How to build a ‘Medical Fund’ when you have chronic illness

We know the financial side of living which chronic illness can be downright frustrating and unfair. It’s not your fault you’ve got this chronic illness, but you're saddled with costs that others don’t have. In this blog post, we're introducing the 'Medical Fund' – a practical financial tool that belongs in your toolkit, ready to bridge the financial gap when life throws curveballs your way.

What's the Deal with a Medical Fund?

To handle your money while dealing with chronic illness, you need different tools, like items in a financial toolkit. Firstly, there's Medicare and insurance, which help cover your medical expenses. Some jobs offer paid leave, like sick days, for when you're not feeling well. And then there's your personal Medical Fund. It's there to catch things that the others don't cover, like surprise medical costs. All these tools work together to help you handle the financial side of living with chronic illness.

A Medical Fund isn't just your average savings account; it's one component of a broader financial strategy designed to tackle healthcare expenses.

Practical Tips to Set Up Your Medical Fund

1. Health-Centric Goals: Start by setting goals about your wellbeing. Figure out how much moolah you need to cover things like treatments, meds, regular check-ups, and the curveballs life throws your way.
2. Automagic Savings: Make it super-simple by creating a separate savings account just for your Medical Fund. That way, the cash is ready to roll when you need it most, without the headache of digging around for it.
3. Windfall Wisdom: Got an unexpected cash windfall? Consider sending a chunk of it straight to your Medical Fund. It's a quick way to supercharge your health fund for any situation.

When Your Medical Fund Saves the Day

Your Medical Fund is like that dependable friend who's always got your back, especially in these situations:

1. Everyday Health Costs: From routine doctor visits to your monthly prescriptions, your Medical Fund is there to keep your health management on track.
2. Specialised Treatments: For those treatments or therapies that don't quite fit the insurance or Medicare mould, your fund steps in to make sure you get the care you need.
3. Unforeseen Medical Surprises: Whether it's an unexpected procedure or surgery, your Medical Fund's got your back, covering those surprise medical bills.

We hear you – it's not fair that you're burdened with these extra costs through no fault of your own. The Medical Fund is your buddy in the financial trenches, designed to handle all kinds of expenses on your path to living your best life. Set those health goals, budget smart, and stash some cash to secure your wellbeing, because you deserve it.

At Adulting Well, we're here to help you live your best life, no matter what curveballs come your way. So, start building that Medical Fund today, and keep your health and budget in check for a brighter future!

P.S.

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Disclaimer: This blog provides general ideas for managing money when you have chronic illness only. It is not financial advice. Everybody’s situation is unique, so we strongly recommend you get independent financial advice. More details about the disclaimer can be found here.