An estimated 53 million US adults live with a disability. From mobility to cognition and vision, the types of disabilities vary. These individuals all share one thing, however, a need for financial security that will provide the necessary funds in terms of future care. If you are living with a disability, there are steps you can take to safeguard your financial well-being and steer clear of the stress that financial worries create. Follow the below pointers to get started.
Stay on top of your financial management
When managing your money, take advantage of online and digital banking tools like Tyfone. A single platform provides all the info you need in one place while you can use a variety of devices, from a smart speaker and smartwatch, to get your information. This accessibility is highly useful for those with disabilities and tyfone’s digital banking platform will be ADA Compliant in the last quarter of 2020.
Smart money management starts with keeping track of your expenses and income. Create a budget to figure out how much money you need to survive and to accommodate your special needs. Make sure you are allocating some funds toward savings every month. This cushion can help if you face an unexpected financial burden.
Shop around and assess your options for health and life insurance
Living with a disability may mean you require extra healthcare needs, such as physical therapy. Instead of automatically assuming you need to cover such costs out of pocket, shop around for insurers to see what kind of coverage you can get. For example, there are many government programs you can rely on for financial assistance. Social Security is one of the largest providers and may provide benefits to you as well as your family members.
Life insurance is another consideration, and having a disability doesn’t preclude you from buying life insurance. It all comes down to the type of disability and the insurer. Either way, a comprehensive life insurance plan will safeguard your family’s future finances if you should pass away unexpectedly. This will give you peace of mind as you’ll be sure they’ll be provided for. Insurers will require a blood test to assess the state of your health and determine an appropriate rate for your insurance. Characteristics measured in the blood test include cholesterol levels and glucose, as well as indicators of drug, alcohol, or nicotine use. Keep in mind that the healthier you are, the lower your premiums will be. Taking care of your health is thus about physical as well as financial health.
Do your research into assisted living before you even need it
Even if you are currently fully self-sufficient, you may require assisted living in the future. Don’t wait until you need help to start weighing your options. Start looking at possibilities now. Assisted living offers many benefits; for example, you can get your meals prepared and have someone else take care of tedious tasks like cleaning. You will also benefit from the social activities and connections offered by such facilities, which can stave off the isolation and loneliness that some people experience in old age.
When looking at assisted living facilities, take the time to visit them in person. This will give you a better idea of what day-to-day life is like. Ask for cost estimates, keeping in mind that by the time you need assisted living, prices will likely have increased to keep up with inflation. Once you find a community that you like, ask whether they have any pre-pay or deposit options. You can also connect with a senior living advisor to guide you through the process of making the right choice for your future needs.
As an individual living with a disability, seizing control of your finances can be hugely rewarding. You will enjoy knowing you are in control of your money and can be sure you will have the cash you need to fund future care. This self-sufficiency offers great peace of mind.