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Approximately 133 million Americans are currently living with an incurable chronic illness. This is projected to grow to 157 million within the next few years, with 81 million individuals living with more than one illness. The rising cost of healthcare and medication makes it nearly impossible for people to manage their health in a cost-effective manner.
On top of that, the average American carries around $38,000 in personal debt, not including mortgages. This means many people with chronic conditions must find a way to make payments on current debts while also avoiding new medical debt as they manage their illness.
What are Chronic Conditions?
Chronic pain or illness is a condition that lasts more than 12 weeks. Sometimes chronic conditions stem from an injury, previous illness, or have no identifiable cause. These conditions can be accompanied by pain or other symptoms that persist for a long period of time. Oftentimes, chronic conditions significantly impact a person’s quality of life. Symptoms linked to chronic illness may include — but are not limited to — a decreased appetite, fatigue, limited range of motion/flexibility/strength, mood swings, and trouble sleeping.
Many people with chronic diseases are using credit cards and loans to pay for their medications and healthcare, due to the steep rise in cost. Some individuals are even looking for ways to ration out or even skip their medications altogether, which can be fatal. Others continue to rack up debt to manage their condition. For some, the heaviness that is accompanied by debt can be even harder to carry than their medical diagnosis.
Paying Off Debts While Managing Your Illness
Someone already in debt who has been diagnosed with a chronic health condition may feel overwhelmed, and rightfully so. However, there are a few tips to help you get ahead and possibly even eliminate your debt while managing your illness. You may consider looking into refinancing, especially if you have a student loan or mortgage that is eligible.
If it isn’t possible to refinance, look into making additional payments or even lump-sum payments. Making extra payments will help you knock off interest. Lump-sum payments, on the other hand, can usually be negotiated with the lender. You can communicate with them, explain your situation, and possibly settle for less than you owe.
Another key to managing your condition and maintaining your finances is not to take on any new debt. The best way to ensure this is to establish some kind of savings fund. A good rule of thumb is to have three months of expenses set aside in case of an emergency, loss of employment, or anything else unforeseen that may arise. Although trying to manage your condition without accruing new debt may seem impossible, it isn’t.
Budgeting and Medical Debt
It is possible to budget for your chronic illness. Healthcare costs are always recurring when you have a chronic disease, so it makes it a little bit easier to plan and budget for. Avoiding debt and saving are both keys to financially preparing for managing your chronic condition.
To do so, you should create a spreadsheet or plan for your budget. Look at the past year and tally up how much you spent on medical care. This should include copays, medications, lab work, special visits, and anything else related to managing your condition. Additionally, you should compare your previous year’s insurance coverage to your current plan to see if anything has changed. It isn’t a bad idea to call your doctor and see if their pricing has changed either.
Outside of budgeting to manage your illness, you can also educate yourself on your options and rights. Unfortunately, most doctors speak in medical jargon most of us don’t understand. This extends to billing and managing your account as well. Be sure to inquire with the billing department about payment plans that can be catered to you. It isn’t a bad idea to ask about free clinics and other free resources that are available to you as well. Any free help you’re able to get is worth exploring.
Most of all, if you’ve accrued medical debt dealing with your chronic condition, you need to know your rights when it comes to dealing with debt collectors. Medical debt generally has a statute of limitations between six and 10 years, depending on the state. It is also unlawful for debt collectors to harass you in any way.
Low-Cost Ways to Manage Chronic Conditions
Because of the rising cost of healthcare, many people try to avoid going to the doctor altogether. Anyone with a chronic condition must visit their physician on a regular basis to manage their health. During your visits, the doctor can check for any changes to your condition and possibly provide you with more insight on how to better manage your symptoms.
Secondly, do not try to ration your medication. Doing so can be lethal and can even cause more health problems in the long run. One of the best ways to manage a chronic condition on a budget is by asking your provider about an over-the-counter medication. If you’re able to get anything to manage your symptoms in a generic brand or over-the-counter, it can have a profound impact on your personal cost.
If your condition affects your physical abilities, you may consider looking into physical therapy or exercise routines that can help you manage your pain or condition. Ask your doctor about a program or any exercises they may recommend for you specifically. Not every person with a chronic condition will be physically able to exercise for long periods (or at all), so it is crucial to discuss this with your physician.
Another thing that can help you manage a chronic condition that is relatively low-cost is taking control of your diet. A chronic condition, such as diabetes, can be managed to an extent by changing the way you eat. Maintaining a good diet and exercise can help improve your overall health as well.
Getting Financial Assistance
In combination with the low-cost ways to manage your condition, there are also ways to get financial assistance. Having health insurance is crucial for individuals living with a chronic condition. Many seek supplemental insurance options so that they have to pay less out of pocket. This is always a good choice. Where their current coverage doesn’t cover them, their supplemental insurance will, making it less likely they’ll go into debt or have to pay a ton of money out of pocket.
Outside of supplemental insurance, you may be able to locate a financial assistance program for your healthcare costs. There are several programs that can help donate money or offer help to those with chronic illness in need. Hope Charities, for instance, offers up to $1,000 in assistance for individuals with chronic illness.
If you do not qualify for assistance from a charity, you may want to consider launching your own online campaign. GoFundMe and similar crowdfunding platforms have made it possible for individuals with chronic illnesses to raise funds for themselves to cover the cost of medication and healthcare.
There is also the possibility of government-funded assistance. You may even qualify for Social Security benefits if your condition has prevented you from being able to work. This may also help you qualify for government-funded health insurance, such as Medicaid or Medicare.
Lastly, anyone suffering from a chronic condition needs to know they have options. Speak with your healthcare provider openly about any issues you’re having with your health and your finances when it comes to covering the cost of managing your illness. Being open with them can help them and you find a solution to your problem and give you more peace-of-mind when it comes to your treatment.
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