Financial Planning with a Disability – Preparing for the Future
Written by Carolyn Keane on December 27, 2019
Financial Planning with a Disability:
Preparing for the Future
Financial planning is important on so many levels; not only is it necessary for making sure you’re comfortable and independent now, but it’s also crucial in ensuring that you will have everything you need down the road. When you’re living with a disability, however, preparing for your future can mean many things, from saving for retirement to making sure your home has the right modifications for your needs. It can also help you get the care you need should you fall ill or require medical equipment or hospitalization.
Although it’s a difficult thing to think about, it’s important to consider your end-of-life plans. Final arrangements can be costly, and even with health insurance, a long hospital, hospice, or nursing home stay can leave behind medical bills that your loved ones will be responsible for paying. Making plans now for grants or assistance to take care of those issues down the road will give you peace of mind and ensure that your wishes are properly carried out.
If you need more information, here are some things to consider.
Have “The Talk”
Having a conversation with your loved ones about your final wishes may seem like the last thing you want to do, but it’s an important part of planning for your future. Think about what you’d like in regards to your funeral and memorial arrangements, and start making preparations. You can choose some of the details now and have a conversation with your loved ones about how they can fulfill your wishes.
Find the Right Life Insurance Policy
Life insurance is a wonderful asset for individuals who are planning for the future. Not only does it give you peace of mind that your final wishes will be taken care of, but it will also help your loved ones pay for outstanding debts as well. These days, it’s easy to shop online for life insurance and compare monthly rates to find the right policy for your family’s needs.
Take a Look at Medicare
Many Americans who are living with a disability are eligible for Medicare before they reach the age requirement, so look at these plans to see if you qualify and what it will cover. In some cases, you may be able to find a supplemental plan that will help you pay for dental and vision care, which don’t fall under basic Medicare plans. You may also get some assistance with paying for short-term stays in nursing facilities should you need them in the future, which is a huge benefit since they can often be very costly.
Make Sure Your Home Is in Good Shape
Your home should be a safe and comfortable place for you to stay in regardless of your age or abilities, so take a look around and figure out whether any changes need to be made. Home modifications are common these days, but they can end up costing you a lot of money. Typical changes include upgrades to the bathroom and kitchen as well as the installation of ramps to cover stairs for individuals who are living with mobility issues.
Determine Your Home’s Worth If Selling
If you’re nearing retirement and are planning to move out of the family home at some point, it’s a good idea to start the selling process by figuring out how much your home is worth. Websites like Redfin deliver your home’s estimated value to you by gathering information about homes that were sold recently in your area. Though this can yield an accurate result, it’s still a good idea to consult with a real estate agent to get the best recommended list price possible.
Financial planning can be a stressful task if you’re unsure of what the future will bring, so give yourself plenty of time to complete the process. Talk to your loved ones about your preparations so that everyone is on the same page. With some careful planning, you can ensure that your financial future is on point no matter where the road takes you.
Ed Carter
Ablefutures.org | ed.carter@ablefutures.org
