Achieving Financial Freedom – Financial Planning for Those Managing Chronic Conditions

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 costs, 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.

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.

The High Cost of Chronic Disease

An average of 75% of all healthcare spending in the U.S. is allotted to chronic diseases, and direct healthcare costs for individual amount to an average of $6,032 annually XL

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.

Ready to make a financial plan for your chronic condition?