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I was suddenly in charge of … everything. Here’s a look at how I navigated the healthcare system to get to a better place financially.
Women should be in control of their financial situation. Even when navigating the healthcare system.
It’s a statement that every woman has likely heard before, and something that I hope all women are working towards, even if we are married and have wonderfully financially savvy partners we can rely on. Because the truth is that women must be prepared to handle their finances completely on our own, no matter our relationship status. There’s an oft-quoted statistic from the U.S. Census Bureau that the median age of widowhood across all ethnicities is 59.4 for a first marriage, and 59.4 is significantly younger than most women would expect. Needless to say, I was certainly not thinking it was possible that I would find myself widowed at 34.
As you might have guessed by my being a financial planner, I was the “responsible for our money” person in our marriage. My husband and I discussed our financial decisions jointly, but I handled paying the household bills and overall budgeting. So that should have made me a very well-prepared woman to handle anything financial, right? I would have agreed with that statement prior to December 8, 2004.
My husband and I had been married just over a year. We both had jobs we intended to keep until we retired. We were saving for a down payment on a home, knew what our credit scores were, paid our bills on time and had monthly meetings to talk about our finances. I felt very secure about how we (more specifically, I) was handling our family finances. But on that December day in 2004 I got a phone call saying my very healthy husband had a seizure while working out and I needed to come to the emergency room immediately. Within 24 hours, I was told that my husband had a malignant brain tumor and had a life expectancy of 12 months. And in an instant, I was in charge of … everything. Yes, I knew how much our monthly expenses were and could handle paying the bills, but when you’re confronted with a serious illness, suddenly there’s a lot more than just bill payment on your plate. You need to learn how to navigate the healthcare system. You need to be able to make quick and confident medical decisions, understand insurance, and keep your financial house in order, all while you’re under tremendous emotional strain.
There were many things, even as a financial planner, that I had never considered. My husband and I had both worked full-time and our health insurance was provided by our respective employers. I knew how my insurance coverage worked but I had never reviewed his plan, I had no idea if the hospital he had been taken to was in-network, or if he was on a PPO plan or an HMO. Would I be getting a huge bill from the hospital? How could I find out what kind of treatments would be covered by his insurance? How much was his out-of-pocket maximum, and could we cover that from our emergency funds? I knew who his employer was, of course, but didn’t know who to call about sick leave arrangements. When he came home from the hospital, the first thing I did was pull his benefits brochure out of the filing cabinet and started reading. Over the course of the next two years while he was being treated, I learned every detail about his health care, but if I had known even the basics from the beginning, I could have reduced a great deal of my financial worries that only added to my stress during those first months.
My experience in being responsible for a loved one with serious medical situation, and learning how to navigate the healthcare system, can happen to anyone. Whether you become the person making all the decisions suddenly at a young age like I was, or you’re older, most women will be handling their household’s financial affairs alone at some point in their lives. Here’s how to step up to the challenge.
Being financially informed and taking steps to be organized will take one less worry off your plate and can help give you the peace of mind that you will, in fact, be able to make good decisions so you can handle being in charge of … everything.