Thursday, November 11, 2010

Economic Impact of MS

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Though most commonly diagnosed among women, MS is often diagnosed among both sexes in midlife between the ages of 20-45 years. During which, the economic impact of MS for most is often magnified when diagnosed during these years. At this life stage, people are working on building a career, raising and educating children, and paying for a mortgage. As people live with MS they often experience rising medical expenses and the possibility of job changes.

Thus there is no denying the fact that some people living with MS often struggle to maintain income and face the threat of a comfortable retirement being held hostage by a progressive illness. So how do most cope with these impending realities?

Research has shown that people appear to cope better if able to take proactive or problem-solving approaches rather than an emotion-focused approach to financial changes. The strategy of one couple nearing retirement –-- stabilize income before the conditions worsens and save more cash to retire.

Just as a person's MS symptoms not exactly like someone else’s, neither is their financial situation. The National MS Society has resources to assist those looking to secure their financial future. Long-term care insurance has been one mechanism to prepare for the future that has often been denied to people living with chronic conditions. The Patient Protection and Affordable Care Act established of a national voluntary insurance program (The CLASS Act) for purchasing community living services and supports to alleviate some of the financial burdens of people living with chronic conditions.

Continue to follow NCActivisMS blog for Society resources and up to date information on the CLASS Act implemented in full effect 2014.
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