Dr. Eboni Green
November 1, 2024
Chronic conditions rob people of their health, independence, and more literally of their money. A chronic condition is any health condition that lasts three months or longer, although some definitions refer to a health problem that lasts for at least a year. A chronic condition can either be physical or mental.
Most chronic health problems are also identified by an ongoing need for treatment or some kind of limitation that impacts daily life. As people get older, they are more likely to develop a chronic condition or collect them. While some of these conditions can be dealt with without a major impact on someone’s quality of life, other conditions are life-threatening or extremely restrictive.
Whether you’re taking care of someone with a chronic condition, you’re dealing with chronic health problems yourself, or both, it’s well worth trying to reduce the financial costs associated with these health conditions. Here are a few things to consider.
One of the ways that a chronic health condition can put pressure on your finances is that it limits the type and amount of work you can do. This is true of people who experience chronic illness and those who care for them, as full-time caregivers may have to make career sacrifices of their own to have the time and energy to provide appropriate care for their loved ones.
Loss of income can be difficult to deal with, especially if your condition isn’t likely to go away. Of course, some chronic conditions can be treated and allow you to live a normal life, complete with a great career. Asthma, for example, is a common chronic condition that many people can live in.
However, if a chronic condition or multiple chronic conditions limit your career options, consider finding other opportunities. Some workplaces allow people to work from home, which can be much more viable. Or you might be able to lower your hours. While you will still suffer a loss of income, you can continue to build your chosen career.
Another option is to change careers. While it might feel as though you’re starting from scratch, this still allows you to earn money. Some jobs, like freelance writing, are incredibly flexible, allowing you to work from home and at any time of the day. You can also scale the amount of work you do, which is useful if you have good and bad periods.
You can also get governmental help, depending on how your health limits you. This can reduce financial strain, especially if you can’t work at all or need specific accommodations.
Many chronic conditions are managed by medication. Depending on the condition, this medication might prevent your health from deteriorating or even becoming life threatening. Often, people can function because of their medication, and going without isn’t an option.
Unfortunately, this necessary medication can be expensive. This is especially true if you or the person you’re caring for has a lot of medication.
If you’re a caregiver, it’s important to make sure that your loved one has all of the medication they need. Older people might have a lot of medications to contend with and might not be able to manage their needs without help. As well as making sure that they have the drugs they need at home, you need to make sure they take their prescriptions as and when they need them.
An insurance agency that provides medicare advantage can be incredibly helpful for covering the costs of prescription medications. Medical insurance massively reduces the cost of treatment, and some benefits also provide discounts on fitness programs, vision, dental, and hearing care as well.
When looking for options to pay for medication and other healthcare needs, your insurance provider can be your best friend. It’s far more affordable than paying without insurance.
If you need extra care around the house yourself or you need some added support to help you care for a loved one, an at-home health aide can be a lifesaver.
Depending on your needs, you might benefit from hiring a qualified nurse or caregiver to support your daily needs. This might mean planning a daily routine, such as managing medications, helping with bathing and dressing, as well as making sure you or your loved one gets some support with chores like cooking and cleaning.
It’s important to budget for the added cost of hiring a nurse or a health aide. If possible, plan. Many chronic conditions get worse over time, meaning that you might not need as much support to start with. If you know this is likely, add the cost of a health aide into your budget early.
This allows you to be prepared for the future costs. It might even be a good idea to save in advance, so you have something extra in case of an unexpected cost or emergency.
For some people, a mobility aid can make a massive difference in their life. A wheelchair, rather than being confined, can be liberating if the only other option would be to never travel further than a few feet, if at all.
Unfortunately, mobility aids and supports can be expensive. While insurance might cover the cost of necessities, more high-market aids and wheelchairs might not be covered.
However, this doesn’t mean these options are untenable. Some charities provide or subsidize the cost of certain mobility aids and medical equipment. It’s worth looking into local charities that might be able to help depending on your circumstances.
Another option is to hire equipment rather than buy it. This has a higher long-term cost but can be helpful if you don’t have the cash in hand to buy what you need or the ability to get a loan. If it is possible to wait a short while, try saving or even fund-raising to help you get the funds to purchase more appropriate equipment.
