When parents fall ill, how to help
05 02 08 - 10:57
INQUIRER.net
First Posted 10:34:00 02/05/2008
Question: My dad has recently been diagnosed with cancer. He has been working for a long time in sales but my mom is a housewife. As I am my parents' only child, I found myself taking charge while they handle my father's illness. I have a good job as a call center agent but I know my salary won't be enough. I don't know if my parents have saved up well over the years and if they have enough for the cost of my dad's treatment. How can I find this out without hurting their feelings? - Andrew I.
Answer: This looks like a difficult time for you, Andrew. Having someone in the family diagnosed with cancer is tough. And being an only child, you are in a tougher situation.
But don't get discouraged.
The first thing you must do is to sit down with your parents and have a family conference. Tell them that you understand how difficult this time is, but that you all need to talk as a family to plan out a strategy to pay for your father's treatment. Assure them that you are there to help them keep their finances in order.
Below are the things you must look into and discuss with your parents:
1. Health insurance. Does your father have health insurance? Most employers offer health insurance as a benefit to their employees. If your father is covered by one, read the policy, including the fine print. Find out what costs are covered: Are checkups, medicines and treatments covered? Or is the insurance for hospitalization expenses only? How do you make a claim?
To get more information on how much your father is entitled to, read his company's employee manual.
Your father is also covered by the Philippine Health Insurance Corporation (Philhealth) and the Social Security System (SSS), regardless of whether he has a separate private health insurance. Philhealth will cover hospitalization costs, including professional fees of doctors. SSS offers a sickness benefit. Read all about these in their websites: www.philhealth.gov.ph and www.sss.gov.ph.
2. Life insurance. Ask your father if he has a life insurance policy. If so, request that you go over the policy. Some life insurance policies have a disability or hospitalization insurance bundled in. Find out if this is the case, and if so, ask the insurance company how you can make a claim.
While your father may still be receiving out-patient care, there may be a time in the future when he may need in-patient care at the hospital. This is the reason why you need to study his insurance policies.
3. Investments in properties and liquid assets. Your parents may have already been advised by the doctor how much the treatment program may cost. Since cancer can be very invasive, treatment programs may run up to more than a million pesos. Ask your parents if they have enough funds saved up to cover these expenses.
Aside from their bank accounts, they should tell you if they have other investments in the form of equity shares, bonds, real estate property and such other investments. In case their liquid assets won't be enough to cover the cost of the treatment, suggest that they sell off some assets this early. Real estate property, for instance, takes a long time to sell.
While you're talking about it, find out if their bank accounts and investments are made out in both their names (joint account). This is ideal, since your mother will be able to withdraw funds in case your father is hospitalized.
If their funds are only in your father's name, ask your father if he wants to have a power of attorney done. This will give your mother or you the authority to withdraw funds or manage his assets should he be very sick and not able to handle them.
4. Will. Your father can consider whether he should make a will, in case he hasn't made one yet. No, this is not a sign that his death is imminent. Financial experts advise breadwinners to make out a will and have this ready at all times. With a will, your father will have the choice whom to bequeath his property, and what should be done about it.
Another form of will is the "living will." It is also called an advance health directive. It specifies what health option the person wants to be done should he be unable to decide (e.g., goes into a coma). Would a person want to be resuscitated or put on life support? These are delicate matters and it would be best if the person himself would be given a chance to decide on them.
5. Your share. Given that you are still young, you may not have amassed a substantial amount of your savings yet. However, if you see that your parents won't be able to pay for the entire cost of treatment, find out how you can help.
Maybe you can shoulder the cost of medicines or the professional fees of doctors? Any help you can extend will be greatly beneficial.
Do your research too, as some organizations may be able to help your father. We also suggest that you do a survey of hospitals and find out where your father can avail of treatment at a lower cost.
In the light of all these, we also advise you to have your own finances in order. Get adequate health and life insurance coverage. Save diligently and invest your savings wisely. If you do these, someday you will be adequately prepared for whatever may come your way.
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