Tips for Those with Pre-existing Conditions Who Are Worried About Future Health Care Coverage

Perhaps you saw the recent headline: “While You Were Sleeping, the Senate Took the First Step Toward the Repeal of the Affordable Care Act.” If anyone in your family has a pre-existing condition, that headline may have caused your stomach to churn. Perhaps most frustrating is the progress toward repeal without a replacement plan in place. It leaves us with some important questions.

Will your family have coverage?
Will you be able to afford it?

The answer is annoyingly simple: We don’t know. Trump has articulated that he wants those who have coverage to keep it, so there is hope. We also have the power of numbers on our side because it is estimated that one out of every four Americans has a pre-existing condition. But will our government succeed in creating a system that works better than what we have had in the past? We don’t know.

So here’s your biggest takeaway from this whole situation: Focus on that which you can control. We will go into further detail on the health care system in a moment, but if you need to stop reading here, then at least go away asking yourself, “What can I still control when it comes to my finances and my family’s health?” This question is more effective than simply positioning you into a positive mental attitude. It sets you up to take action today when many of us are tempted to bury our heads in the sand and not think about it.

Let’s take a look at our part in the health care system to better understand the complicating factors. For those of us who have preexisting conditions, we fear lack of coverage because we can’t afford to live without it. Perhaps our illness costs a lot to treat, or we are unable to work as a result of illness. Either way, our needs cost more than we have unless someone helps us pay for it. In that case, what we really need is not an insurance plan, what we need is some source of funding to make up the short fall.

A true insurance program is built upon the idea that we don’t currently NEED anything from the system. We pay auto insurance on a perfectly good car with hopes that we never need to have it replaced due to an accident. We pay property insurance IN CASE something happens to our homes, our possessions, etc. The only insurance where the worst case scenario is inevitable is whole life insurance, and when you look at the models that uses, it’s more of an investment model than an actual insurance scenario.

So where does that leave those of us with pre-existing conditions? It leaves us needing something more than insurance to be able to afford to stay alive. We probably need something more like a government-funded program, or a frequent-flyer-type discount program for pharmaceuticals, or expanded Health Saving Accounts, or some combination of all of the ideas that are floating out there. This is why our health care system is so complicated.

So now that your heart has skipped a beat, let’s take a moment to review what we know.

1. The United States remains one of the most innovative countries in the world, And while we have a difficult job ahead of us to try to cover everyone and have an effective health care system, innovation is possible. There may be solutions no one has articulated yet.
2. We are not alone. When 25% of the population has a pre-existing condition, any program that fails to protect us will cause a major uproar.
3. Reality check: I’m not going to be one of the ones to fix it, and if you are, then you know what you have to do. For the rest of us, we won’t have much control over the programs that are handed down to us. Yes, we will be able to vote, and we can certainly advocate for our positions to affect public policy. But then what?
4. This is the most important takeaway: You HAVE TO FOCUS ON THAT WHICH YOU CAN CONTROL! We don’t know the future, but we can easily identify our challenges in the present.

Here are some common challenges that may be plaguing you, and which can be controlled:

• Do you have a consumer debt monkey on your back? Time to take control of your spending and come up with a plan for your future.
• Do you wonder where your retirement will come from because you have had to dip into your savings to pay for medical bills? You need to find a way to put some money aside for the future.
• Have you never had extra income to put into savings because you’ve always had high medical bills? It’s time to take action so that you can have the peace of mind that you did everything you could to take care of yourself.

A lot of people in these positions just shut down and disengage from their finances. We feel helpless because it seems like nothing we do can possibly fix the situation anyway. I understand that tendency and I have been there myself. But there is something you can do now. You can take an inventory of your current situation. You need to be able to articulate what you need (knowing the monthly/annual costs of your medical bills is a good start) so you can be better prepared to ask or fight for it.

Resist the urge to let your money take control. That’s the same thing as handing your money the steering wheel of your financial future. But money is a rotten driver! It’s a piece of paper, it doesn’t know how to respond with wisdom to situations that arise. And yet, by not taking control of your money and allowing yourself to just throw whatever money you have at whatever problems come up, you are letting money drive you. Instead, create a proactive plan. Choose to act by answering this question:

What can you do differently today?

What financial steps have you been putting off? What has been keeping you up at night? Where can you find support in this situation? Remember to continually bring yourself back to the present. Hold your thoughts captive so the unproductive questions don’t derail your progress.

Interestingly, the answer to our financial problems don’t always require more money. You can pursue greater financial peace without additional income. Often, we need to shift things around, like assets. Or skill sets. Or focus. Perhaps there are aspects of your money personality that are just waiting to be put to good use. If you are having difficulty figuring out where to start, or you feel helpless and would like to invest in getting some support throughout this process of taking control of your finances, please visit my services page to see if one of my financial coaching packages would be right for you.