Financial Planning With A Disability: How To Secure Your Future
By Ed Carter
Photo
via Pixabay by Stevepb
Financial
planning can be stressful for anyone, especially when it comes to making sure
the future is secure. When you’re living with a disability, however, it’s
important to take many factors into consideration. You’ll want to make sure
your family is well taken care of, and that you will be comfortable and healthy
no matter what your future needs are. Of course, you also need to think about
how best to ensure your physical and mental health are in good shape now, since
that will affect you down the road. This includes everything from how safe your
home is to how well you’re able to care for yourself by utilizing a healthy
diet and exercise routine.
It’s
also crucial to take a look at your health insurance policy and think about
life insurance if you don’t already have it. These tools can help you cover
costs associated with your care when it comes to the doctor, dentist, or mental
health care provider, but they can also help your family members pay for
medical bills or other debts in the event of your death. This will give you
peace of mind as you prepare for your future.
Here
are a few things to think about when it comes to financial planning with a
disability.
Understand your insurance options
Life
insurance does much more than take care of end-of-life
costs; it can also help your family members pay medical bills or other debts,
and will help them stay secure in the event of your death. With a term life
insurance policy, your monthly premium stays the same no matter how long you carry it.
These often come in 10-, 15-, 20-, or 30-year policies, so look online to get
an idea of the best option for you and to compare pricing.
If
life insurance is too expensive or you’re having difficulty finding a policy
that suits you, you should at least consider burial insurance. This type of insurance will cover
funeral costs and can also be used to pay off credit cards and debts from
medical bills.
Medicare
does not cover long-term care, so another type of insurance to consider is
long-term care insurance. The earlier you purchase long-term care insurance,
the cheaper your premiums will be.
Start saving
When
you’re living with a disability, your needs may change over the course of a
year. You might find that you require different equipment, or your dietary and workout routine may need to be altered. Sometimes,
these changes can affect your budget, so it’s a good idea to start saving now for whatever the future may hold.
Open up a savings account that is solely for your health needs, and deposit a little every week or every two weeks. Even
if it’s only $10 or $20 at a time, it will add up over the course of a year,
and will give you peace of mind that you’ll be able to cover the cost of the
things you need outside of your insurance policy.
Look into Medicare
There
are some instances where individuals under the age of 65 qualify for Medicare
due to disability, so it pays to find out what your options are. If you have
been receiving disability benefits for 24 months, you will automatically be
enrolled in Medicare Part A (which covers hospital stays, inpatient care, and
some hospice care) and Medicare Part B (which covers doctor’s visits and comes
with a copayment requirement). Depending on your circumstances you may require
alternative coverage. A Special Needs Plan, a type of Medicare Advantage plan,
can provide expanded Medicare coverage, which is extremely helpful for
individuals with specific disabilities, plus these plans help pay for things
like eye exams and dentist visits, which are typically not covered under Parts
A or B.
Make changes to your home
Living
with a disability often also means making some alterations to your home and environment for
your safety or comfort. Changes such as installing a ramp over outdoor steps, adding grab
bars to the bathroom, or even just decluttering to improve the neatness of
walkways and decrease the risk of a fall can all be helpful in making sure
your physical health is a priority. This, in turn, will ensure that you won’t
have to spend a lot of money down the road to make big, expensive modifications
to your home when you want to age in place.
Of
course the costs of modifying your home can add up. If you’re a homeowner,
check with a local lender to see if refinancing is a realistic option. Refinancing could provide you with
some extra cash that you can use to make accessibility improvements.
Financial
planning can be stressful, so it’s crucial to make sure you
plan well and take care of yourself throughout the process. Get support from
your friends and loved ones, and think about which changes and tactics will
work best for your specific needs. With some careful preparation, your
financial future will be secure.
Comments
Post a Comment