Diagnosis of multiple sclerosis (MS) usually occurs when individuals are in the midst of raising families, buying homes, and pursuing careers. To put the disease in the context of these financial scenarios, the National Multiple Sclerosis Society (National MS Society), the Paralyzed Veterans of America (PVA), and NEFE published Adapting: Financial Planning for a Life with Multiple Sclerosis.
“A diagnosis of MS has huge financial implications both for individuals affected by the disease and their families,” said Brent Neiser, CFP®, director of Collaborative Programs at NEFE. “Depending on its severity, MS can disrupt a person’s ability to earn an income at the very time when he or she has taken on major financial responsibilities.”
The 72-page booklet blends financial planning basics with the special considerations of living with MS, including reviewing health benefits; moving forward after the initial diagnosis; managing your financial situation if MS progresses; and handling estate issues. It also includes checklists, worksheets, and spreadsheets for taking a financial inventory, comparing income and expenses, and managing your job.
Dorothy Northrop, the National MS Society’s director for clinical programs, observed that getting individuals with MS to accept the need for financial planning is often the first hurdle to clear. “People want to be optimistic that the disease won’t progress, so sometimes they prefer to deny the need to plan ahead for the possibility of increasing disability,” she said.
“The NEFE booklet does an excellent job of presenting financial planning suggestions in an optimistic way using a format that’s pleasant to read and easy to use, whether the individual is newly diagnosed with the disease or seriously disabled by it.”
The National MS Society and PVA provided NEFE with background on the physiological, psychological, and financial aspects of MS. The two organizations also distributed 70,000 booklets. According to Neiser, the National MS Society is working on an online training course based on this project. “This is another example of how NEFE works as a catalyst to bring financial education to the public. The National MS Society saw this was a really important project and said, ‘Let’s ratchet it up,’ he explained.
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