In our last article we covered how important it is to see a financial specialist if you’re ever diagnosed with a chronic illness. Here we add five more important steps you can take to plan for your future and protect your long-term financial health.
- Apply for copay assistance. You don’t have to do this all yourself.
Managing and treating a chronic illness can be very expensive. If you find your out-of-pocket drug costs are unmanageable, there are several copay assistance organizations who can guide you to needed help:
Most drug manufacturers have copay assistance programs because they know the last thing you want to do is to skip a treatment and have a relapse. Check with yours.
- When it comes to disability insurance, document everything.
Nearly 75% of people who apply for Social Security Disability benefits are denied the first time with “lack of evidence” as the primary reason. It is essential for you, your employer and your doctor to document the actions you are taking to stay employed. Make sure to file away every interaction you have with your doctors and your employer that relates to your health. This includes keeping your doctor informed about any limitations or problems you are having at work and ensuring that these conversations are being filed away in your medical file and human resources file at work.
- Ensure you have short-term and long-term disability insurance
Disability insurance policies are usually offered through your employer and will replace a portion of your income if you can’t work. This Forbes article does a nice job of describing the policies and explaining how they work. Disability insurance is a no-brainer for peace of mind when you’re healthy and a powerful resource if you’re ever sick.
- Reevaluate the asset allocation of your investment portfolio
The simple reality is that a chronic illness diagnosis can have a significant effect on your long-term financial plan. You might need to adjust many of the monetary goals and expectations you previously considered to address a new medical condition. A clear and up-to-date financial plan helps determine the appropriateness of your asset allocation (how your investment portfolio is constructed).
- Feeling lost? Talk to a patient navigator
Finding your way through various medical and insurance systems can be confusing and frustrating after being diagnosed with a chronic illness, but you are entitled to the best care possible. Patient navigators help reduce the barriers between you and your care, and you’ll find them today inside many large hospital systems, insurance companies, pharmaceutical companies, and chronic disease associations.
Iryss cares about your financial health, so we are making financial planning more accessible and enabling you to take control of your financial future. Sign up for early-access and benefit from exclusive discounts and benefits.