Financial Fitness Exercise

It seems like every day we are bombarded with ways to stay fit. There’s always a new fitness program or a new type of fitness equipment that promises to give us the best body. But for those dealing with a chronic illness, wellness takes on a different meaning. We need to feel our best not just physically but also be prepared to stay on top of your care and treatment continuity in every aspect of life.

I thought it would be a good time to review four of the most impactful areas you can assess, reorganize, and make adjustments that are most suitable for your specific situation.

One good way to view it is that in the fall, we ensure we check our care or our furnaces. We prepare our gardens and lawns for the coming spring, check the exterior of our homes for energy efficiency, and prepare our cars for the winter season. Unfortunately, very few of us take the time to review the foundations of our financial lives, which actually determine our ability to stay on treatment plans and meet all our financial responsibilities. I hope everyone will take the opportunity to review at least these four areas I am covering in this article before the end of the year.

Medical

First, for many of us, it’s big, Medicare. As you know, Medicare season is nearly upon us. And, as always, there are changes. If you are already enrolled in Medicare, this open enrollment period gives you the opportunity to make changes if needed. And if you’ve been enrolled for 12 months or less and have a Medicare Advantage plan, you also have the opportunity to switch to a supplemental plan, possibly with a guarantee issue if you qualify. There may be a waiting period, but you might not be able to enroll later, and the coverage could be better for you.

Additionally, if you have an HMO plan, you might be able to switch to a PPO for more plan flexibility. Review your prescription formulary if there have been changes in your treatments. The worst thing you can do is not review your Medicare options, as there are changes every year and there might be more plans available to you and potentially better prices. Don’t assume that the lower the premium, the better. Review your total costs, including premiums, co-payments, deductibles, skin insurance, and the cost of your medications.

Life Insurance

Second, review your life insurance plan. Many people are not aware of the benefits that insurance offers, such as access to cash or loan options from your policy through accelerated benefits.

Furthermore, if you are still employed, check with your employer about the next enrollment period to see if you can increase your life insurance coverage. Even if you plan to retire or end your job next year, or later, the cost of taking out life insurance with your employer might be the only place you can qualify without medical underwriting, and it’s often very affordable. Also, check if your employer offers a supplemental life insurance option that you can enroll in, which might be portable when you leave your job.

Monthly Statements

Third, as a financial advisor, I’ve found that many clients don’t review their monthly statements to see how their retirement accounts, such as 401(k)s and investment accounts, are performing. You’re doing yourself a big favor if you keep up with them, whether the market is up or down. Talk to your financial advisor to ensure you are benefiting from growth, income generation, and tax-efficient opportunities.

Financial Assistance

And finally, don’t assume you won’t qualify for financial assistance. Treatment costs are expensive and may always be. Speak with your doctor or social worker to help identify resources that can assist with co-pays, deductibles, skin insurance, and other essential needs.

Do this before you find yourself in a financial crisis. Stay proactive to understand your illness and the expected changes in available treatments. Instead of waiting for spring cleaning, take the time now to review your finances. Enter the new year in the best possible position you can, and then, just like checking up on your car, do this for your financial future every year. After all, you’re worth more than a car!!