Financial Planning with Diabetes: What Black Folks Need to Know

When we think of diabetes, we think of problems with blood sugar. We think of dieting and insulin. We think of symptoms like fatigue, thirst, weight loss, and issues healing. We think of possible serious events, like strokes and heart attacks. Perhaps we even face the possibility of limb amputation down the road… But what about something outside the health concerns? What about financial concerns? Here are important areas you need to know so you can get your money right and keep your diabetes under control for Life. Insurance Coverage Know the basics. Understanding your insurance coverage is one of the first things you should do when diagnosed with diabetes. If you’re feeling overwhelmed or simply don’t understand some of the terms or language used, don’t fret.  Let’s break it down: Copays: The fixed amount you have to pay for healthcare. This could be things like going to the doctor or getting your meds.  Deductibles: This refers to out-of-pocket costs you pay. In other words, this is the amount you have to pay until your insurance coverage takes over.  Premiums: These are the routine amounts you pay to keep your insurance coverage.  Out-of-Pocket Maximum: Are you spending a lot per...