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American Life Fund > Blog > Uncategorized > How a Viatical Benefits Caregivers

How a Viatical Benefits Caregivers

When many people think of viatical settlements, they imagine the ways the settlements can help the individual with cancer. But viatical settlements offer benefits that can help the entire family and anyone around the patient. Here’s a look at just some of the ways a viatical settlement can benefit family caregivers.

Reduces Stress on Caregivers

Being a caregiver to a friend or relative with cancer is more than just a physical job. It can also be extremely emotional and stressful. Although a viatical settlement doesn’t take away all of that burden, it eliminates many financial challenges, and in turn, that financial relief can help the caregiver to experience less stress.

Helps With Patient Stress

Many caregivers experience psychological despair as they watch their loved ones suffer. Studies show that family caregivers, in particular, often have a lot of trouble processing the emotions they feel when their loved one has been diagnosed with cancer. Those complicated emotions get even tougher to process as the patient deals with recurring bouts of cancer. Caregivers also struggle as they watch the patient suffer from a myriad of symptoms and decline physically.

Of course, all of this is compounded by financial stresses. If the caregiver knows that the patient can’t pay their bills, if debt collectors are constantly calling on the phone, or if the patient is turned away from some clinics due to inability to pay, that all increases stress for the patient, which is hard on the caregiver. When a viatical settlement helps to reduce the stress that the patient is likely to be feeling, it benefits the caregiver as well. This fact is especially true in situations where the caregivers are emotionally tied to the individual with cancer.

Time Off Work

On a practical level, a viatical settlement can help a caregiver to take time off work. Cancer patients can use the funds from a viatical settlement in any way they choose, and many patients opt to use the money to help their caregivers take extra time off work. Many people can’t afford a leave of absence unless they have extra help to cover bills and living expenses. On top of that, cancer patients often need to travel to access care and can’t always travel alone. A viatical settlement allows caregivers to take the time necessary to care for their loved one and to travel with them when needed.

Respite Care

Taking care of someone with cancer is draining. Many caregivers are with their relatives 24/7. They sacrifice their careers, time with other family members, and even their personal health to take care of their loved one. They need breaks, but they often feel guilty for taking breaks. If they can get past the guilt, there are logistical hurdles.

They need someone who understands how to care for their loved one, and that typically means hiring a professional nurse or a respite caregiver with experience. When a cancer patient gets a viatical settlement, they can use some of the proceeds to hire respite care and give their caregivers a much needed break.

If you have cancer, a viatical settlement can help you, but working with viatical settlement companies can also help your caregiver. To get more information or to instantly see if you qualify, complete our form or call us at 877-658-1360.