Financial Assistance FAQs

How do you define “need,” or financial hardship?

  • The Foundation’s definition of financial hardship is any situation that threatens the family’s ability to provide basic living needs.
  • And need is also relative. That’s why we encourage everyone to contact us if they are facing a difficult financial situation. We look at each case on an individual basis.
  • Also, our assistance is meant to address a short-term need. For example, the majority of assistance we provide to employees and retirees is driven by an extraordinary circumstance that created a difficult financial situation for the family.
  • For example, one employee we helped recently was suffering from cancer, and the bills remaining after insurance were completely out of reach financially for the family. They needed short-term assistance to bridge them to a better financial state. That’s where we can help.
  • Another example was when an employee’s husband lost his job and all of a sudden they couldn’t meet their monthly financial obligations. We helped them pay their rent and utilities for a couple of months until they could reassess their new financial situation and make changes to meet their monthly obligations.

I am a very private person, and prefer to keep my financial troubles separate from work. If I use the Foundation, will my manager find out?

  • Information provided to The Foundation is kept confidential. Foundation cases are not shared with your manager and they are not part of Abbott records or personnel files.

Is there a certain income range that precludes me from receiving financial/scholarship assistance?

  • Not necessarily. Sometimes special situations such as a death of a family member, loss of a spouses’ income, natural disaster, personal disaster such as a fire or flood, or a special needs child can severely impact a person’s financial situation.
  • Income is a factor in the evaluation, but doesn’t necessarily preclude you from receiving assistance. We look at the whole picture.
  • Again, that’s why we encourage all employees who face a personal hardship to contact us.

You helped my husband and I through a difficult financial time about 5 years ago.  How many times can I come to the Foundation for help?

  • The Foundation recognizes that life can change in an instant. A natural disaster or a sick child may completely devastate your financial situation.
  • So, we don’t put a limit on the number of times you can come to The Foundation for assistance.
  • However, our assistance is not meant to be long-term.
  • We can work with you to help review your expenses and see where changes can be made.

How long does it take to get an answer after you apply for financial assistance?

  • It usually takes two to three weeks to get an answer if an employee submits all requested information to The Foundation. If an employee delays providing the requested information, it may take longer. In an emergency (funeral, natural disaster, utility disconnection or eviction), help may be provided more urgently.

Can The Foundation help me pay my mortgage or rent?

  • Assistance is short-term, so we may help with your mortgage or rent if you’re facing a specific situation where it makes it difficult to afford your mortgage/rent for a few months; however we won’t be able to pay a mortgage/rent every month on a home that you can’t afford over the long term.
  • The great thing about our services is even if you don’t qualify for assistance; our consultants will look at your financial situation and give you recommendations to reduce your spending, or help you develop a strategy for a more solid financial future.

Will The Foundation look at my financial situation and help me figure out where I can make changes?

  • Our consultants meet with people all the time who aren’t in financial trouble, but recognize that they could use some guidance to ensure they remain on solid financial footing.

We’re ready to help

For Abbott employees, retirees, and their families, The Clara Abbott Foundation is here to provide compassionate, confidential support in times of need.

In order to provide financial assistance or scholarships, we need to fully understand your situation. Therefore, personal information and various documentation will be requested and required throughout the process. In some cases, we will verify information with HR or Abbott.

Financial Assistance College Scholarships

Have you been impacted by a disaster?

Please contact us at +1-847-937-1090 or 1-800-972-3859 or email us at AskClara@abbott.com.

Before applying, we ask that you consider three things:
  1. Review the eligibility requirements:
  2. Be prepared to be open, honest, and forthcoming about your specific needs and situation throughout the process.
  3. Any misrepresentation of a situation, including fraud, deceit, or concealment with regard to information on an application or obtained during the consultation process will have consequences as defined by the Abbott Business Code of Conduct.