By: Ed Carter of Able Futures.
When you live with a disability, there are some vital steps you need to take in order to safeguard your family’s finances. Anticipating health and wellness needs is part of this process, but the other elements you need to consider can be broken down into these two planning areas.
Planning for Uncertainties in Your Future
Financial planning tends to stress people out. Part of that stress may be related to the need to think about unpleasant topics, like death and serious illness. While you don’t need to dwell on these topics, it does help to at least plan for them by investing in the following.
A Life Insurance Policy
Planning for death is not just for those who are living with a disability. In fact, financial experts agree that most people need life insurance. Investing in life insurance is the single best way to make sure your family’s financial future is secure, no matter what happens to you. Be sure to shop around for the best rates and coverage so that you know you are getting the most for your money. Life insurance doesn’t just provide death benefits since there are other financial benefits you can take advantage of when you are in need of extra cash.
Additional Burial Insurance
Different than basic life insurance, burial insurance provides extra financial protection to loved ones during their time of most need. If you pass away unexpectedly, your family members can use burial insurance funds to cover funeral expenses, but they can also put these funds toward any leftover medical bills. Since the primary purpose of this coverage is to help with burial costs, it may help to use a funeral planner to figure those costs out and even speak with your loved ones about your wishes for final arrangements.
Long-Term Care Insurance
In addition to planning for your final expenses, you should also think about how you will pay for long-term care in the future. Most adults will need some level of long-term care as they age, but all too many fail to fully anticipate how this need will impact their family’s finances. So, avoid having your need for care become a financial obstacle for your loved ones. Do your homework to see if long-term care insurance is a feasible option to include in your overall plan.
Planning for Your Health & Home Needs
Now that you’ve taken care of the less pleasant aspects of financial planning, you can get back to thinking about other health needs. To ensure you have access to care, make sure you tie up loose ends in these crucial areas.
Affordable, Complete Health Insurance
Having health coverage will help with more than medical costs. Those who have insurance are more likely to seek out the care they need than those who do not. So, take a look at your current health insurance and make sure it meets all of your needs without draining your finances. If you have not checked into your Medicare eligibility, consider doing so to see if that could help you save on insurance costs. Even if you’re under 65, you may be able to take advantage of Medicare benefits, depending on the scope of your disability.
Simple Accessibility Features at Home
When people plan for their health future, they don’t always think about their homes. Making certain accessibility changes to your home, however, can help you age in place safely. With these changes, life at home can be easier and more comfortable. As you age, having more accessibility may also allow you to receive in-home care, if needed, rather than nursing home or assisted living care. You may even be able to find special funding to help you make these changes so you can reserve more of your savings for other health and financial needs.
In reality, everyone should use the steps outlined above to be fiscally responsible. Planning not only provides more financial security in the present, but it also provides financial peace of mind for the future. There’s no better time than now to get started.
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