Financial planning
It’s a good idea to sit down with your loved one to review their financial situation.
Make a list of income sources (including investments), savings, pensions and insurance policies, as well as debts and other financial commitments.
If you think it may be difficult to pay off a debt such as a mortgage, call the lender and discuss options to ease the burden (e.g. suspending payments for a period of time).
Brainstorm strategies to help your loved one (and you, if you’re the partner) increase income or reduce expenses, consulting financial or tax experts as needed. Here are some ideas to get you started:
- Reduce bills by shopping around for better deals
- Discontinue services you may not need (e.g. storage, telephone landline)
- Make relevant insurance claims (e.g. critical illness insurance, income protection insurance, caregiver benefit)
- Check eligibility for tax credits and disability benefits
- Get advice on debt management
- Consider early retirement, if it makes financial and logistical sense
If you or your loved one has been diagnosed with myeloma, you know how challenging it can be to find information that can help you manage your finances. We developed the Financial Implications of Living with Myeloma InfoGuide to help you and your loved one understand how living with myeloma may impact your financial situation and help you get the most out of what’s available to you.
Please note that this InfoGuide is a web-based document only to allow us to update it as new information becomes available. You may, of course, print out any sections you’d like.
Succession planning
It’s never easy to talk about succession planning; however, it is something to consider discussing at some point. Although it may be a sensitive topic, having a succession plan will put everyone’s mind at ease in the long run.
Broach the subject gently and tackle the job at a pace that feels comfortable for your loved one. A notary or attorney with expertise in living wills can provide guidance about other useful documents, such as Power of Attorney instructions.
From understanding how cancerA term for diseases in which malignant cells divide without control. Cancer cells can invade nearby tissues and spread through the bloodstream and lymphatic system to other parts of the body. drugs are paid for to helping you navigate your provincial coverage, we have many additional resources focused on the financial implications of myeloma.
For more information, download the Multiple Myeloma Caregiver Handbook
If you are supporting a loved one living with myeloma, you are a caregiver. Myeloma Canada designed this Handbook to provide you with practical information about caring for your loved one and maintaining your own well-being.