Let $W_n$ = the fraction of the total population that is well at month $n$, $S_n$ = the fraction that is sick, and $D_n$ = the fraction that is dead. So for any month, these three represent the entire population: $W_n + S_n + D_n = 1$. We are given that $W_{n+1} = \frac{W_{n}}{2}$, $S_{n+1} =\frac{3}{4}S_n + \frac{W_{n}}{2}$ and $D_{n+1} = D_n + \frac{S_n}{4}$, and you can easily confirm that $W_{n+1} + S_{n+1} + D_{n+1}$ is still 1.
Taking the limits as $n \to \infty$ of both sides of the three $n+1$ equations gives a fairly easy way of finding the limiting fractions (though this doesn't prove that the limits exist, but it sounds like you haven't been asked to do that).