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Financial Planning for Those Living with Multiple Sclerosis or Other Chronic Illnesses

Posted Dec 28 2009 12:00am

Introduction to Financial Planning for those with MS

For those living with Multiple Sclerosis (MS), Lupus, Parkinson’s disease, Alzheimer’s disease, ALS, or other chronic illnesses or disabilities (we’ll just refer to them collectively as MS for this article), and their financial and other professional advisers, planning must be viewed through the lens of MS. Standard rules of thumb, or generalizations about how you might think MS affects financial planning can prove dangerously wrong. The starting point for most investors is to define their goals, present their advisers with the facts, create a plan, implement and then monitor that plan. For those living with MS, and their loved ones, the first step is to honestly assess your current health status and the likely course of your disease. Then each of the next phases can be addressed appropriately. Monitoring, however, takes on special importance. Given the uncertainty of how your MS might progress, the hope of new therapies in the pipeline, regular monitoring is more important than for others. Another key distinction for those with MS is the potential of an unexpected exacerbation (attack) and its impact on you and your loved ones. This risk needs to be addressed in every plan. Remember not only does every chronic illness have its own unique disease course and circumstances, but your experience of your particular illness may be quite different than many other people living with the same chronic disease. Any comments below should be viewed the lens of your personal situation and circumstances. See Estate Planning for People with a Chronic Condition or Disability for more information.

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  • Define Your Goals
  • Determine Your Resources
  • Estimate Your Needs
  • and more
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