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Managing financial worries

Many people with lived experience of cancer have concerns about finances. The cost of living with cancer, such as a hospital parking, or changes to working lives can cause worry and anxiety about paying bills and continuing mortgage payments. Click on the links below to find out more about the financial concerns people with cancer can have:

Insurance

A concern many have when diagnosed with cancer is whether they can get insurance after diagnosis. If you have a health condition before buying insurance, you usually have to tell the insurance company. Insurers can reject your application or make you pay a higher premium, but only if they have evidence you are more likely to claim because of a pre-existing health condition. If you already have a policy, you will need to review it to see if you are covered.

It can be difficult to get travel insurance if you have or have had cancer. However, there are insurance companies that specialise in providing cover for people living with cancer.

To get help with insurance concerns, you call Macmillan Cancer Support free on 0808 808 0000, 8am to 8pm. Alternatively, you can access financial guides here: Macmillan financial guides.

Managing money

Living with cancer can change your finances in many ways. You may feel as though you have lost control of your finances. You can ensure you have the maximum amount of money coming in by claiming any benefits or insurance payments that you qualify for. Macmillan Cancer Support’s Benefits Calculator can identify potential benefits.

When managing your money, it is helpful to separate the money you spend on essential items (e.g. mortgage) from non-essential costs (e.g. eating out). There are resources that can help you. Macmillan have created a budget planner that you access here. You can get free advice at Citizens Advice. Alternatively, you can use the Budget Planner created by Money Helper.

Pensions

Having cancer can disrupt life plans. This includes pensions. You may have to reduce or give up work, which can affect how much you put into your pension. You may have to access your pension at an earlier age than you were planning. You may be retired and accessing the State Pension, but find it is not enough to meet your financial needs.

If you are employed, employers must pay Statutory Sick Pay by law for up to 28 weeks. It is likely pension contributions will be paid during sick pay. You can access free pension advice by visiting Money Helper or Citizens Advice. If you are on a State Pension with a low income, you may be entitled to Pension Credit. Click here to find out more.

Cancer and Working

Having cancer may affect if and how much you can work. This can cause anxiety about your finances and worry about how your work colleagues will react. If you have to spend time away from work, it can make you feel isolated. You may also feel guilty taking time off.

How cancer affects work depends on many factors including what type of cancer you have, what stage, its size and spread, what treatment you are on and whether you have side affects. To make decisions about work, you can talk to your cancer nurse, doctor or any member of your clinical team.

You do not have to tell your employer you have cancer, but if you do, they may be able to make reasonable adjustments for you, such as flexible working hours. In the UK, cancer is considered to be a disability and therefore by law you cannot be treated less favourably than people without cancer. Your employer should also offer Statutory Sick Pay or Occupational or company sick pay. For free advice you can contact Citizens Advice at: www.citizensadvice.org.uk.

You may be entitled to benefits while you are working, including Employment and Support Allowance (ESA), Universal Credit and Housing benefit. For more information, visit www.macmillan.org.uk.

Self-Employment

Being self-employed and diagnosed with cancer can cause many emotional challenges including worry about the impact on your business and finances, worry about how clients and colleagues may react, anger that you cannot work as you once did, and anger or guilt that you may have to give work to others.

How cancer affects your work depends on a range of factors including what type of cancer you have, what stage, its size and spread, your treatment and whether you have side affects. You may not have the same support someone employed in a large organisation may have, but there may be advantages, such as more flexible working hours. You may have to change how much you work and when to fit around treatments, tests and appointments. If you are concerned about your business and how your cancer may affect it, you can talk to your cancer nurse, GP or any member of your clinical team.

You may also be entitled to benefits, including Universal Credit and Personal Independence Payment (PIP). Other sources of support include:

For more information and help, you can contact a support specialist through the Macmillan Support Line on 0808 800 0000.

Carer’s finances

If someone is helping you, such as your partner or family member, they may be entitled to financial support. If a person is over 16 years of age and is caring for someone at least 35 hours a week, they may be qualified for a Carer’s Allowance.

For your carer to qualify, you must be on certain kinds of benefit, such as the Personal Independence Payment. Your carer does not need to be related to you or living with you. They cannot receive a Carer’s Allowance and the State Pension at the same time. If more than one person is looking after you, the main carer should apply.

For more information and help, you can contact a support specialist through the Macmillan Support Line on 0808 800 0000.

A concern many have when diagnosed with cancer is whether they can get insurance after diagnosis. If you have a health condition before buying insurance, you usually have to tell the insurance company. Insurers can reject your application or make you pay a higher premium, but only if they have evidence you are more likely to claim because of a pre-existing health condition. If you already have a policy, you will need to review it to see if you are covered.

It can be difficult to get travel insurance if you have or have had cancer. However, there are insurance companies that specialise in providing cover for people living with cancer.

To get help with insurance concerns, you call Macmillan Cancer Support free on 0808 808 0000, 8am to 8pm. Alternatively, you can access financial guides here: Macmillan financial guides.

Living with cancer can change your finances in many ways. You may feel as though you have lost control of your finances. You can ensure you have the maximum amount of money coming in by claiming any benefits or insurance payments that you qualify for. Macmillan Cancer Support’s Benefits Calculator can identify potential benefits.

When managing your money, it is helpful to separate the money you spend on essential items (e.g. mortgage) from non-essential costs (e.g. eating out). There are resources that can help you. Macmillan have created a budget planner that you access here. You can get free advice at Citizens Advice. Alternatively, you can use the Budget Planner created by Money Helper.

Having cancer can disrupt life plans. This includes pensions. You may have to reduce or give up work, which can affect how much you put into your pension. You may have to access your pension at an earlier age than you were planning. You may be retired and accessing the State Pension, but find it is not enough to meet your financial needs.

If you are employed, employers must pay Statutory Sick Pay by law for up to 28 weeks. It is likely pension contributions will be paid during sick pay. You can access free pension advice by visiting Money Helper or Citizens Advice. If you are on a State Pension with a low income, you may be entitled to Pension Credit. Click here to find out more.

Having cancer may affect if and how much you can work. This can cause anxiety about your finances and worry about how your work colleagues will react. If you have to spend time away from work, it can make you feel isolated. You may also feel guilty taking time off.

How cancer affects work depends on many factors including what type of cancer you have, what stage, its size and spread, what treatment you are on and whether you have side affects. To make decisions about work, you can talk to your cancer nurse, doctor or any member of your clinical team.

You do not have to tell your employer you have cancer, but if you do, they may be able to make reasonable adjustments for you, such as flexible working hours. In the UK, cancer is considered to be a disability and therefore by law you cannot be treated less favourably than people without cancer. Your employer should also offer Statutory Sick Pay or Occupational or company sick pay. For free advice you can contact Citizens Advice at: www.citizensadvice.org.uk.

You may be entitled to benefits while you are working, including Employment and Support Allowance (ESA), Universal Credit and Housing benefit. For more information, visit www.macmillan.org.uk.

Being self-employed and diagnosed with cancer can cause many emotional challenges including worry about the impact on your business and finances, worry about how clients and colleagues may react, anger that you cannot work as you once did, and anger or guilt that you may have to give work to others.

How cancer affects your work depends on a range of factors including what type of cancer you have, what stage, its size and spread, your treatment and whether you have side affects. You may not have the same support someone employed in a large organisation may have, but there may be advantages, such as more flexible working hours. You may have to change how much you work and when to fit around treatments, tests and appointments. If you are concerned about your business and how your cancer may affect it, you can talk to your cancer nurse, GP or any member of your clinical team.

You may also be entitled to benefits, including Universal Credit and Personal Independence Payment (PIP). Other sources of support include:

For more information and help, you can contact a support specialist through the Macmillan Support Line on 0808 800 0000.

If someone is helping you, such as your partner or family member, they may be entitled to financial support. If a person is over 16 years of age and is caring for someone at least 35 hours a week, they may be qualified for a Carer’s Allowance.

For your carer to qualify, you must be on certain kinds of benefit, such as the Personal Independence Payment. Your carer does not need to be related to you or living with you. They cannot receive a Carer’s Allowance and the State Pension at the same time. If more than one person is looking after you, the main carer should apply.

For more information and help, you can contact a support specialist through the Macmillan Support Line on 0808 800 0000.

If you are worried about the impact of cancer on your work or finances, you may wish to discuss it with your cancer nurse, cancer doctor, GP or other member of the clinical team. You can call Macmillan Cancer Support free on 0808 808 0000, 8am to 8pm. Alternatively, you can visit www.macmillan.org.uk/cancer-information-and-support/impacts-of-cancer/money-finance-and-insurance. Further advice and support can be found at Working with Cancer.

Managing financial worries