Chronic illness is difficult to manage, and the financial aspect of it can be even more devastating. Some solutions to ease the financial burden include applying for disability and taking advantage of tax laws by opening tax-advantaged accounts and deducting medical expenses on your tax return.
According to the CDC, approximately three-fourths of Americans have at least one chronic health condition, with the average percentage going up significantly with age. With chronic illness being such a widespread issue among the general population, its financial effects can be devastating for those who need extra help managing their symptoms.
What Is Chronic Illness?
A chronic illness is any medical condition that lasts for a year or longer. Simply put, it is something that usually does not get better.
Most of the time, when you experience symptoms, you visit the doctor and receive medication or a treatment plan to resolve the issues. However, chronic illness focuses on managing symptoms rather than a clear resolution. Chronic illness relief usually comes in the form of lessening pain and discomfort.
What Are Examples of Chronic Illness?
Many different conditions fall under the umbrella of chronic illness that you may not have realized qualify as chronic conditions. Here are some examples of chronic illnesses in America:
- Postural orthostatic tachycardia syndrome (POTS)
- Type I and Type II diabetes
- Kidney disease
- Depression, anxiety, and other mental health conditions
- Arthritis
- Obesity
How Can You Relieve the Financial Stress of Living With Chronic Illness?
Are you concerned about how to pay your bills while living with a chronic illness? Here are some solutions that you can try today to make it easier to manage your finances while battling an ongoing medical condition.
Apply for Disability
Social Security Disability Insurance (SSDI) is a program designed for people who cannot work due to long-term chronic conditions that qualify as disabling. The program can be difficult to navigate, so it is important to find an attorney and other professionals to guide you through the process.
Disability requirements might vary by state as well. If you live in South Carolina, for example, it is important to retain an SSDI lawyer in South Carolina to make sure you have the accurate information and necessary documentation for your disability status approval.
Strategically Use Your Medical Insurance
Examine your current insurance policy to determine the best course of action. If you have a high deductible and out-of-pocket maximum and you have almost reached the limit, consider scheduling procedures and tests before the beginning of the new year, when benefits reset.
Alternatively, if you know that the following year is going to be more expensive, then it may be worth it to change to a plan with a higher premium but a lower deductible. Calculate how much you will spend in either scenario to determine which plan leads to the least upfront costs.
Use Tax-Advantaged Accounts
Put money that you intend to spend on care into a tax-advantaged account, such as a health savings account (HSA). These accounts are popular because they are triple tax-advantaged:
- Money going in is pre-tax
- Money grows tax-free
- Money withdrawn is tax-free
When you spend money on medical expenses out of your own pocket, you can then submit the receipts and withdraw the amount from your HSA, completely tax-free, one of many medical documentation benefits.
Deduct Medical Expenses
Save receipts from all of your medical expenses. When tax time comes, work with your accountant or tax preparer to see how much you can deduct from your tax return. You may discover significant savings.
Switch Out Name Brand for Generic Drugs
If possible, ask your doctor if you can switch to generic versions of your current prescriptions. The generic version is often much more affordable. You can also reduce the cost with prescription coupons and rebates.
Ask for Itemized Medical Bills
Providers often give you a basic medical bill that lists the total due from your visit. However, always ask for the itemized bill. Contest any line items that seem excessively priced.
Contact the hospital’s billing department to see if you can lower the total cost. They also have debt relief programs for those with a low enough income to qualify.
Frequently Asked Questions
What Is the Hardest Chronic Illness to Live With?
There is no singular chronic illness that is the “most difficult” to live with. Difficulty depends on many factors, such as:
- Age
- Severity of symptoms
- Financial situation
- Access to quality medical care
- Treatment options
Even those with the same chronic illness may experience it on completely different levels. One individual with irritable bowel syndrome (IBS) may only experience flare-ups when eating certain foods, for example, while another might deal with symptoms every day, no matter what they eat.
What Is the #1 Chronic Illness?
A significant portion of the population suffers from one or more chronic conditions. The National Council on Aging reports that over 40% of adults aged 65 and older is considered obese, a chronic illness in itself that can influence many other health conditions.
Some of the chronic illnesses that affect many Americans include:
- Hypertension (high blood pressure)
- Diabetes
- Heart disease
- High cholesterol
What Is the Deadliest Chronic Illness?
Ischemic heart disease is the deadliest chronic illness. The disease causes millions of deaths every year, according to Healthline. Other chronic illnesses, such as diabetes, high blood pressure, and high cholesterol, increase an individual’s chances of developing ischemic heart disease.
Does Chronic Illness Ever Go Away?
It depends on the condition. Some chronic illnesses are lifelong, while others can go into remission or be eliminated.
Someone with Type II diabetes, for example, can make lifestyle changes, such as healthier eating and weight loss, to regulate their blood sugar levels. An individual with Type I diabetes, however, will need to use insulin for the rest of their life because their pancreas does not produce it.
Find Chronic Illness Relief Today
Living with a chronic illness can become even more stressful when dealing with financial instability. If you are struggling with money problems, consider using this guide to determine if there are solutions within reach.
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