Insurance > Financial Planning
Being diagnosed with MS can be life altering. It changes the way you look at the world and imagine your future. There’s a lot to think about and plan for.
Considerations may revolve around working and career. Will you have to stop working at some point? How will you be able to manage your expenses? Now may be the time to ground yourself, get organized, and create a solid plan that may help you alleviate stresses surrounding your finances.
Do you have the knowledge to manage your own financial challenges? Or do you need help from family members or a professional? If you need a place to start, consider looking at the National Multiple Sclerosis Society’s Financial Planning Page. Here they house a comprehensive planning guide, Adapting: Financial Planning for a Life with MS, as a PDF download. Maybe financial planning is not in your sweet spot. If not, you may want to hire a professional. As you consider your next steps, take comfort in the fact that there are financial advisors that specialize in helping people who have been diagnosed with a chronic disease. If you cannot afford to hire a professional, there may be help through national or local organizations.1
Financial organization and planning
If you already had a solid financial plan before your diagnosis, that’s great. You can tweak and adjust your plan to reflect your current situation. If you have not buckled down, now may be just the right time to get your finances in order. Take this opportunity to gather all your financial documentation in one place.1 Whether you decide to make your own plan or hire a professional, you will be ready with the most accurate and up to date information.
Legal and estate planning
It’s important to think about things like power of attorney and healthcare directives. If you took care of this before your diagnosis, you may need to revise it to address characteristics of your situation. If you haven’t done this yet, it’s never too late. An estate-planning lawyer can help you put these essential legal directives in place.1
Employee benefits analysis
Whether you keep working or need to retire early, it’s important to carefully review your employee benefits with regard to retirement packages, health plans, disability coverage, and life insurance. All of these factors will play into how you approach your overall financial plan.1
You’ll need to look at what type of health insurance and life insurance you have now and what type you may need going forward living with relapsing MS. Different plans may offer different advantages and disadvantages for someone with a chronic progressive illness. Make sure you have a plan that meets your needs while living with relapsing MS.1
Regardless of your current situation, gathering information about your current state and planning for your future state can potentially help you feel more in control when it comes to your financial picture.