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This blog is another opportunity to feel grateful. Thank you, Universe, for continuing to bless me with recovery and health.
Everyone dreams of finding a pot of gold at the end of the rainbow, especially when life throws a curveball at us. While neither of those is realistic, what is possible is building your own “safety net” through smart financial planning.
A disciplined approach to saving and investing doesn’t just grow wealth; it can act as a lifeline during medical or personal crises. It ensures stability and peace of mind when everything else feels uncertain.
Through this blog post, I share my experience of how proper financial planning supported my rare health condition.
Along the way, I’ll also explain practical concepts like emergency funds, insurance, and long-term investments. I hope you can apply them to your own life.
This is my story, but it’s about you too…
When Life Changed Overnight
At the peak of my professional life, I was diagnosed with a rare disease called Isaacs’ Syndrome. It is a neuromuscular health condition that stems from muscle hyperactivity. In the process, I also discovered that I had Lyme disease. It is a bacterial illness that gets transmitted through ticks.
Glaucoma also accompanied me. It is an eye-related disease that damages the optic nerves. And Membranous Glomerulonephritis is a progressive kidney disease. I faced tremendous issues with my gut, stomach acid, and digestive enzymes. During my journey, I also developed Irritable Bowel Syndrome (IBS), Diabetes, Frozen Shoulder, Eczema, and Blood Pressure issues. Each new diagnosis added not only to my physical challenges but also to the financial strain.
It was scary when doctors addressed me as ‘rare’.
The truth is, when one person is diagnosed, the whole family is diagnosed, emotionally and financially. Suddenly, questions about my health, career, and cash flow became shared concerns.
The Hidden Costs of Rare Diseases
All I had to do was to stop twitching but it wasn’t in my hands.
The diagnosis of Isaacs’ Syndrome had many unforeseen costs. Beyond hospital bills, there were “invisible” expenses. It was traveling for specialized care, buying medical equipment, and even indirect costs like lost work opportunities.
The treatments entailed a costly, debilitating march of procedures and infusions. The list of medicines was endless and perplexing.
This is what experts call financial toxicity. It is the stress and hardship caused by overwhelming medical expenses. Without preparation, it can derail not just health but also long-term financial security.
How Financial Planning Saved Me
It was a well-structured financial plan that budgeted for an emergency fund and helped me manage my costs. Instead of panicking about bills, I could focus on recovery, knowing I had a system in place.
How Effective Investment Ideas Helped Avoid “Financial Toxicity”
Before diagnosis, I worked as an Investment Banker. Sounds interesting, doesn’t it?
It was indeed a fast-paced environment. it was a job that sharpened my skills in self-investment, strategic thinking, and market analysis.
Ironically, those same skills became my survival toolkit when my health collapsed. I realized that financial stability isn’t about luxury, it’s about resilience. It’s what allowed me to withstand shocks without total disruption.
5 Key Elements of My Financial Plan
A strong financial plan is also capable of handling medical emergencies. My plan identified, evaluated, and implemented my present and future investments. It aligned my cash flows and ensured the availability of funds when required.
1. An Emergency Fund
It proved as my “first responder.”
It was a pool of liquid cash set aside for sudden expenses. From hospital bills, urgent travel, to unexpected crises. Experts recommend 3–6 months of living expenses, but for me with chronic conditions, aiming higher is life-saving.
A good financial plan incorporates and helps in creating an emergency fund. I felt its importance most during the tough phases when it helped me and my family avoid unnecessary financial struggles.
2. Insurance Premiums
Health insurance schemes acted as a crucial lifeline. The right policy didn’t only cover hospitalization, it can also include outpatient care, critical illness riders, and cashless treatment options.
Reviewing policies annually is essential
3. Long-Term Investments
Equity and Debt investments in bonds, stocks, and mutual funds for the long term provided necessary financial cushion.
The key was diversification, balancing high-risk, high-return assets with safer ones.
4. Retirement Funds
These funds accounted for medical expenses, especially after retirement.
In my case, dipping into them early was necessary, but because they were well-structured, they didn’t collapse my future security.
5. Debt with Fixed Returns
My contingency funds had some portion of debt with fixed returns. These offered liquidity, low risk, and predictable income like bonds, fixed deposits, and certificates of deposit (CDs).
Strategic usage of these investment tools helped me better manage the financial impact of medical emergencies.
Some practical tips for creating a comprehensive financial plan
It is important to remember that any good plan only helps us with a disciplinary approach and peace of mind.
- Review the current financial situation and define short and long-term goals.
- Create a practical and realistic budget and review cash flows.
- Plan for taxes: medical expenses can sometimes qualify for deductions.
- Prioritise retirement planning even if it feels far away.
It is important to stay flexible: life circumstances change, and so should your plan. The best time to build a financial safety net is before you need it.
Conclusion
Rare and chronic conditions are showing up more often. Managing a rare disease is incredibly challenging, physically, emotionally, and financially.
The cost of treatment and hospital help is rising in tandem. The journey often begins with a complex diagnostic process and then continues. However, the support from a comprehensive financial plan can make a significant difference. Plan expenditures better instead of spending more.
A good financial planning transforms chaos into clarity. It doesn’t eliminate the struggle, but it ensures you’re not fighting on two fronts, health and money at the same time.
A productive financial plan is accompanied by peace of mind and can positively impact health outcomes.
So, whether you’re healthy today or already navigating a diagnosis, consider financial planning not as an option but as a necessity. It’s the quiet strength that carries you through the storm.
I would recommend considering your financial planning strategies as a proactive measure in times of crisis. Seek required help from professionals as each one’s situation is unique.
For more of my real-time life experiences, you can visit ordinarilyrare.com
DISCLAIMER
The views expressed in this article are the author’s own and do not represent any kind of medical advice.