Financial impact of multiple sclerosis

The financial impact of multiple sclerosis can be as unpredictable as the disease itself. The prospect of increased medical expenses and unplanned changes in income can make financial worries loom large. But there are ways to have greater control over your financial life. With some research and planning, you can reduce the toll of the disease on your bottom line.

Create a spending plan.  Know exactly what you have and what you owe so you can create a realistic budget. Sticking to a budget lets you always know exactly what you have and where it's going.

Set spending priorities. Decide which bills are most important, such as housing, groceries, prescriptions and insurance. Pay these bills first. Review your expenses to see if you are spending money on things you can happily do without.

Apply for all available assistance programs for which you may be eligible, including veteran's benefits, Medicare, Medicaid and state programs for low-income individuals.

Ask your healthcare provider to write a prescription for assistive devices you may need, such as a brace, walker or cane. Insurance is more likely to help cover the cost when you have a prescription that shows you have a medical need for the device.

Take advantage of available tax credits and deductions. If your income is low you may be eligible for the Earned Income Tax Credit, which can reduce your tax bill. If your employer offers a Health Savings Account, take advantage of it. And keep receipts of your medical expenses because you may be able to deduct them from your taxable income. In addition to receipts for healthcare provider visits and prescriptions, you may also be able to deduct mileage for healthcare provider appointments and costs related to modifying your home. The IRS and local senior centers can often help you find free assistance in preparing your taxes.

Keep credit-card spending at a minimum. Use credit cards only for emergencies to avoid building too much debt.

Save as much as you can.  If your employer offers retirement plan, put money into it. Try to put at least enough money into the plan to qualify for any employer matching contribution.

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