Financial and Legal Planning for People With Diabetes and Health
Living with diabetes and health can come with many unexpected costs, but there are steps you can take to help you manage your finances and prepare for potential legal dilemmas. In this article, we will discuss the importance of creating a financial plan for diabetes and health, and legal planning for people with chronic health conditions.
Financial Preparation and Planning
Living with diabetes or other chronic health conditions can be expensive. You may need medication, supplies, and visits to the doctor or any other specialists. To ensure that your health needs are taken care of, financial planning is a must.
- Find estimated costs for equipment, medication, and visits your doctor or another specialist.
- Talk to your health insurance provider about the coverage and any co-pays associated with your diabetes and health-related needs.
- Start building your emergency fund to cover any out-of-pocket costs you may incur should an emergency arise.
- Search for any assistance or discounts you may be eligible for.
- Keep all receipts and records of expenses.
- Reduce any unnecessary expenses to ensure you are still able to cover your medical costs.
When it comes to legal planning, making sure that your health needs are taken care of in any circumstance is key. Plans such as durable power of attorney (DPA) or advance healthcare directive (AHD) should be considered to ensure that if something were to happen to you, a designated person has access to make health decisions and manage any finances associated with your health.
- Consider giving someone you trust durable power of attorney. This person has legal authority to make decisions for you if you become unable to do so.
- Create an advance healthcare directive. This document specifically addresses your health and medical care.
- Ensure you designate a guardian or conservator if you lack capacity. These persons have the authority to manage your finances and health care decisions if you become unable to do so.
- If you have a long-term care insurance policy, let the policyholder be made aware of any changes in your health status.
Financial and legal planning for people with diabetes and health is an important step in ensuring that your financial and medical needs are taken care of. Having a plan in place can help ensure that you or your loved one will be taken care of if something were to happen.