Taking Care of Finances with a Chronic Illness
People tend to think of chronic illnesses as something that only happens in the later years of life. While it’s true that the older we get, the better our chance to suffer this sort of illness, it’s also true that chronic sickness can occur to anyone, at any time.
From Crohn’s Disease to Chronic Fatigue Syndrome to Parkinson’s and more, these illnesses can turn people's lives upside down. They can cause difficulty making ends meet and basic bill paying. Learn how to handle finances and chronic illness, pay bills, stay solvent, and how an estate planning attorney can be your biggest help in this area.
Prepare for the Worst
Far too many people live from hand-to-mouth, paycheck-to-paycheck. Then, when the worst happens, they’re utterly unprepared. When you’re suffering with chronic illness, the stress alone can make things worse. Start putting money aside while you can.
Establish an emergency rainy day fund. Experts recommend squirreling away at least three months, though preferably six or more months, worth of living expenses to get you through lean times. If you can’t save easily, you might consider a home equity line of credit, and do your best to maintain your credit rating in case you need to take out a loan for tough times.
The current climate requires everyone to carry healthcare. However, the majority of affordable plans through the ACA Marketplace don’t cover much, and have deductibles that are so high you may not be able to afford to use them. Avoid these rock-bottom-premium plans and get the best healthcare plan you can possibly afford. It will make all the difference in the world.
You may also consider supplemental coverage like disability, long-term care and life insurance. If the worst happens and you’re unable to work, these kinds of coverage can make sure your income gets replaced, and in case of your passing, care for those left behind.
Disability care is an income-replacement policy. It ensures that you get ongoing benefits to supplement social security and the like should you become unable to hold down a job. Long-term care coverage is there to cover you on an ongoing basis if you suffer major, permanent impairment. It covers both lost income and earnings as well as a portion of your healthcare needs. Long-term, disability and life insurance usually aren’t that expensive, but if you wait until after you suffer a disability, you may not be able to get insurance.
Work with an Estate Planning Attorney
Estate planning attorneys can be your best ally in making sure you’re covered in case of a tragic accident, injury or long-term illness. These professionals are knowledgeable and experienced in helping you to set up the coverage you may need as you near your later years, and it’s never too early to start working on this kind of protection.
In Montana, Tanko Law has helped many clients in the Kalispell and Missoula areas protect their assets and plan for end-of-life needs. If you would like to make sure you’re covered in tragic circumstances, give us a call for a consultation today.