Matters
In 1983, Maureen Reeder’s mother stopped
teaching due to her MS. Meanwhile, Reeder’s four-generation family farm had gone into debt. “We
couldn’t lose this farm on our watch,” Reeder says.
Then 22, she and one of her brothers met with an
attorney and a financial adviser to plan for their
mom’s care and to try to save the farm. They sold
assets, rented the land, and their father took a job
off the farm—with health insurance that covered
their family. They still own the farm today.
Partners and owner of Calabasas,
Calif.-based Bell Financial.
His message to all clients:
Live beneath your means. Shoot
to save 10 percent to 15 percent
of your income—or however
much you can—in a dedicated
account, for emergencies only.
“This money is not for college.
It’s not for vacation,” Bell says.
“Nothing you can buy today
is going to give you the long-
range pleasure you will get from
having a chunk of cash in the
bank you can fall back on.”
If you’re married, consider
purchasing a long-term care
insurance policy for the spouse
without MS, suggests Bell,
in case that person incurs
significant healthcare expenses
of his or her own.
Bell also suggests trying to
pay off a mortgage early, since
people with MS may retire
sooner than expected and live on
a smaller income. If your current
home won’t suit your future
needs, budget for the cost of
moving or making modifications
before you absolutely need
them.
Let your employer work for you
Employment benefits can go
a long way toward buffering
finances. Dive into the details
about all the benefits at your job
(or your spouse’s) so you can
make the most of them. If you’re
interviewing for a job, take time
to review your future employer’s
benefits plan.
Health and disability
benefits are common ( 50
percent of Americans with MS
get health insurance through
their employer, according to a
2007 report) and group plans
generally have fewer restrictions
on pre-existing conditions than
if you purchase such plans on
your own. Enroll in group
health and disability benefit
plans as soon as your employer
offers them, or risk a penalty for
late enrollment. Find out how
long you need to work (or how
long you need to be disabled)
before benefits kick in, and how
much of your expenses you can
“Nothing you can buy today is going to give
you the long-range pleasure you will get from
having a chunk of cash in the bank you can
fall back on.”
