02.06.2024 By Amanda Woods

Being Financially Secure When You Or A Loved One Has A Disability

We know that families who are living with disabilities may often face unique financial considerations, but building financial security is well within reach for you and your loved ones! Everyone deserves to feel financially confident, and by understanding how to navigate the financial challenges that may arise, as well as by understanding the resources and tools available to you, you’ll have what you need to live life to the fullest without financial stress becoming an unnecessary barrier.

We know that families who are living with disabilities may often face unique financial considerations, but building financial security is well within reach for you and your loved ones! Everyone deserves to feel financially confident, and by understanding how to navigate the financial challenges that may arise, as well as by understanding the resources and tools available to you, you’ll have what you need to live life to the fullest without financial stress becoming an unnecessary barrier. 

Understanding Disability Benefits. Disability benefits are available to help support individuals and families who are living with a disability. A great place to start is by familiarizing yourself with the benefits available, such as Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). Social Security Disability Insurance benefits are available to qualified individuals and some family members who have been employed for long enough and also contributed to social security, while Social Security Income is available based on financial need. 

To learn more, check out this SSI and SSDI Comparison Guide from the National Disability Institute. To determine which benefits you or your family member qualifies for, the SSA BEST Questionnaire is available to help you understand your options. You can also use the Benefits Finder to help determine what benefits you or your loved one may qualify for.

Veterans can also use this tool to compare Social Security Disability and Veterans Affairs Disability.

Create a Spending and Savings Plan.

Creating and maintaining a spending and savings plan for your family is an excellent way to gain a clear view of your financial landscape, while also working to build financial confidence. By creating and consistently maintaining a spending and savings plan, you’ll be setting yourself up to reach personal and family financial goals that will reflect your values. A big part of this process is understanding how much you have to spend each month, how you’re currently spending your money, and how this aligns with where you are as a family, and where you’d like to be. 

To make the most out of this process, be sure to account for the extra costs associated with your family member's disability while being aware of any potential fluctuations in expenses that may arise so you can prepare and plan accordingly. These fluctuations can include medical expenses, medical appointments, medications, therapies, and any assistive devices. 

 

Saving For What Matters Most.

Prioritizing saving when you are able is a great way to achieve family financial goals, as well as to prepare for any unexpected expenses (good or bad!) that may come your way. But for families who have a loved one living with a disability, there may be an uneasiness about prioritizing saving, due to the fear that it may disrupt access to disability benefits. Thankfully, saving is absolutely an option for individuals living with a disability and their families. With resources like the ABLE Account, tax-free savings accounts for individuals with a disability, the barriers to saving can be overcome. 

To learn more about the savings options available to those with disabilities, check out this guest blog by Michael Roush, Director of the Center for Disability-Inclusive Community Development at the National Disability Institute.

 

Take Advantage of The Assistance and Resources Available To You.

Knowing the resources and assistance available to you is a great way to help ease financial stress, as well as build financial confidence. You can get started by researching the available community support services and organizations that can provide assistance to you, which can include resources and support that are available to help manage the financial and emotional aspects of caregiving. This may also include taking advantage of any tax deductions and credits available to families supporting individuals with disabilities, including the Child and Dependent Care Tax Credit.

 

Building financial security for families living with disabilities is both achievable and important. With knowledge, planning, and the right tools at your disposal, you and your loved ones can live life to the fullest, embracing financial well-being as you navigate the journey together.

 

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