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Financial Planning for Cancer
Financial Planning for Cancer
2019 Annual Report presented by
Table of Contents 4
Who is Family Reach?
5
Who are FFP and FPA?
6
Financial Planning for Cancer: Year of Growth
8
The Patient and Family Experience
10
Spotlight on the Hicks Family
11
The Financial Planner Experience
13
Financial Planning for Cancer in the Community
14
Looking Ahead
Financial Planning for Cancer
2
Introduction
In 2018, we introduced Financial Planning for Cancer as part of Family Reach’s Financial Treatment Program. Developed in partnership with the Foundation for Financial Planning (FFP) and the Financial Planning Association (FPA), Financial Planning for Cancer matches cancer patients and their families with Certified Financial Planner™ (CFP®) professionals for free financial guidance. In 2019, Financial Planning for Cancer proved to fill a gap in the financial support we provide families facing CancerRelated Financial Toxicity. While the financial education and assistance services of our Financial Treatment Program provide patients and their families with clarity and immediate relief, financial planning empowers them to manage their finances during treatment and develop a feasible financial game plan for the future. The success of the program so far is due in part to the CFP® professionals who graciously donate their time and expertise to families in need. We have 125 active financial planners to date, all trained to serve as financial experts on cancer care teams from the point of diagnosis. We plan to keep the momentum going, on-boarding at least another 100 planners in 2020. We have seen significant growth and impact since this program launched in 2018, and are confident the Financial Planning for Cancer program will continue to make strides in overcoming the financial barriers of cancer.
Financial Planning for Cancer
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Who is Family Reach? Family Reach is a national organization that provides financial support for families facing cancer. We work with patients and healthcare professionals at more than 400 hospitals and cancer centers, striving to reach more families before they hit critical financial breaking points. Through our solutions-oriented Financial Treatment Program, nationwide events, strategic partnerships, and generous community support, we are dedicated to eradicating the financial barriers that accompany a cancer diagnosis.
The problem:
The solution:
Many patients experience toxic financial side effects during treatment that are associated with poor treatment adherence, bankruptcy, and mortality. This Cancer-Related Financial Toxicity occurs when patients and caregivers face hefty medical bills and an inability to work due to treatment. The loss of income coupled with increased out-of-pocket expenses makes it difficult for families to keep up with everyday bills, such as the mortgage, groceries, and gas for the car.
Family Reach’s solutions-oriented Financial Treatment Program provides cancer patients and their families with financial education, navigation, planning, and assistance. As a significant component of these services, Financial Planning for Cancer empowers families to manage their cash flow and debt during treatment by pairing them with pro-bono financial planners.
The scary reality is that bankruptcy can become as real of a concern as survival. In fact, cancer patients are 2.65 times more likely to experience bankruptcy than those without cancer - and patients who do declare bankruptcy have a 79% greater risk of dying from their disease.
Financial Planning for Cancer
Through solutions like Financial Planning for Cancer, the goal is to reverse the financial toxicity that has become the norm for cancer patients. We know that no one plans for cancer, but adding a financial expert to care teams can help families make it to the other side.
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Who are FFP and FPA? About the Foundation for Financial Planning
About the Financial Planning Association
The Foundation for Financial Planning is a Washington, DC-based 501(c)(3) charitable organization, solely devoted to supporting the delivery of pro bono financial planning to at-risk populations, including active military members and wounded veterans, people with cancer and other serious medical diagnoses, seniors and family caregivers, low-income individuals and their families, domestic violence survivors, and many more. Dedicated to powering pro-bono financial planning, FFP has provided close to $8 million in grants to national and community-based pro bono programs; worked with partners to activate more than 22,000 financial planners to volunteer their time and talents; and acted as a leader and catalyst to expand pro bono service across the financial planning profession.
The Financial Planning AssociationÂŽ (FPAÂŽ) is the principal membership organization for CERTIFIED FINANCIAL PLANNERTM professionals, educators, financial services professionals, and students who are committed to elevating the profession that transforms lives through the power of financial planning. Through a collaborative effort to provide members with professional education, business support, advocacy, and community, FPA advances financial planning practitioners through every phase of their careers, from novice to master to leader of the profession. Learn more about FPA at OneFPA.org and follow on Twitter at twitter.com/fpassociation.
Visit FoundationForFinancialPlanning.org to learn more.
Financial Planning for Cancer
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Financial Planning for Cancer: Year of Growth Financial Planning for Cancer pairs cancer patients and their families with a Certified Financial Planner™ professional. At no cost to them, these families work with their planner to develop a realistic financial plan specific to their projected treatment course, financial assets, and money goals.
Increasing awareness We want to make sure newly diagnosed patients and CFP® professionals are aware of not only the Financial Planning for Cancer program’s existence, but also its benefits. These dedicated efforts include: • Creating an easy-to-read one-pager to help educate families on the program. • Promoting the program through social media and blog posts, most specifically through a focused campaign for Financial Planning Awareness Month in October. • Continuing to educate hospital staff about the benefits of financial planning and how to refer patients to the program.
In 2019, we added more CFP® professionals to the roster, expanding our reach to even more patients.
Financial Planning for Cancer
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Impact by the Numbers
125
Active planners
85%
Planner retention rate
28
CFPÂŽ states
43
Patient states
Financial Planning for Cancer
369
12
Matches in 2019
Languages spoken by planners
491
Program total
66%
Of families matched with CFP annual income was between $0 and $48,500
ÂŽ
32%
Of participants referred came from Family Reach partner hospitals
7
The Patient and Family Experience With a focus on program growth in 2019, the Financial Planning for Cancer team was dedicated to providing a worthwhile, approachable service and communicating the program value and benefits to potential participants.
Implementing a patient-centered process We know patients and their families already have a lot on their minds, so we made the matching process as easy as possible. Once a financial planning referral is submitted by the patient’s social worker or Family Reach Resource Navigator, we connect them with a financial planner within 2 business days. Both the planner and patient or caregiver sign a letter of engagement, and then the financial planner reaches out to the patient for their first phone call. The program further prioritizes flexibility, so each CFP® professional is available via phone, email, or video chat. Additionally, a trusted caregiver or loved one can meet with the financial planner on behalf of the patient.
Filling the gap Financial Planning for Cancer operates in tandem with the other services included in the Financial Treatment Program, providing families with long-term solutions to financial toxicity. In fact, 83 families who received financial assistance in 2019 also participated in Financial Planning for Cancer. It’s also important to note that patients who aren’t eligible for direct financial assistance from Family Reach can still enroll in Financial Planning for Cancer, which further ensures cancer patients facing financial burdens have access to support. Furthermore, as the program grows and reaches patients before they hit critical financial breaking points, the financial planning support can reduce the need for direct financial assistance.
Financial Planning for Cancer
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Wiping away the shame Families often admit feeling ashamed, guilty, or embarrassed about the financial struggles caused by the cost of cancer treatment. Social stigmas and standards surrounding money only exacerbate these emotions. Through continually promoting Financial Planning for Cancer and sharing stories of families who benefited from the program, we started to chip away at the shame and communicate the value of adding a financial planner to cancer care teams. What’s more, we trained our CFP® professionals to support families in ways that acknowledge but also lift the weight of these feelings off their shoulders. They meet families where they are at, serving as unbiased experts who can help them reach their goals no matter how big or small.
100%
of participants would recommend the program*
91%
reported that the planner always listened carefully and explained things in a way they could understand*
83%
reported they were confident that they could follow the planner’s advice*
Taking it from the participants: “My financial planner pushed us in the right direction to address things we were avoiding.”
“It gave me the confidence I needed to resolve financial issues that were sources of stress and worry.”
“It was helpful to have someone with knowledge on the subject to help me navigate what was ahead.“
“The program lifted some weight off my shoulders and gave me lots of practical tips. I felt supported during such an overwhelming time.”
*according to Patient Outreach Survey Data
Financial Planning for Cancer
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Helping the Hicks Family Overcome the Financial Side Effects of Cancer Five years ago, Travis and Lou Anne received news that no parent wants to hear: Their daughter, Lilli, had leukemia. They celebrated the end of chemotherapy in March 2015 but just shy of a year later, Lilli relapsed. The cancer also spread to her family’s wallets with little mercy.
planning assistance,” Travis explained. “I’m not proud to admit how deep in debt we are, and I’d rather tell a perfect stranger than expose my family to pity or criticism close to home.”
Travis and Lou Anne expected steep medical expenses, but they were caught off guard by “‘hidden costs’ like copays, gas for travel back and forth from appointments, parking fees, food from cafeterias, and accessories for the hospital room.” What’s more, they had to keep up with typical living costs and other unplanned expenses, including a refrigerator replacement, dryer repairs, and braces for three kids. Lilli thankfully overcame her relapse in May 2016, but her family is still facing the financial aftermath. According to her dad, “Lilli is healthy. We have jobs. We have insurance. In spite of all this, we’ll be paying off the debt for years to come.” Travis Hicks participating in the Patient & Caregiver Panel at Family Reach’s Imagine Session 2019
Our planner provided level-headed, objective feedback and set the tone for a plan to get out of debt. Finally, Lilli’s family found Financial Planning for Cancer and we paired them with a pro-bono Certified Financial Planner™ professional who “provided level-headed, objective feedback and set the tone for a plan to get out of debt.” Travis further praised the anonymity of the program. “We are separated by many miles from the person offering us financial
Financial Planning for Cancer
Although Lilli’s family joined Financial Planing for Cancer after she completed treatment, Travis believes other families would benefit from financial advice at the point of diagnosis. “Unless your family is made of money, you will feel the effect of cancer financially. Don’t be too proud to accept help or ask for financial support,” Travis advised. As with the Hicks family, Financial Planning for Cancer empowers patients and their families with the expert guidance, tangible action items, and confidence they need to weather the financial storm of cancer.
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The Financial Planner Experience Every CFP® professional who participates in the Financial Planning for Cancer program can eliminate financial stress and empower cancer patients to overcome the financial barriers of their diagnosis. We equip them with the tools and resources to be successful.
Implementing a seamless process In order to create a fulfilling, accessible program for financial planners, we worked with FFP and FPA to develop a simple yet informative onboarding process to prepare CFP® professionals for the program. This includes: • Training program: Created in partnership with FFP and FPA, these online modules include a general Pro Bono Financial Planning Volunteer training and Financial Planning for Cancer training. They detail the volunteer program, list out responsibilities and expectations, and prepare planners to work with clients who are facing cancer. • Family Reach overview: Planners have a phone call with our Financial Planning for Cancer Program Manager to learn about the support Family Reach offers and further connect them to the organization’s mission and services. This pro-bono commitment is designed to be a short-term engagement with patients and their families. The goal is for the financial planners to equip clients with the tools and knowledge they need to feel confident managing their own finances moving forward.
Financial Planning for Cancer
Craig Cohn, CFP®, California
11
Providing an online community As part of the program’s growth, we launched The Financial Planning for Cancer Salesforce Community with three goals in mind: 1. Create a shared space where the program’s CFP® professionals can network, collaborate, exchange resources, and offer advice through forum discussions. 2. Offer one, easy-to-access location for financial planners to access their client information, submit monthly reports, and refer to Family Reach resources and training. 3. Enhance the connection between CFP® professionals and the Family Reach mission and community.
Taking it from the planners: “These patients are facing medical issues, they aren’t necessarily thinking about their financial issues. If I can take that off the table for them and give them some guidance, I think that’s tremendously important.”
“What was really eye-opening for me was how pervasive cancer can be...and how it touches every aspect of their lives.”
“I called to simply get to know her and hear her story in her words. I did that so she would feel comfortable with me, as well as for her to know that I care.”
“My message to other financial advisors is: Get involved. You have a skillset that can really be used by people in the worst of times - and there’s nothing like helping someone out in the worst of times. It is so rewarding.”
Financial Planning for Cancer
12
Financial Planning for Cancer in the Community Family Reach increased awareness of the benefits of financial planning for individuals facing cancer at national events throughout the year, reaching more than 200 individuals through these speaking engagements.
Virginia Cancer Patient Navigator Network Conference
Financial Planning for Cancer
GRYT HealthAppChat
Commonwealth Financial Network Power in Practice Conference
GRYT Global Virtual Cancer Conference
Family Reach Imagine Session
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Looking Ahead As we carry the momentum of a successful second year, we have our sights set on the following goals.
Goal 1
Continue to grow patient participation
Goal 2
Continue to grow and retain a strong volunteer network of CFP® professionals
• Grow awareness and wipe away the shame through promotion efforts. • Share participant stories to communicate program benefits.
• Showcase impact and encourage collaboration through the Salesforce Community. • Utilize the Salesforce Community to provide additional support and training programs.
Goal 3
Further develop evaluation of program impact • Collect and implement feedback from families and financial planners. • Continue to develop impact measures for tangible assessments of program success.
Through these efforts, we intend to reach 1,000 Financial Planning for Cancer referrals by the end of 2020.
Financial Planning for Cancer
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Thank you to our dedicated CFPÂŽ professionals nationwide, trusted advisors who do so much more than support families financially, and to our sponsors, who make Financial Planning for Cancer possible.
