Viatical settlements: effects on terminally ill patients.

Area of Science:

• Palliative Care
• Financial Planning
• End-of-Life Care

Background:

• Viatical settlements offer financial options for terminally ill patients.
• Hospice staff play a crucial role in guiding patients and families through financial decisions.

Purpose of the Study:

• To evaluate hospice staff's knowledge, attitudes, and experiences with viatical settlements.
• To understand how financial counseling is provided regarding viatical settlements to terminally ill patients.

Main Methods:

• A phone survey using a structured questionnaire was conducted with financial counselors from 300 randomly selected hospices.
• The study achieved an 80% response rate from hospice staff.

Main Results:

• Only 4% of hospices proactively inform all patients about viatical settlements; 32% inform only when asked.
• A majority of respondents (53%) felt moderately informed, while only 9% felt very informed about viatical settlements.
• 92% of hospices with patient experience reported positive outcomes, and 40% responded positively to a hypothetical case.

Conclusions:

• Hospice staff with experience in viatical settlements generally report positive patient outcomes.
• Gaps in knowledge among hospice financial counselors may restrict patient access to viatical settlement information.
• Enhancing staff education on viatical settlements is crucial for supporting terminally ill patients' financial well-being.