Next 20 article - Hidden costs of MS

Hidden costs of MS

A vibrant young woman in the prime of her life, Fiona was diagnosed with MS in 1981, aged 27, whilst living in Bermuda.

She had health insurance but no form of life cover or trauma insurance as it did not exist at this time. Still vibrant, Fiona now lives in public housing in Sydney and survives on a disability pension supplemented by income received from various contract jobs.

With almost 20,000 Australians currently living with multiple sclerosis (MS), awareness is increasing. However, many people are not aware of the potentially devastating financial impact on those involved and indeed on the whole community.

To promote the need for insurance, MSRA recently collaborated with the Investment and Financial Services Association (IFSA) on their Lifewise initiative. Lifewise aims to open discussion about underinsurance and encourage Australians to protect themselves from the financial hardship that can result from accident, sickness or unexpected death.

MSRA is also working with Government and the financial services sector to increase awareness of the need for insurance and insurance options for people already diagnosed with a chronic illness. We have provided data on the economic impacts of MS, including the high loss of employment by Australians with the disease. This data is gathered from the Australian MS Life Study (AMSLS), an ongoing national tracking study, based at Canberra Hospital.

MS costs the Australian economy over $2 billion each year, with an estimated $150 million due to lost productivity. Also, People with MS pay $160 million per year out of their own pockets in health costs, yet 80% of People with MS are no longer in full time employment within ten years of diagnosis.

Fiona survives on $235 a week for her food, electricity, gas and telephone bills. Her financial uncertainty has had a significant impact on her health and her personal relationships.

‘Life can throw some surprises and when you are young you tend to think you can roll with them. Income protection and life insurance were just not on my radar,’ she said.

In recent weeks, MSRA has attended the annual roadshows of both the Association of Financial Advisors (AFA) and insurance company AXA. Fiona was one of two keynote speakers for AXA, educating financial planners on the impact of chronic illnesses such as MS and the need to advise their clients on appropriate insurance.

Carol Cooke was the other speaker – a talented athlete, Carole was diagnosed with MS in 1998. Carol was lucky enough to have taken out insurance before
diagnosis, which means she has relative financial security to adapt her lifestyle and focus her energy on her passions without MS holding her back. One of these passions is rowing – a sport Carol discovered after diagnosis – and Carol now has her sights set on representing Australia in the 2012 London Paralympics.

Carol’s motto is ‘Nothing is impossible if we dare to face our fears and believe in ourselves’ and she says ‘the greatest pleasure in life is doing what people say you cannot do.’ Without insurance Carol would have had to spend more time managing her day to day life and less on following her dreams.

In order to find out more about insurance options visit www.lifewise.org.au or to find out more about the AMSLS visit www.msra.org.au/amsls

 

---

 To view the other articles in Next 20, please click on the link below

• Lessening lesions 
• CCSVI and MS 
• Clinical Trials - Phase 1
• Hidden costs of MS (article above)
• The 'Black Hole' of MS
• F5m Updates
• Walkers and Supporters join M2S

To download a copy of the Next 20 newsletter please click here