Planning Ahead with Parkinson’s: Budgeting & Financial Security

A Parkinson’s disease diagnosis brings not only medical challenges but also financial ones. From increasing healthcare costs to changes in employment, financial planning is one of the most important ways to ensure peace of mind and long-term stability. Proactive budgeting allows individuals and families to focus more on quality of life and less on money-related stress.

Let’s explore the most important considerations regarding budgeting and finances when living with Parkinson’s disease.

Financial Planning

Things to Consider

When living with Parkinson’s, financial planning isn’t just about paying current bills; it’s also about anticipating future needs. 

Important considerations include:

• Medical costs: Regular neurologist visits, medications, therapies (physical, occupational, speech), and potential surgeries like deep brain stimulation.
  
  
• Long-term care: Many people with PD eventually need in-home care or assisted living. These services are expensive and often not fully covered by insurance.
  
  
• Employment changes: Some individuals may need to reduce work hours or retire earlier than planned, leading to reduced income.
  
  
• Home modifications: Mobility challenges may require ramps, grab bars, stair lifts, or downsizing.
  
  
• Transportation: Driving may become difficult over time, leading to reliance on rideshares, paratransit, or family assistance.

Planning early allows you to build financial cushions for these expected and unexpected costs.

Insurance & Financial Assistance Options

A key part of financial planning for PD is evaluating insurance and assistance:

• Health Insurance: Ensure your current plan covers specialists, therapies, and medications. Look into supplemental coverage if needed.
  
  
• Disability Insurance: If still employed, understand your workplace’s short and long-term disability policies. These can replace a portion of lost income.
  
  
• Social Security Disability (SSD): Parkinson’s qualifies under SSA’s disability programs. Apply as soon as symptoms significantly impact work ability.
  
  
• Medicare/Medicaid: Medicare covers those 65+ or disabled. Medicaid may assist with long-term care for those who qualify financially.

The First Steps: How to Build Your Parkinson’s Financial Plan

The earlier you begin planning after diagnosis, the better prepared you’ll be. Here’s a step-by-step approach:

1. Review your current financial picture: Gather all income sources, expenses, debts, and assets.
   
   
2. Create a PD-specific budget: Estimate immediate and future medical/care costs. Include inflation.
   
   
3. Evaluate insurance policies: Health, life, long-term care, and disability coverage should all be reviewed.
   
   
4. Meet with a financial planner: Choose one experienced in chronic illness or elder care planning.
   
   
5. File for benefits if eligible: Look into SSDI or private disability.
   
   
6. Build or adjust your emergency fund: Aim for at least 6–12 months of expenses.
   
   
7. Plan for reduced income: Consider part-time work, early retirement strategies, or investment adjustments.
   
   
8. Start estate planning (wills, trusts, directives): Protect your wishes and reduce stress for family.
   
   
9. Set up a record-keeping system: Keep all documents (insurance policies, medical records, financial accounts) in one secure place.

Financial Planning Team: Who Should Be Included?

You don’t need to face these decisions alone. Building a trusted team can ease stress and ensure thorough planning:

• Financial planner: To optimize budgeting, investments, and retirement planning.
  
  
• Elder law attorney: To handle estate planning, trusts, and legal protections.
  
  
• Accountant or tax advisor: To manage changing income and deductions for medical expenses.
  
  
• Healthcare providers: For realistic insight into expected medical and care costs.
  
  
• Family members or caregivers: To help with responsibilities and decisions.

Resources

Online Tools for Financial Planning

• National Institute on Aging: Planning for long-term care and elder financial protections.
  
  
• Social Security Administration: Information on disability benefits and eligibility.
  
  
• AARP: Financial tools, caregiving resources, and legal planning advice.
  
  

PCLA Resources

When it comes to managing a Parkinson’s diagnosis and the planning that comes with it, PCLA offers tailored resources, including:

• Support groups focused on financial and caregiving challenges.
  
  
• Referrals to trusted financial planners.
  
  
• Workshops and webinars on navigating living with PD.
  
  
• Direct assistance in connecting people with Parkinson’s and their families with community aid.

Contact PCLA for assistance with resources, and visit PCLA’s website to view educational articles, podcasts, and videos. 

Laying the Groundwork for a Worry-Free Tomorrow

Parkinson’s disease brings unique challenges, but thoughtful financial planning can provide stability and peace of mind. The earlier these steps are taken, the more options and flexibility you’ll have as needs evolve.

With the right team and resources, you can focus less on financial worries and more on maintaining quality of life, connection, and joy throughout your Parkinson’s journey.