2019 APR 10 (NewsRx) -- By a
According to the
Financial toxicity - or, the financial stress brought on by expensive medical treatment - is a very real threat for many facing congestive heart failure and other advanced-stage illnesses. Fifth Season Financial’s Funds for Living and Giving (FLAG) program addresses this growing problem by leveraging an asset that many have, but don’t always capitalize on: their existing life insurance policy.
“When faced with a life-threatening illness, the cost of co-payments, deductibles, coinsurance, medicine, and not being able to work can overwhelm patients,” said Fifth Season Financial president
Many clients choose to pay their medication and treatment costs. Some use funds for their mortgage, rent or utility bills. Others decide to take a trip, pay for in-home care, or use their advance to help bring family together.
Throughout the process, the individual’s policy is kept in place. Fifth Season Financial handles all remaining premium payments and out-of-pocket expenses. Ultimately, the advance is repaid using the proceeds of the policy and, in more than 90 percent of cases, funds remain to pass on to beneficiaries.
“The concept is to provide access to funds when they are needed (funds for living), while maintaining a portion of the policy for the surviving family (funds for giving),” noted Balinsky. “Nothing is more important than preserving quality of life, especially when battling an advanced-stage illness. That is our goal for every client, and the inspiration behind the FLAG program.”
Fifth Season Financial is located at
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