Matters
Banking on a life with MS
by Kelly Pate Dwyer
Kevin and his wife, Eileen*, had worked with a financial planner in the past, but the
couple, who lives in New York,
hadn’t prepared for the financial drain that followed a rapid
worsening of Kevin’s multiple
sclerosis. (*Their surname has
been withheld to protect their
privacy.)
“After Kev was diagnosed,
everyone kept saying, ‘You’d
better get your finances in
order,’ ” Eileen says. But years
passed before she got the ball
rolling. “I regret that I didn’t do
it sooner.”
Financial planning is
important for any adult. It’s
absolutely vital for those living
with MS, due in large part to
MS-related healthcare costs—
in particular, medications and
long-term care. In fact, 62
percent of personal bankruptcies
in the United States result from
being unable to pay medical
bills, according to a 2009 study.
Among those who filed for
bankruptcy, most had health
insurance, and those with MS
had some of the highest out-
of-pocket medical expenses—
averaging $34,167 total upon
filing. What’s more, a person
with MS leaves the work force
just 10 years after diagnosis,
on average, due to physical or
cognitive limitations—sharply
Financial planning is important for any adult.
It’s absolutely vital for those living with MS.
limiting earning potential even
as expenses become progressively
greater.
Kevin and Eileen have since
met with a financial planner,
an elder-law attorney and a
social worker. They’ve protected
family assets by moving them
out of Kevin’s name. (Consult
with an elder-law attorney in
your state, as laws vary widely.)
And in April, Kevin, 60, was
approved by Medicaid for a
part-time home health aide—a
victory that saves them money
and allows Eileen a break from
full-time caregiving.
Laura “Beth”
Spears, 47, relies
on disability
payments for
income, so her
budget is slim.
But when her MS
required her to
buy a new home
without steps,
she made an
aggressive financial
move: She took
out a 15-year mortgage instead of a standard 30-year loan.
Over the term of the loan she’ll pay less interest. “Things
are very tight,” she says, “but it will be worth it to know I
own it.”
