke affecting your family finances? Ask the expert.