Finances and Chronic Illness

 CHRONIC ILLNESS AND FINANCES

By Gail K. Kachnycz; 05 March 2021; revised 20 September 2023

 “And a woman having an issue of blood twelve years, which had spent all her living upon physicians, neither could be healed of any, came behind him, and touched the border of his garment: and immediately her issue of blood staunched.” Luke 8: 43, 44 KJV

      The full story of this woman’s healing is documented by Luke, a physician himself, in detail in verses 43-48 of Chapter 8. The King James Version notes that she had spent her life’s savings on physicians to no avail.

     Chronic illness is expensive. Copays for prescriptions, the many doctor appointments and out-of-pocket payment for medical equipment not covered by insurance will drain an account in no time. There may be a need to build a ramp or a first floor bathroom to accommodate the limitations of the person who is ill. If the person with chronic illness is the bread-winner, the family income may be severely reduced if progression of the disease means employment is no longer possible. To add to the burden, loss of a job may mean loss of health insurance for someone who desperately needs it.

     The paragraph above describes the worst case scenario. However, the person with chronic illness and the care giver should be aware that finances will need to be reviewed and plans made to economize. Even without chronic illness, every person should aim to live within their means. A good resource is Dave Ramsey’s Seven Baby Steps (www.daveramsey.com/services/financial)

     Every situation is unique. Depending on what kind of treatment or support the ill person needs, it may not be realistic for the spouse/care giver to look for additional employment. Thinking outside the box may be necessary to find new sources of income. Online classes or working from home may be an option. Every social or government program should be checked to see if the disabled person qualifies.

     At a minimum, the information regarding bank accounts, online automatic payments, and credit cards should be available using a secure but accessible method. Include account numbers and passwords. Answers to security questions may be phrased in such a way so that only appropriate people know them. Couples have different approaches to handling finances. One partner may be more detail oriented or have an approach that works well, but both should review finances together from time to time, perhaps as tax season rolls around. If the person with chronic illness is becoming more physically or mentally impaired, designate a financial Power of Attorney (POA). This may not necessarily be the caregiver. The POA can manage the finances and sign paperwork if the affected person cannot attend a meeting. There are Public Notaries who are “mobile” and can provide notary services in the home; check for these in your area.

     At all times, whether in good health or not, avoid debt. If income falls, there will not be a burden of payments and interest to deal with. This is a good Biblical principle in all circumstances of life.

    “The rich rules over the poor,

     And the borrower becomes the lender’s slave.” Proverbs 22:7

      What should you do if chronic illness is diagnosed while your finances are in a mess? Do not despair. Pray, persevere, and take whatever small steps you can to live within your means and reduce debt.

     “I have been young and now I am old,

     Yet I have not seen the righteous forsaken or his descendants begging bread.” Psalm 37:25

      You may want to share with your inner prayer circle (your Peter, James & John) what your financial needs are and ask for prayer. Look for the Lord to supply and share the answers to encourage your prayer supporters.

 Other resources for financial management according to Biblical principles:

Crown Financial Ministries https://www.crown.org

Book: Debt Free Living by Larry Burkett