October is Breast Cancer Awareness Month, a time to support those impacted by the disease and spotlight the many ways we can plan, anticipate, and provide for a secure future after diagnosis.
For breast cancer survivors and their families, financial planning is a key part of long-term well-being. At Moneco Advisors this month, we are focused on the topic of healthcare and financial planning, and we’re sharing essential insights to help survivors navigate life beyond treatment with strength and financial clarity.
Here are 10 key takeaways for 2025 when managing long-term care and financial planning with a breast cancer diagnosis:
- Know the True Financial Scope of Cancer
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- Even beyond treatment, survivors face continued medical costs, follow-up care, and potential income changes. Don’t overlook hidden costs like out-of-pocket prescriptions, reduced work hours, or lifestyle changes.
- Take a Full Financial Inventory
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- Assess your current financial health, from emergency savings and retirement accounts to outstanding debts and insurance coverage. This sets the stage for smart, long-term decision-making.
- Build a Survivor-Focused Budget
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- Prioritize essential expenses, especially ongoing healthcare. Reduce discretionary spending where needed and aim to build or replenish an emergency fund (target 3–6 months of living expenses).
- Get Strategic About Debt
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- Explore debt consolidation or refinancing if multiple high-interest debts are weighing you down. Talk with medical billing offices about payment plans or negotiated reductions.
- Reevaluate Your Insurance Needs
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- Beyond health insurance, consider long-term disability and long-term care insurance to protect income and cover care needs. Review and adjust life insurance policies if necessary.
- Understand and Access Assistance
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- Research national and local support options. Resources like CancerCare, CFAC, and Breast Cancer Charities of America offer grants for daily living and medical expenses.
- Look into Social Security Disability (SSDI)
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- If your ability to work is affected long-term, consider applying for SSDI. It’s a lengthy process, so starting early is important.
- Update Your Estate Plan
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- Ensure wills, beneficiaries, healthcare directives, and powers of attorney reflect your current wishes. Life after cancer may bring clarity, so it is a good idea to ensure your documents reflect it.
- Plan for Changing Insurance Needs
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- Survivors often face new insurance challenges, especially after employment changes. Review marketplace plans annually and evaluate the benefits of HSAs and other supplemental options.
- Create a Resilient Financial Plan
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- Working with a financial advisor who understands the intersection of healthcare and financial planning, like we do at Moneco, can help you feel supported and secure as you move forward.
Important Disclosures
Moneco Advisors is a registered investment adviser. This is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Moneco Advisors and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Moneco Advisors unless a client service agreement is in place. This commentary reflects the personal opinions, viewpoints and analyses of the Moneco Advisors employees providing such comments and should not be regarded as a description of advisory services provided by Moneco Advisors or performance returns of any Moneco Advisors client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Moneco Advisors manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in this presentation.