Living with a disability comes with its own set of unique challenges, but when it’s time for financial planning, you may feel overwhelmed. Thinking about the future is always a stressful endeavor because it’s impossible to know what changes may come, but it’s essential to make preparations that will help you remain comfortable and safe as you get older. From learning about ways to refinance your home to figuring out the best way to pay for long-term care, there are many ways you can secure your finances for the future now and give yourself peace of mind.
GoodGear.TV offers this brief guide on how you can prepare for good financial health when you’re living with a disability.
Think About the Unexpected
No one knows what will happen in the future, but you can still plan for it in many ways. By purchasing a term life insurance policy, you can help your loved ones take care of expenses in the event of your passing, including any medical bills or other debt that might be left after you’re gone. When finding the right term length, consider several factors, including your health, income, and family structure, to determine how much coverage you need and what the estimated rate will be.
Plan for Your Final Wishes
After we’re gone, it’s up to our family members to take care of memorial services, burials, monuments, and funeral planning. Not only is this expensive — the average cost can easily reach $9,000 and upward — but it can also be emotionally challenging for our loved ones. You can spare your family the anguish during a difficult time by planning for your final expenses with burial insurance. Think about the costs associated with final expense planning and how much your loved ones might need in order to make sure your last wishes are covered. By purchasing an insurance policy, you can ensure that everything will be taken care of without issue.
Think About the Long Term
As we get older, it becomes more important to think about what our needs will be in the future. When you’re living with a disability, it’s essential to consider how things may change over the next five or 10 years. If there’s a chance that you might need help with daily care, you’ll want to think about how you’re going to pay for it. Long-term care is even more important since it’s expensive and is often not included in the average insurance policy. You might look for resources for individuals with disabilities, or start a health savings account.
Modify Your Home
Your home should be a safe, comfortable place for you to be at all times. As such, if it requires modifications, it’s important to either look for ways you can make those changes now or consider a move to a home that meets your needs. This can be a big job in many ways, but there are many financial resources out there for disabled individuals who need to make home modifications. Taking care of these things now will save you money in the long run, as you may not be able to get funding down the road, or you might find a move too difficult when you’re older.
Planning for your financial future when you’re living with a disability can be a challenge, but it doesn’t have to be stressful. Think about the best ways to save money as you get older and how you can ensure that your home is a safe and comfortable place.
GoodGear.TV offers a variety of video-based resources and other content for veterans and their families. For more information or to connect with us, visit our website.
– by Ed Carter
