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Living with a chronic illness can be expensive, and it can be hard to save for your medical needs. 

Between the cost of medications, doctor’s visits, and other medical expenses, the cost of living with a chronic illness can add up quickly. If you’re not careful, you could find yourself in financial trouble.

That’s why it’s important to build a solid savings that can help cover the cost of your medical needs. 

In this article, I’ll share 15 tips you can use to fuel your saving goals to cover your medical needs and other personal living expenses.

Introduction

When I first discovered how expensive my Remicade treatments were (to treat Crohn’s Disease), I couldn’t believe it. Thankfully, I had insurance because the expense would have surely made me go bankrupt.

Even with insurance, however, my out-of-pocket expense was still considerable, and I knew I would need a better saving strategy to support my medical needs.

Unfortunately for those of us living with a chronic illness, it can be expensive to stay in good health (or whatever semblance of good health is achievable).

You may have similar challenges, so it’s important to be prepared for inevitable, but costly medical expenses.

Saving Strategies to Support Your Medical Needs

Are you ready to build a better saving strategy that supports your medical needs?

Here are a few tips:

Set a savings goal to meet your medical needs.

How much money do you think you’ll need to cover your medical expenses in the next year, five years, or ten years? Once you know your goal(s), you can start to make a plan to reach it/them.

Psst… need a tool to help you keep on track the progress you’re making toward your goals? I recommend using ClickUp.

Start small. 

Don’t try to save too much money at once, as it’s easy to get discouraged if you can’t reach your goals when you’re first getting going. 

Start by setting a small savings goal, such as $100 per month. Once you’ve reached that goal, you can increase the amount you put into savings each month.

Create a budget and track your spending. 

This will help you see where your money is going and where you can cut back. There are many free budgeting apps and tools available online.

Automate your savings. 

Set up a direct deposit from your paycheck into a savings account specifically for your medical expenses. This way, you won’t even miss the money.

Look for ways to increase your income. 

If you’re struggling to save money, you may need to find ways to increase your income. This could mean getting a part-time job, starting a side hustle, or asking for a raise at work.

Look for ways to save on medical expenses. 

There are many ways to save money on medications, doctor’s visits, and other medical expenses. For example, you can use coupons, sign up for prescription drug discount programs, or see if your doctor offers any discounts.

Building a solid savings to support your medical needs takes time and effort, but it’s worth it in the long run. By following these tips, you can protect yourself financially and ensure that you have the resources you need to manage your medical expenses.

10 Additional Tips for Savings Success

Here are some additional tips that you may find helpful:

Stay informed about your rights under the Affordable Care Act. 

The ACA may offer you financial assistance to help pay for health insurance.

Shop around for health insurance that best supports your medical needs.

Compare different plans to find one that offers the best coverage for your medical needs.

Take advantage of government programs. 

There are a number of government programs that can help you pay for your health care costs.

Look for discounts and coupons related to your medical needs.

Many drug manufacturers and health care providers offer discounts and coupons to help you save money.

Ask your doctor about generic drugs. 

Generic drugs are often much cheaper than brand-name drugs.

Talk to your doctor about financial assistance programs. 

There are many government and nonprofit programs that can help you pay for medical expenses. Your doctor may be able to connect you with these programs.

Consider opening a health savings account (HSA). 

HSAs are tax-advantaged accounts that can be used to pay for qualified medical expenses.

Look into long-term care insurance for your long-term medical needs.

While it may not be top of mind, long-term care insurance can help pay for the cost of long-term care, such as assisted living or nursing home care.

Get involved in your community. 

There are many community organizations that can provide financial assistance and support for people with chronic illnesses.

Don’t be afraid to ask for help. 

If you’re struggling to build your savings, don’t be afraid to ask for help from family, friends, or a financial advisor. There are people who care about you and want to help you succeed.

Managing a chronic illness can be challenging, but it’s important to remember that you’re not alone. There are resources available that can help you build a solid savings that will support your medical needs financially.

Recommended Reading:

15 Killer Savings Strategies To Help You Catapult Your Savings (fireyourcareer.com)

How to Negotiate a Salary: 10 Tips + Resources for 2023 (fireyourcareer.com)

Additional Resources

• The National Organization on Disability
• The American Chronic Pain Association
• The Invisible Disabilities Association

Think building a solid saving strategy that supports your medical needs will FIRE Your Life? Check out the posts page for more ways you can FIRE Your Career and achieve financial freedom.

FIRE Your Career: Achieve Financial Freedom Through Your Career & Spend MORE Time Doing What You Love.

Products I recommend in this article:

ClickUp (my recommended goal-tracking and project management tool)