Achieving financial health is a necessity for anyone, but especially for those living with one or more disabilities. It not only helps to ensure you can pay for what you want and need throughout life, but it also enables you to access the financial benefits and opportunities available to you. To bolster your financial health, you need a plan, which we’ll help you with in this article. Read on for a step-by-step guide on financial planning for adults with disabilities.
1. Look at Your Finances
Before you do anything else, we urge you to look at your financial situation and create a budget. This doesn’t have to be a complicated endeavor. Simply list out your expenses and your income and set some goals that align with your needs. Here are some budget categories to include at a minimum:
- Medical care (bills, treatments, medications, etc.)
- Insurance costs
- Transportation
- Housing
- Food
- Utilities
After completing your budget, you’ll have the information you need to make smart financial decisions.
2. Get a Good Health Insurance Plan
Financial planning for people with disabilities should always involve applying for health insurance. Why? Because a good health insurance plan can make it much easier to afford medical care. Depending on your chosen plan, you could get certain healthcare-related products and services for free or very little. Just know that each health insurance plan is different, so it’s important to talk with a representative before choosing and paying for a plan. Here are a few helpful questions to start with:
- Does the plan cover my disability?
- Is there a waiting period for pre-existing conditions?
- Will I be able to see specialists related to my disability?
- Do I need a referral to see a specialist?
If you have questions during the conversation, don’t hesitate to ask for clarification.
3. Explore Your Government Benefit Options
Many people with disabilities look to the government (state and federal) for assistance in finding and paying for the food, products, services, and care they need. You could be eligible for programs like:
Each of these programs has very strict eligibility requirements. And if your financial situation changes to the extent that you fall out of eligibility for the program, you could lose access to your benefits.
4. Open a Savings Account
No matter how much you plan, life unfolds unexpectedly. So, it pays to open a savings account. That way, you’ll have a backup plan for unexpected surgery, equipment damage, out-of-network medical care, caregiver costs, etc. An Achieving a Better Life Experience (ABLE) account is a state-run, tax-free savings account for those with disabilities. Learn more about ABLE accounts here.
So, there you have it – everything you need to know about financial planning for adults with disabilities. Consider talking to a financial planner if you run into issues with your budgeting or financial planning. These professionals are standing by to help you overcome common financial planning obstacles. We wish you the best as you take control of your finances!
