Aging with a Disability: 3 Essential Tips for Financial Planning

Everyone should have access to safe, reliable care as we age, and this becomes even more important when you live with a disability.


The risks of receiving sub-par care are great, so the best way to ensure your needs are met down the road is to begin planning today. This will empower you to make the right healthcare decisions today, as well as to help leave something behind for your loved ones after you’re gone. 

Look at Your Social Security Benefits

Planning for the future can seem overwhelming even during the best of times. However, when you need more specific care, the task seems downright daunting. Fortunately, there are tools at your disposal from organizations like the Council for Disability Awareness, who help families learn about which questions to ask and where to look for help. Additionally, check your eligibility for Social Security Disability benefits, which can help you pay for any long-term care you may need. Assisted living costs average around $1,000 and $5,000 per month, so financial planning can help ensure you have enough to cover this expense. 

Understand Your Medicare Coverage

To understand what costs you may incur, it’s important to research and thoroughly understand your insurance coverage. Medicare is made up of multiple parts, each of which covers a different aspect of health care. Fortunately, it is faster and easier than ever to learn about rates and coverage online, as well as to sign up for a new plan during the Open Enrollment Period. It’s also important to know the average costs associated with your disability. Not knowing what you can and cannot afford makes healthcare decisions much more stressful, so doing the research will also bring you peace of mind as you move forward. 

Explore Life Insurance Options

People with disabilities may have more medical bills and accrue more debt managing their care, and the nature of the disability can make affordable coverage harder to find. When considering a life insurance policy, it’s important to make this decision sooner rather than later. Life insurance can provide for lost income, medical bills, and even funeral costs, allowing your loved ones to grieve rather than fret over funds. Buying life insurance today is easier than ever; you can calculate how much insurance you need, shop around for different options, and even buy online when you find the right fit. The sooner you choose a good life insurance plan, the less you have to pay and the more financial security you’ll have for the future.

Save for Your Loved Ones

Burial insurance is a great option for many individuals when planning ahead. Like life insurance, burial insurance is designed to cover the costs of leftover medical bills, funeral costs, and even mortgages. The main difference is that burial insurance is available to many more individuals; burial insurance rarely requires a health exam and is therefore far more affordable. The payouts are ideal for those who will require between $5,000 and $20,000 for funeral costs, so it’s important to consider what kind of final arrangements you want. When living with a disability, there is a fear of leaving unpaid medical debts to family members. Burial insurance can help ensure that you are treated well and your family is not surprised with unexpected debts. 

When planning for the future with a disability, there are more factors at play to be considered. That said, there are hundreds of options and resources to make the process as smooth and comfortable as possible. By doing research that takes your needs into account, you will be more able to prepare and even care for your family when you are gone.

Guest blog post by Ed Carter.

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