Financial & Legal
Matters
Parkinson’s Disease can be stressful for you and your loved ones. Be informed and plan for the financial and legal matters unique to this disease.
Creating a financial plan
Managing a chronic illness can be daunting and unpredictable. What is possible today may not be tomorrow and there truly is no way of knowing how you will feel or what you will be able to do in the coming weeks, months, or years from now. For the security and peace of mind of you and your family, it is paramount that you develop a plan for the future. Although GAPS does not directly work with families on these matters, there are professionals in our area who can provide financial and legal help for individuals and families with chronic illnesses.
What to consider when planning:
Medical Expenses: medication, doctor visits, procedures and other costs associated with Parkinson’s therapies and treatments can have significant financial implications.
Medical Equipment: U-Walkers, transfer chairs, wheelchairs and other equipment may be necessary in the future.
Long-Term Care Costs: When mapping out your financial plan, it’s important to account for the costs associated with in-home care, assisted living, supportive housing or other long-term care programs.
Adaptive Living Products: Not always necessary, adaptive living products may be helpful in making life with Parkinson’s much more manageable over time.
Legal Expenses: Legal assistance and/or representation may become necessary when considering advanced directives such as a medical durable power of attorney, power of attorney documents, or a living will.
Employment matters
One of the early questions that a newly-diagnosed individual will often ask is how this will impact my ability to work. The diagnosis of Parkinson’s disease does not necessitate that someone should consider retirement, it does however require that you consider how you can best perform your job while minimizing work-related challenges and stress.
The challenge of when and what to tell your employer is a very personal decision and will ultimately depend on factors such as your physical and mental condition, personality, and your employment situation. In a lot of states, it is a legal requirement for employers to make certain accommodations for employees with a disability. Here are a few questions to consider:
> Are you working on a project that you want to see to completion before informing your employer?
> Are you able to keep your symptoms managed and unrecognized by your employer?
> Would it be best to inform your employer so that they have the time to make a plan for accommodations in the work place?
Job performance
Here are some things to consider when looking at how you perform your job:
> Break each area down into specific tasks
> Make an outline of all of your responsibilities
> Identify alternative ways of accomplishing your tasks
> Create a schedule that allows you to address challenges during your work day
> Set aside specific hours for more time-consuming efforts
> Consider whether your symptoms might interfere with your ability to carry out your job
Insurance and financial assistance
Employee Insurance
If you are insured, through an employer or retirement policy, be sure to read all of the policies, including disability policies, pertaining to chronic illness. If you need help understanding your benefits, contact your employer’s personnel department or your financial planner. Be sure to find out if your coverage plan covers referral to a specialist.
Private Insurance
If you are unemployed and do not have health coverage, private insurance can be purchased. When considering private insurance policies, be sure to look for the highest level of coverage you can afford. Just like employee insurance, make sure to read all of the policies pertaining to chronic illness, including the disability policies, and whether a policy will cover a referral to a specialist.
Medicare
Although it is very complex, if you are over the age of 65, you will qualify for Medicare. Visit the government’s website on Medicare to learn more.
There are options to supplement this insurance with what is called a “Medigap” policy that is available through a private insurer. Visit the official Medicare site to learn more.
If you are disabled, but too young to qualify for Social Security, you may be eligible for Social Security Disability.
In order to received Medicare drug coverage, you are required to join a plan run by an insurance company or other private company approved by Medicare. The cost and drugs covered will vary per plan. Visit the official Medicare website to learn more about prescription drug coverage.
Social Security Disability
Medicaid
If you have left your job because you are not able to work and are not eligible for social security, you might be eligible for social security disability (SSD). In order to qualify, you must have worked long enough and recently enough, having paid social security taxes.
For the purpose of SSD, you are considered to be disabled if:
> You cannot do work that you did before;
> You cannot adjust to other work because of your medical condition(s); and
> Your disability has lasted or is expected to last for at least one year or to result in death.
For more information about social security disability, visit the U.S. governement website.
Medicaid may be the right option for you if you cannot secure private or employer insurance and your income level is low. This program pays for medical costs that exceed a person’s ability to pay. To learn more about Medicaid in the state of Texas, visit there official website.