Now that spring has made an appearance with longer days, milder temperatures and budding trees, I am reminded of how change can impact our lives for better or worse. For many, the onset or progression of a disability or chronic illness has an initial negative and lasting impact. This manner of change is neither anticipated nor welcomed. Its dynamics strike at the very core of one’s being as he or she attempts to evaluate its long-term effects.

I have alluded in past newsletters that transitioning from a relatively normal life to that of disability initiates a host of reactions from both the individual and family members. Confusion, anger, frustration, uncertainty, worry and anxiety are a few common ones that affect people at both a cognitive and emotional level. Total or partial loss of employment, reduction of income, strained family and social relationships, and frequent medical appointments are only some of the byproducts resulting from a serious accident or illness. Out of pocket medical expenses can exhaust one’s financial resources very quickly. This only adds to the present stress and anxiety and could leave one’s assets totally depleted.  

Whether a person is diagnosed with Alzheimer’s, Dementia, and Cancer or has sustained a serious physical disability, the cost of appropriate treatment, therapies and equipment can be astronomical. There is also an inherent risk of escalating costs due to symptoms becoming exacerbated with aging. Traditional insurance may have lapsed due to job loss or not cover all related treatments and healthcare related services.

What will happen if the person or family have few financial assets including savings, retirement accounts or other investments?    

This is why the implementation of medical assistance planning is vitally important to the future of the person who is disabled or chronically ill. Also, family members are not burdened with the financial responsibility of paying for medical expenses in the event that their loved one cannot do so. Seeking an experienced attorney specializing in this area of practice will minimize stress and provide peace of mind. I realize this is a very emotional and painful undertaking. However, it is prudent to mitigate a possible future financial crisis by planning NOW rather than later. Isn’t it comforting to know that future medical expenses will be covered without additional worry or anxiety?

Next month’s newsletter will address both the features and benefits of medical assistance planning. Be encouraged and be hopeful.