Complications From Diabetes Can Significantly Impact Americans’ Financial Stability

The following article is courtesy of ARA Content. I decided to run this one because my grandmother is facing this very issue -- diabetes is impacting her finances. She's older and is no longer working, but for younger workers, situations like the ones described below are the reasons we all need disability insurance.

Diabetes is one of the fastest-growing health crises in the United States. One in four Americans, or about 75 million people, has diabetes or is at risk of developing type-2 diabetes.

As with other chronic diseases, the financial consequences and economic impact of diabetes can be devastating. According to the American Diabetes Association (ADA), one out of 10 health care dollars is now being spent on diabetes and its complications while people living with diabetes spend nearly $11,000 more per year on medical expenditures compared to those without diabetes. Furthermore, the Milken Institute estimates that this year diabetes will result in over 140 billion dollars of lost wages and productivity costs. Fortunately, just as there are lifestyle actions people can take to manage and even prevent diabetes, there are steps people can take to prepare for the impact of diabetes on their financial security.

“Often, the financial implications of chronic diseases such as diabetes are overlooked,” says Robert Taylor, president of the Council for Disability Awareness (CDA). “It is important to understand that complications from diabetes may hinder people’s ability to earn a living, jeopardizing their present and future financial security. Wage-earners should be thinking about the financial measures they need to have in place to protect their financial lifestyles.”

Financial preparedness in case a disability happens is a critical responsibility for all wage-earners, particularly as disabilities among the work force continues to grow. A good starting point in the planning process is to estimate the monthly living expenses that would continue during an income limiting disability and determine your potential sources of income. From there you can develop your own plan for protecting your financial lifestyle.

The CDA Web site offers a financial review form that helps users to see how a disability could affect their financial situation, and a guide on how to prepare for that possibility. Also available at www.disabilitycanhappen.org are facts and figures about disability, real-life stories, and tips for healthy living that can reduce your chances of suffering from a chronic disease like diabetes.

Comments

[Katy Raymond]

I do agree with the underlying premise that we should prepare to protect ourselves financially in case of disability. However, there are some risks that can be essentially eliminated. Developing diabetes is a risk that can be stopped in its tracks, if one is willing to make the lifestyle adjustments necessary to eliminate the risk.

I have two parents (one dead at a young age from complications of diabetes) and a sister with the disease. My 50-year-old sister already has kidney damage as a result of her disease not being managed well. I stopped eating "the white stuff" eight years ago, as the only way possible to get rid of the risk. I am now 53, and my blood sugar has been normal for eight years, after being borderline diabetic from the age of 28.

Of all the financial risks I plan to cover, diabetes isn't one--although I may need to help my sister out in the future.

[Dividend Machine]

I know first hand...Im an EMT.
All of my dialysis patients are bankrupt.

Fresenius Medical Care NYSE: FMS

Look at at the 5yr chart.

[dnp]

You think Type 2 diabetes is bad, try Type 1 (which rarely gets any press) Type is also growing (mysteriously) exponentially. It struck my 7-year old son without warning last March.
I shudder to think where we'd be without health insurance. Fortunately, we had just switched to Aetna's HMO the preceding Fall during open enrollment at work. Otherwise, we would have had even higher medical bills.

[klauss]

dnp, I have had type 1 since age 12 and am now 26. I played three sports in high school and never, I repeat never experienced complications or other issues that kept me from a full time demanding job or going out with friends late into the night. Exercise is the key in my opinion and having type 1 incentivices it. There are a lot worse things, but it can be a bit spendy. Again another incentive to stay on track in life. Good luck with your son.

[Me]

"Developing diabetes is a risk that can be stopped in its tracks, if one is willing to make the lifestyle adjustments necessary to eliminate the risk."

Not necessarily. What type are you talking about? Type I or Type II? Did you even know there was a difference?

I hate it when people label all diabetes as preventable. Type I's did not get diabetes because of their lifestyle. Their body contained a hidden trigger decided to go off causing their pancreas to stop producing insulin. Type I's are approximately 20% of all diabetics which is why you don't hear much about them.

My husband is a Type I. His care is expensive and like dnp, I also get scared of the thought of not having health insurance. Between his primary care physician visits, endocrinologist visits, retinal specialist visits and his pump therapy we are talking big bucks. Our thousands of dollars of year in his care would be worse. We can't afford to lose health insurance,so job loss requires us to keep our Cobra and pay the hundreds a month to keep him on healthcare. Drop the insurance for a day and, "Oops! You have a pre-existing condition." I have six years worth of continuous coverage certificates because these insurance companies try to pull this garbage every time we change carriers.

klauss - good luck to you. Keep in mind though that despite being young, you will begin to experience complications from your diabetes even though you are in control. My husband got diabetic retinopathy, at 25. Thankfully it is under control now. I hope you are seeing a retinal specialist routinely on top of your endocrinologist.