Long-term financial planning is important for the security of the caregiver and the patient with a chronic illness. Long-term financial planning is very important for the security of the caregiver and the patient. If you wish to handle your loved one’s finances, you must receive written legal authorization to do so. This authorization can be obtained through documents such as a power of attorney. When considering a financial plan, you may want to contact professional financial managers and/or medical lawyers who deal with financial planning for people facing chronic or progressive illnesses.
You also may want to talk to a social worker and investigate other resources, such as those available on the Internet. Ask your loved one’s doctor for a referral or speak with a national association or support group to find reputable professionals in your region.
Understanding medical coverage, If your loved one is insured, either through his or her employer or a retirement policy, read all of the policies pertaining to chronic/progressive illnesses. If you are unsure about the language or terminology, contact the personnel department or your financial planner.
If your loved one is unemployed and does not have coverage, look for the highest level of affordable coverage. If your loved one is 65 or over, he or she qualifies for Medicare. This insurance can be supplemented with a “Medigap” policy available through a private insurer. Many states have prescription assistance/reimbursement programs for low-income senior citizens.
If your loved one is disabled but does not qualify for Social Security, he or she might be eligible to receive a form of Medicare for the disabled. If your loved one cannot get insurance and his or her income is low, he or she might qualify for Medicaid, a government “safety net” program that pays for medical costs that exceed a person’s ability to pay.
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