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Number of Words: 546
When Facing Illness, Take Control of Finances
In light of the coronavirus pandemic, virtually all of us have considered health-related issues. But for people facing a serious, chronic illness, such as Parkinson’s disease, multiple sclerosis, diabetes or cancer, health concerns are an everyday matter. If you’re fortunate, you may never be afflicted with such maladies, but the future is unpredictable. Of course, going through these health challenges bring physical and emotional concerns – but also financial ones. How can you prepare for them?
Essentially, you’ll need to consider four key areas: investments, insurance, legal arrangements and taxes. Let’s take a quick look at each of them:
Dealing with a chronic illness is never easy. But by considering how your illness will affect all aspects of your life, getting the help you need, and taking the right steps, you may be able to reduce the financial stress on you and your loved ones.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Edward Jones, Member SIPC
When Facing Illness, Take Control of FinancesShort /Radio version:
PSA: When Facing Illness, Take Control of Your Finances
TBA: Aug. 10, 2020
Words:183 (excluding FA’s name, address/phone number)
If you’re fortunate, you will never face a serious, chronic illness. A disease such as Parkinson’s, multiple sclerosis or cancer brings physical and emotional concerns – but also financial ones. How can you prepare for them?
You can start by consulting with a financial professional to determine if your investment portfolio is positioned to help with the types of costs you’re likely to incur.
You’ll also want to think about insurance. You might be able to add a chronic illness rider that lets you tap into life insurance benefits while you’re alive.
And you may want to work with a legal professional to establish a financial power of attorney to handle your finances should you become incapacitated.
Finally, consider taxes. If you itemize, you may be able to deduct some medical expenses, as well as home improvements, such as a wheelchair ramp, related to your condition. Your tax advisor can provide assistance.
Dealing with a chronic illness is never easy. But by getting the help you need and taking the right steps, you can reduce the financial stress facing you and your loved ones.
This is (FA’s NAME), your Edward Jones financial advisor at (Branch address or phone #).
Number of Words:183