Since turning 50, expenses related to aging have significantly impacted my family’s budget. For me, most of these changes are the effects of The Big M—menopause.
WHAT IS MENOPAUSE?
Biologically, menopause is the stage in life when a woman experiences 12 consecutive months without a menstrual cycle. Conceptually, I understand that. But why did no one tell me it would be so expensive? In one year, I’ve spent well over $10,000 trying to navigate the symptoms and treatment, from supplements, laboratory testing, dietary upgrades, weight management support, medications and their side effects, insurance bills, and doctor’s and emergency room visits. Menopause has completely disrupted my world and my family’s finances.
Consider these things as you navigate the financial implications of menopause:
UNDERSTAND THE COSTS
The expenses are particularly jarring at a time when Gen X women like me should be focused on empty nesting and maxing out our savings for retirement. This is the last stretch of our prime working years before we reach age 67, which is full retirement age according to Social Security — but the medical expenses related to menopause can diminish or derail those plans. One study estimates that women in America between the ages of 45 and 65 spend an average of $3 billion annually to regulate and treat their menopausal symptoms. It’s expensive and treatment varies among individuals.
The first step is maximizing your health benefits. Each year during benefit open enrollment season, determine the best health care coverage for your specific medical needs, factoring in out-of-pocket costs and monthly premiums. Managing these costs can be one step in helping to align your cash flow toward fully funding your retirement savings.
Consulting a CERTIFIED FINANCIAL PLANNER® professional can also help you create a personalized strategy to balance the immediate costs of menopause treatments with your long-term financial goals.
UNDERSTAND THE SYMPTOMS
According to Dr. LaKeischa McMillan, International Menopause Whisperer™️, there are more than 100 symptoms of menopause, ranging from signature hot flashes, night sweats, weight gain and itchy ears to anxiety and depression. Because the effects can alter your life in so many ways, menopausal women of working age are left managing the increase in absenteeism and decrease in work productivity. Too often, their symptoms are oversimplified and chalked up to aging by doctors, leaving many women feeling isolated and frustrated.
CALCULATE THE COST OF TREATMENT
Now, let’s discuss the financial element of menopause: There are viable treatments for menopausal symptoms that can range from lifestyle changes to bioidentical hormone replacement therapy, which is increasingly prescribed to women in search of relief.
The expense of these treatments — individually and in combination with other possible solutions — can be a financial strain, especially for women who have reduced their work hours or taken unpaid leave because of their symptoms. “The cost of these treatments range [greatly], and most are not covered by insurance,” says Dr. McMillan. “Some aspects of perimenopause and menopause therapy can be covered by flexible spending accounts (FSA) and health savings accounts (HSA),” she adds, but do the research to know what your out-of-pocket contributions will be and factor that into your budget accordingly.
UNDERSTAND, PLAN, CALCULATE, IMPLEMENT
Menopause is an inevitable journey, and planning can make all the difference to your health and your finances. Remember, you’re not alone — there are experts who specialize in managing menopausal symptoms and can guide you through the process. Similarly, a CFP® professional can provide financial expertise to help you adjust your budget, anticipate future costs and ensure your financial health remains on track. By anticipating these costs and making informed choices, you can minimize the financial strain during this stage of life and focus more on navigating menopause with optimism, self-assurance and as little sweat as possible.
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