It’s no secret that cancer and diabetes can take a toll on patients’ health and finances—but other health conditions also can be financially devastating. Researchers at Rutgers University found that lung disease, arthritis and mood disorders also are strongly linked with medical debt even among middle- and higher-income households.
In fact, any major health problem can lead to serious financial problems if it’s chronic and/or permanently limits the patient’s ability to live his/her life. Such conditions not only trigger out-of-pocket medical expenses over many years, they also could require health-related equipment or extensive home modifications…travel for treatment…or leaving one’s job. If the patient’s spouse serves as caregiver, both spouses’ earning power can be dramatically reduced. The combination of uncovered costs and lost income can be devastating. What to do…
If there’s a nonprofit association related to your medical condition, visit its website or call to see if it has a support program that helps patients in need. Some of these programs provide financial aid…others, expert advice about relevant money matters, such as dealing with insurance companies and making Social Security disability claims. Examples: The Cystic Fibrosis Foundation (CFF.org/support) and the Multiple Sclerosis Foundation (MSFocus.org) have excellent patient-support programs.
Look into nonprofits not linked to specific conditions that provide financial aid or guidance, such as…
Review your health insurance options every year during the open-enrollment period. The insurance plan that made financial sense for you in the past might no longer be ideal now that you have a chronic condition. It might make sense to pay higher monthly premiums for coverage that has a lower out-of-pocket maximum or lower co-pays for the drugs you need, for example.
