Many of us know that failure to properly manage diabetes can lead to financially stifling and disabling complications, heart disease and stroke, kidney disease, blindness and amputations to name a few. Between medications, supplies, durable goods (for those of you pumping), doctor's visits and training - diabetes can really decay your annual income. And yes, I'm talking about the copays. When an individual lacks health insurance altogether or has inadequate coverage, the costs are even greater.
As diabetes continues to rise -- it is increasing by 8 percent each year, according to the U.S. Centers for Disease Control and Prevention -- state health coverage protections are becoming more important than ever.
See the Coming Attractions of Stewart Perry's interview with dLife Host Nicole Johnson Baker The Cost of Diabetes, October 1, on dLifeTV. Learn the ins and outs of dealing with insurance companies and how to best use the programs available for diabetics. dLifeTV can be seen every Sunday on CNBC at 7:00pm ET/4:00pm Pacific. Visit dLife for further information. It's all about diabetes.
1. This is a subject that I KNOW needs alot more Awareness for both T1's and T2's, but Moreso for the T1's ( and parents of T1 kids)
Financial Planning ( for the Worse) is just common sense and seeing as " The majority" of T1's are either going to Have to " Retire" from their Careers 5-10 yrs earlier than they planned due to Medical problems or are being Forced too and thus go on Social Security Disability and a couple yrs later get into Medicare..coverage
I think ( as a Financial Planner) that a T1 ( which I am as well ) should plan on saving Twice as much thru out their Working Careers other than the Standard $2k yr IRA allows and Invest it in Good Stock Funds tha have a Min of a 5 yr History of beating Peers, etc.
And should at Least Try to Be " Financially Able " to retire by 10 yrs Sooner or currently age 56 vs 66. for us Baby boomers.
This may ( and probably does) mean some Financial hardships along the way, but it sure will pay off If and when that time comes..
And parents of T1 children can start a Savings plan for their T1 Child with just putting away $500 a yr and don't give it to them until your Gone either..$500/yr at ave 105 yr growth ? Can have over $100,000 in it in 25 yrs and $350,000 in 40 yrs...
It great to Hope for the Best, but Better to plan for the Worse and ahve it there incase you( they) need it ..
Too many T1's are having to Quit work or loose their jbos alot earlier and end up in Poverty and worse yet, also put alot of Burdens on their Families...
Posted at 11:09PM on Oct 5th 2006 by Dennis