Top Tips for Supporting Financial Wellbeing with Parkinson’s Disease

1. **Create a Budget for Parkinson’s-Related Costs:** Parkinson’s can lead to increased healthcare expenses, from prescription costs to specialist treatments. In the UK, some treatments may be covered by the NHS, but others, such as private physiotherapy, may require out-of-pocket expenses. Build a budget that includes regular living costs alongside these additional healthcare needs, ensuring you account for any changes in income due to reduced working capacity.

2. **Build an Emergency Fund for Unexpected Expenses:** Parkinson’s often brings unplanned financial needs, like mobility aids or home adaptations. Having an emergency fund with at least 3-6 months’ worth of expenses provides peace of mind and protection against sudden financial strain. This fund can also help cover any gaps between NHS services and private care you might need.

3. **Minimise Debt and Manage Financial Risk:** Reducing high-interest debt is crucial for managing long-term financial wellbeing, especially if Parkinson’s progresses and leads to reduced work capacity. Clearing debt, such as credit cards or personal loans, reduces financial stress and ensures more money is available for medical care and daily living expenses.

4. **Maximise Government Benefits:** In the UK, individuals with Parkinson’s may be eligible for financial support, including **Personal Independence Payment (PIP)** or **Attendance Allowance**, depending on the severity of their symptoms. These benefits can provide additional income to help cover the costs of living with a chronic condition. It’s important to explore and apply for all available government benefits early on.

5. **Invest with Caution and Plan for Future Care Needs:** Parkinson’s may bring uncertainty regarding future income, so it’s wise to adopt a conservative investment strategy. If you're close to retirement, consider lower-risk options like government bonds or ISA accounts, which offer tax-free savings. It’s also worth considering options for funding long-term care, such as a **Lifetime ISA** or exploring long-term care insurance.

6. **Diversify Income Sources and Consider Flexible Working:** If you are still able to work, explore flexible or part-time working options through your employer or remote work. Parkinson’s may gradually reduce your ability to work full-time, and flexible arrangements can help you stay employed longer. For those who can’t continue working, explore additional income streams, like rental income, or apply for **Employment and Support Allowance (ESA)**.

7. **Plan for Retirement and Long-Term Care:** Contribute to your **pension schemes** (workplace or private) as regularly as possible, and take advantage of employer contributions if you’re still working. Parkinson’s may mean early retirement, so ensure you have a pension plan that will support you earlier than anticipated. Long-term care planning, such as evaluating care home costs or in-home care, should also be factored into your financial strategy.

8. **Seek Professional Advice for Financial and Legal Planning:** Parkinson’s may affect your ability to manage your finances in the future. It’s wise to seek advice from a financial advisor who specialises in disability or chronic illness. Additionally, setting up a **Lasting Power of Attorney (LPA)** for financial and health matters ensures that someone you trust can make decisions for you if needed. Estate planning and updating your will are also important steps to protect your assets and ensure your wishes are respected.

By following these tailored tips, people living with Parkinson’s in the UK can better manage the financial challenges associated with the condition, allowing for a more secure and stress-free financial future.