Living with a disability presents unique hurdles. Things other people take for granted, like finding a job, can be more difficult for disabled individuals who face barriers with technology or who encounter issues with mobility. If you are living with a disability, planning for your financial future now is critical to ensure you’re well cared for in the years ahead. The Off Brand Guy has put together advice on financial planning for disabled adults, to help those with disabilities prepare for the months and years ahead.
Preparing For Your Financial Future When Living With A Disability
Financial Planning For Special Needs Adults
The first step in ensuring financial stability in the future is to get a handle on your money matters now. Establish a budget in order to determine how much you need to live comfortably from month to month. Take into account everything from food and entertainment to healthcare, such as physical therapy. Your budget should also include setting aside funds to use in the event of an emergency.
In addition to creating a budget, look into the benefits of investing. For example, many people invest in gold, silver, and alternative assets such as crypto, all of which can help cover your budget and provide you with money to set aside for any future needs.
Figure Out Ways To Pay For Assisted Living
Even if you don’t need any help and are currently fully independent, you may require assistance in the future. Look into assisted living communities now so you can prepare. Assisted living offers many benefits, from help with cooking and bathing to social activities. But assisted living can be pricey.
There are various ways to pay for assisted living. One option is to self-insure. Another option is to buy long-term care insurance, though, according to AARP, a preexisting condition will require a certain amount of time to pass before the coverage can be accessed. Coverage options and policy prices also vary depending on your age and health.
Also put pen to paper and crunch some numbers to see if your home can be used to fund your future. Refinancing is one way to generate money, especially if your credit has improved and interest rates are low. Other options include refinancing your mortgage to free up some money or the outright sale of your home, which may be a good strategy if you’ll be living in an assisted living facility from here on. Whichever way you go with your home, be sure to consult with a lender about the costs and benefits of all options.
Financial Planning For Disabled Adults
Look Into Your Insurance Options
There’s more than assisted living insurance to think about. Investing in a solid life insurance plan can help keep your family secure after you pass. Check out multiple insurers before settling on a final option, but be aware that you may have to undergo a comprehensive health exam before they provide a contract. Insurers use this information to figure out how much to charge you in terms of premiums. Your disability doesn’t preclude you from purchasing life insurance, but your costs may be higher depending on your circumstances.
Consider Going Back To School
A good way to help prepare for your financial future is to set yourself up for an excellent career. Although you may already have skills that can help you find a job, you could land a position that can help you adequately prepare for the future by heading back to school.
Getting an education doesn’t mean spending time in a physical classroom. Instead, many students from all walks of life have started earning degrees — including master’s degrees — through online universities that offer many different courses. Not only will you pick up skills you didn’t have, you’ll also position yourself to earn more money than those who haven’t returned to the classroom to earn their master’s degree.
Taking the above steps can help prepare you for a more secure financial future. This can also be rewarding mentally. Knowing that you are in control of your cash and prepared for a self-sufficient future can put you more at ease and allow you to live your life to the fullest.