We don’t talk about finances often when living with a chronic condition. But left alone, financial planning and a chronic condition can cause much distress. This is true for the person with the health condition. And their family caregivers.
For the person with the condition, there may be stress if one cannot return to work. They may experience a loss of identity as a provider or contributor to the family finances. Or, a significant change in retirement plans when work ends suddenly.
For the caregiver, they may be much stress trying to naviagate a monthly budget. Or having to return to work themselves. Or, doing the long-term financial planning for a chronic condition. Taking care of things like a will or a power of attorney. Financial planning and a chronic condition can be overwhelming.
Starting Point
So, where to start if you are wondering about how to strengthen your financial situation with a chronic condition? The starting point will be different for each family. But, in this article, I provide three resources to help start the process.
While researching for this blog, Martin Shenkman’s name came up frequently as an expert in this area. So, I have included 2 of his resources.
In this article for Forbes, Mr. Shenkman discusses the following topics:
- Power of attorney
- HIPAA and ensuring access to your medical records
- Assigning a healthcare proxya
- Living trusts and will
A lengthy and detailed article, this may be a good place to start to educate yourself on what you need to know. It may be just what you need to figure out your next steps to improve financial health.
But, if you find you want or need more information, you can check out the following book that Mr. Shenkman wrote: Estate Planning for People with a Chronic Condition or Disability by Martin Shenkman.
This seems to be the ‘go-to’ book for learning about estate planning with a chronic condition. Reviews for the book are mostly good. (One reviewer felt the book was too difficult to read.) The book discusses the same topics in the article. But the book also covers more topics and provides greater detail.
Finally, this article by Ramsey Solutions simplifies the discussion of obtaining a living trust vs a will. While this article is not specific to those living with a chronic condition, I found it a quick and easy read. It breaks down the pros and cons of obtaining a living trust vs a will in a way most people could understand.
While these resource may be helpful in understanding your financial planning with a chronic condition, ultimately you may need to work with a lawyer. Look for one who specializes in estate plan to give you advise specific to your situation.
Disclaimer: This blog is a resource through which you may obtain information regarding your health and wellness. Information is intended for the general reader and is not a substitute for medical advice. The content in this blog is intended to be informational only and not interpreted as specific advice for you. There may be delays, omissions, or inaccuracies in information contained in this blog. You should always consult with a licensed healthcare professional who is familiar with your health and past medical history before making any changes you may read about in this blog.