Here’s how to get ahead of your expenses, insurance, and estate planning.
Living with a chronic condition can be expensive.
Aside from medications and supplies you might need, there is also an array of other considerations that can seem like
This can include tax costs related to your condition, unexpected expenses that seem to come out of nowhere, or the mental gymnastics that you might do when talking with insurance companies or pharmacies just to determine your coverage and costs.
You might consider these simple steps to plan ahead and help save money that is tied to your health and well-being.
The lack of knowledge may be the most stressful aspect of financial housekeeping. It’s intimidating because you might feel obligated to know your financial health picture, but you don’t completely understand it.
Putting together a budget can be painful for many reasons, not the least of which is that the numbers might make your head spin.
For those who live with health conditions, know the best times to focus on your money matters and how that experience may affect your health.
Some people may be best suited in the morning, while others may be after dinner.
Find the time when you’re healthiest and budget up.
You might be tempted to think about taxes only in the spring, months or weeks (or days) before it’s time to file.
But don’t fall into that trap. Start planning ahead of time.
Track your financial health at other times of the year, using spreadsheets for personal and business taxes. Do whatever is most convenient for you and your family.
Whether you file on your own using online software or rely on a certified public accountant (CPA), the same logic applies. You can have all this information on hand, updated, and in mind before it’s time to start the official filing process.
If you make any health-related claims or points in your taxes and yearly expenses, this can also be a perfect time to review those overall costs and what they mean in your family’s larger financial picture.
This could be a way to find areas that you can adjust or change, possibly searching for lower-priced medications, supplies, or medical needs.
For example, you might see that you’ve spent a certain amount at the pharmacy on something that was not necessary.
That might prompt you to consider cutting that cost, or possibly purchasing it another time of year if you have any leftover Flexible Savings Account (FSA) or Health Savings Account (HSA) money at year’s end.
People who live with certain health conditions that might mean stress-related effects or flare-ups can benefit from having less anxiety in their lives ahead of tax time.
Tax tips
- Don’t leave your taxes until the last minute.
- If you keep track of documents throughout the year, filing will be easier.
- If it’s too much for you, consult tax services or a CPA to ease your mind.
As noted, life with any chronic condition can be expensive. This may be true no matter how much you keep an eye on your money.
There may be moments when you’re “too close” to the money issue, and you may need some help.
Whether you refer to them as your “financial board of advisors” or not, these people in your life can be key parts of your team in managing your health and possibly saving some money.
This might include:
- an attorney
- financial advisor
- friends who are financially-minded or budget-capable
- family members
You may turn to these people to discuss costs, whether personal, business, or health-related. They might be able to offer a clear picture of our situation, a fresh perspective, and advice.
Even if you don’t have a ton of money wizards in your life, gather a group to support you and relieve money stress.
You may talk with many different people about your health condition and various items, from insurance coverage to medical costs to why certain items aren’t ready at a pharmacy or delivered to your door.
Keep track of this information, as you never know when it may come back around as being necessary or handy. This might include:
- name of the person
- their title and department
- date and time
- key details of the discussion
- any reference or case number assigned to you or your specific claim
If you use video conferencing, you may also be able to track this information by recording the session. You can join a call with any number of people on your desktop, laptop, or smartphone.
This might allow you to not miss anything and be able to go back and revisit the conversation later.
You know what your disease looks like now, but what will it look like a year or several years from now?
Understand the possibilities and have a plan, even in a worst-case scenario.
This might include knowing about and accessing discount services or financial aid programs that you might be eligible for.
Pharmaceutical or medical supply companies may offer different programs or discounts.
You may also check with your healthcare team about any financial aid resources they know about. This could include local, state, or federal programs you may qualify for. If you’re going to apply for disability, you’ll need your financial house in order.
Learn more about disability benefits
This disability benefits primer could help you understand what you might be eligible for and how to apply for certain disability benefits that pertain to your health condition.
A complete financial checkup includes insurance (disability, health, home, and car), estate planning (even if you don’t have an “estate”), HIPAA releases, living wills, advance directives, trusts, and health proxies.
It’s all important, and planning for it all is doable.
Remember, planning before you need it is the best gift you can give to yourself and your loved ones. It can be intimidating, but managing your financial health and well-being is also empowering and can actually reduce stress.