Having a chronic illness can be unexpected and confusing. The reality is that even the definition of “chronic illness” varies widely. The Center for Disease Control and Prevention defines chronic diseases as conditions that last 1 year or more and require ongoing medical attention, limit activities of daily living, or both. Cancer, heart disease, and Alzheimer’s are common examples.
If you are diagnosed with a chronic illness, you may have questions such as, “How am I going to afford this?” or “Will my insurance cover it? Do I need a different plan?” At Mercer Advisors, we can help you plan your financial life and incorporate your health needs, including managing health care savings accounts, updating your estate plan, and obtaining long-term care insurance.1
Our team has worked with many individuals in your situation and can help you answer these questions as we create a plan for the future together.
As someone who has seen the impact of a situation like this on my family and is also a financial professional, I know the unique challenges that people with chronic diseases face. I am aware of the feelings of fear, uncertainty, and lack of control. However, I also know how much support is out there and I’m proud and honored to be part of the support group for many of my clients who are facing the same issues that I am.
Chronic Disease Affects the Majority of Americans
If you’re experiencing a chronic disease, you’re not alone – Mercer Advisors is here to help.
Source: National Center for Chronic Disease Prevention and Health Promotion (NCCSPHP) as of 05/2023
Your Guide to Financial Planning for People with Chronic Diseases
Most Americans don’t have a chronic disease plan – after all, many diagnoses are unexpected. This understandable paradox creates unique financial issues for people who are diagnosed with a chronic disease. While the importance of financial planning can often be overlooked, taking steps to address your financial well-being is crucial for maintaining stability and reassurance in the face of ongoing health concerns. Read more about our 5-step approach to help you achieve clarity and confidence.
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At Mercer Advisors, we understand the unique financial considerations that come with living with a chronic illness. That’s why we’re not only committed to providing solutions specifically for your situation, but also working with you to execute your plan. Our advisors will work with you to assess your situation, prioritize your financial goals, create an estate plan, update your investment strategy, and evaluate your plan on an ongoing basis.
Assess Your Current Situation
During this first step, we evaluate your income, expenses, savings, and insurance coverage. After we understand your financial resources, we can develop a realistic plan for managing your finances both now and in the future.
Prioritize Your Financial Goals
Ultimately, you’ll have many goals while dealing with your chronic disease. Some of these may likely include building an emergency fund to cover unexpected medical expenses, ensuring adequate health insurance coverage, and planning for long-term care needs. Our unified and integrated team will help you identify and prioritize your financial objectives based on your unique circumstances and goals.
Create an Estate Plan
Creating a comprehensive estate plan ensures that your assets are protected and distributed according to your wishes in the event of incapacity or death.
Update Your Investing Strategy
Depending on your health condition and prognosis, you may need to adjust your investment strategy to focus on preserving capital and generating income to cover medical expenses and ongoing care needs. We will develop a plan that fits your risk tolerance, time horizon, and financial objectives.
Ongoing Plan Evaluation
As your health condition evolves over time, so should your financial plan. By regularly reassessing your financial goals, monitoring your investment portfolio, and updating your estate plan, we ensure that your financial strategy remains aligned with your current needs and priorities.
We understand the emotional toll that a chronic disease can take. However, your financial plan is one thing that you can control. At Mercer Advisors, we believe that if you’re part of the conversation then you’re a part of the solution.
The High Cost of Chronic Disease
Source: HealthSciences Institute and National Association for Chronic Disease Prevention
1 Mercer Global Advisors has a related insurance agency. Mercer Advisors Insurance Services, LLC (MAIS) is a wholly owned subsidiary of Mercer Advisors Inc. Employees of Mercer Global Advisors serve as officers of MAIS. MAIS provides individual life, disability, long term care coverage, and property and casualty coverage through various insurance companies. For Mercer Global Advisors clients who wish to purchase insurance products, MAIS has entered into a non-exclusive referral agreement with Strategic Partner(s), where the Strategic Partner will provide necessary services relative to the marketing, placement, and servicing of the insurance products, including without limitation preparing and presenting illustrations, supporting the underwriting process, assisting with the completion and execution of applications, delivering policies, and servicing in-force business. MAIS and the Strategic Partner will be listed as either “agents” or “co-agents” on the policies. While Mercer Global Advisors does not receive a referral fee, Strategic Partner receives a percentage of the commission revenue. MAIS and Strategic Partner do have a referral fee sharing agreement.
