If you’re among the 61 million American adults living with some kind of disability, then you know firsthand the kind of impact that the astronomical cost of care can have on your mental and physical health.
Even if you do receive benefits, they’re often not enough to cover the needs of your daily life in addition to the equipment, medication, and care your disability requires.
This guide to money for disabled persons will let you know how to save money on a fixed income or on a limited budget.
Read on to master financial planning for disabled adults.
1. Talk to Creditors
If you’re in debt due to medical bills or because your disability has made it tough for you to work a full-time job or to work at all, you can and should connect with your creditors.
Many people aren’t aware that often, they will offer you a lower interest rate if you can provide proof of disability. You can even ask for a lower minimum payment amount or a payment deferment.
2. Look Into Worker’s Compensation
If an injury at work left you disabled in the short or long-term, you are likely entitled to worker’s compensation.
This money for disabled persons is paid for by your employer if their negligence or the negligence of another employee caused your accident. Usually, you only have 90 days to file for worker’s comp after the accident has occurred, so move quickly.
Above all, get a lawyer to represent you.
3. Explore Tax Break Options
Financial planning for disabled adults also means exploring potential tax break options.
Many disability payments, such as compensation for disfigurement or a partial/total loss of limb function are tax-exempt.
You may also be eligible to receive a tax credit if you were permanently disabled and had to retire because of your injuries. Talk to an accountant and learn about your options.
4. Apply for Social Security Disability Insurance
If you have a disability, you should also apply for Social Security Benefits and Supplemental Security Income programs.
You’ll need to provide information about your disability, medical records, earnings/work records, and more. If approved, you can immediately begin your claim.
5. Consider What Working Means for Your Benefits
Earning income for disabled adults is often more than just a physical challenge.
Before you take any full-time or part-time work that can accommodate you, be certain you’re aware of how earning an income could impact your disability benefits.
Check out this helpful post on income limits.
Saving Money for Disabled Persons Is Possible
While saving money for disabled persons can feel like an uphill battle, with the right professional input and research, it’s possible.
Are you an employer wanting to learn more about your legal requirements under the ADA? Have you recently become disabled, and want to understand your financial options?
Do you need to know what to look for in a worker’s comp or personal injury attorney?
Our blog can help with all that and more, so bookmark us to avoid missing out.