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Author: Ed Carter
June 2019
Many of us worry that as we age, caring for ourselves will become more difficult. Factoring in a disability may, unfortunately, make that care even more expensive. Thankfully, there are ways to be prepared for whatever our futures hold as well as make sure we and our families are taken care of.
Government Assistance
If you have a permanent disability and are not receiving government assistance, you should research what is available. In fact, if you’ve been receiving Social Security benefits for your disability for a certain amount of time, then you are at least eligible for Medicare. If you aren’t on Social Security, you could still be entitled to some support. By seeing your options, you could reduce both current and future medical costs, leaving you protected and able to save more.
Financial Help After We Pass
Even with life insurance, your family may not be financially prepared should you suddenly pass away. Not only will there be funeral bills, but they may also be left with your medical debt. A good way to ensure your loved ones are taken care of is to get burial insurance. With it, you’re able to leave a lump sum of funds to your next of kin to pay for your final arrangements, and possibly, other outstanding debt you leave behind. Still, the amount of support you get and how it can be used will depend on the policy you choose, so thoroughly research what is best for you.
Build a Portfolio
There are lots of safe avenues to grow your savings and build a financial safety net for later on. Before you begin, you need to determine your total wealth, including your assets. After you know where you stand, it’s time to lower your debt so you can focus on savings. If possible, negotiate with your credit company for a better rate or a decreased fee to help you pay down or pay off your account. Once you have some freedom, you can work with your financial planner to determine what kinds of investments best suit your lifestyle, such as an IRA, a CD, stocks or bonds.
Save Money
Your best option to deal with debt and create financial security is to build up your savings. Unfortunately, that might mean trimming extras in your “fun” budget, like downgrading your cable network, losing a landline telephone, shopping second hand, or going out less often. However, another option could be to earn extra cash from home, depending on your skills and how much free time you have. If you own your home, for example, you could rent out a room or babysit children and pets. The options to increase your savings are limitless, and it’s important that you make doing so a priority.
Focus on Health
Each of us is affected by our disabilities differently, but there is no denying that staying in shape is beneficial. So, talk to your doctor about a fitness regimen you could take on, and ask if they know any personal trainers who work with clients who have a disability similar to yours. This way, you’ll be able to work with someone who can help you modify exercise movements to meet your specific needs. Similarly, it’s good to have healthy, easy-to-make recipes on hand to give your body the fuel it needs. When we maintain our health, we’re less likely to need expensive care as we age.
There is no need to live in fear about the future. Make a savings, health, and support plan today so you can feel confident that you’ll get the safe and effective care you need later on.
More resources are available at Ablefutures.org
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