In Case of Illness: 5 Ways to Get Your Finances in Order

The simple thought of getting sick these days is enough to cause immense stress. For many, it incites a slight panic that they might catch the deadly coronavirus. Moreover, the restrictions on outdoor movement, therefore, limiting anyone’s access to basic needs and services, is a predicament that is hard to get past.

It is understandable how many adapted a conservative approach when it comes to personal finances, aside from caring more for their health. No sickness is an emergency when the pandemic has pushed aside every other health concern. Presently, one cannot expect to be immediately medically attended if the ailment we are experiencing is far from being COVID-related.

We can only imagine the hassle we have to go through when the time comes we fall ill. For one, we have to take a leave of absence, therefore, leaving our work to pile up with no one to depend on because of remote work. Also, while we hope that we do not catch COVID-19, we worry about affecting anyone in our circle. 

Still, if our sickness warrants us to stay days in the hospital, we can already expect that our bill will rack up in surcharges, most of these hyper-inflated due to the overstretched healthcare system. At the end of the day, there’s more to the saying that health is a person’s wealth. 

With poor health comes an insurmountable financial challenge. You lose days you would rather work and, as you mark day after day on the calendar, bills knocking on your door turn louder. As helpless you are, you can’t settle these dues unless you have a life partner who can mediate for you. Besides that, how could you manage your finances during such a downtime?

Entrust Your Finances to a Relative

Loving and caring for your blood relatives should come unconditionally. However, if a time comes when your resources are strained, you will come to realize that establishing goodwill with them has always been a good investment. And so, when you fall sick, you would not have a hard time tapping on their assistance.

Although you want to avoid divulging personal financial information, isolated cases like severe illness will push you to do so. And so, If possible, entrust your finances to a relative you have proven to be trustworthy and only to him alone. You can hold him accountable by reporting to you every transaction he made on your behalf with proof as much as possible. 

Activate Your Online Accounts

Aside from having a person run errands for you, another practical method you can manage your finances even while you’re lying on your hospital bed is by accessing your bank account through their online applications. If you did not activate your online accounts yet, now is the best time because you will never know when emergencies will happen. Through a smartphone application or a notification system, banks can notify you of your transactions in real-time.

Another advantage of having online banking accounts is they will enable you to pay your bills. You can calibrate your smartphone app to remind you of when utility bills are due for payment. You can also link your bank account to the biller’s account, and so payment and obtaining receipts becomes as seamless as a couple of taps on your phone.

Bank Assistance

It also helps to establish a connection with a manager in your bank’s branch and obtain their active contact information ahead of time. Just like over-the-counter and cash transactions, transacting digitally still has loopholes for fraudulent activity. Being able to contact a bank manager you can trust could help you avoid falling victim to phishing schemes and even assist you in making your payments to the hospital later.

Health Insurance

No one wishes to get gravely ill, but it is best to be prepared for the worst that could happen health-wise. As early as possible, get health insurance. That way, you will be relieved of most of your hospital bills once you are discharged.

Personal Loan

Depending on the health insurance plan you got, your sickness could or could not be covered. If your insurance does not cover your sickness, you will have to seek another way to settle your hospital bill on top of the dues you missed to pay while you were sick. One convenient way to get over such a financial hurdle is by taking out a personal loan, by which you can consolidate missed payments and interest premiums.


Sickness is stressful in itself. You want to get better faster by also avoiding getting more stressed. And so, you should set up your finances so that they work for you while you recover.

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