Five Ways to Financially Support Your Future Regardless of Your Disability

We are committed highlighting a range of perspectives, and we know that cerebral palsy can impact nearly every aspect of someone's life. With that in mind, Ed Carter of AbleFutures offers some tips that may be helpful and apply to you, your family, or someone you care about.

Five Ways to Financially Support Your Future Regardless of Your Disability
By Ed Carter

Disabilities can sometimes add complications to our lives. We may have more medical bills, or we may worry about how we’ll afford care later in our lives. The pandemic may bring additional stressors and changes to our circumstances, but there are some preparations that can potentially help us overcome these challenges.

Build Your Savings
One of the best ways to have peace of mind regarding the future is to know you have good savings. For a solid head start, many experts suggest following the 50-30-20 rule. With this approach, 50 percent of your income is dedicated to bills, leaving 30 percent for fun and non-essentials and the remaining 20 percent for savings. However, if we’re in a tight spot, between jobs, or unable to work, that 20 percent can easily feel like a dream. To give yourself a boost no matter your income, you could downsize your home, take on renters, order groceries online, and use as many coupons as you can. Another option for people with disabilities is to look for a freelance job that you can work part-time from your own home. Searching for a job during uncertain times may necessitate some creativity, such as looking at job boards or networking with friends and family.

Get Medicare
Comprehensive medical coverage, particularly as we age, is often the most expensive. Yet, those of us with disabilities could be eligible for Medicare early. So, if you receive Social Security because of your disability, Medicare is an option. Then, once you’re enrolled in Parts A and B, you could add Part D (prescription coverage) to expand your policies. Another option is enrolling in a Medicare Advantage plan, which provides benefits for vision, hearing, dental, and prescription drugs. If you have any questions, you can call the Medicare offices, or use their website to learn more.

Invest Safely
Another way to ensure you are taken care of when needed is to invest a portion of your savings. Of course, investing can seem risky, but there are safe options that can still earn interest, albeit at a reduced rate. These might be a CD, government bonds, or even U.S. Treasury Inflation Protected Securities, which are one of the most protected means of earning interest. By using one of them, you give yourself a measure of surety since they are either fixed-rate or inflation-protected. Moreover, if you can afford a financial advisor, consider hiring one. Make sure to look for someone who has been in the industry at least since the last financial crisis. They will have the experience of maneuvering through a devastating recession but also the knowledge on how the market has changed this time.

Life Insurance
In the world today, one thing we can do to safeguard our families and futures is to consider life insurance. With the right policy, we can rest assured that our loved ones will be provided for should the worst happen. In fact, there are many customizable plans designed for a range of needs, and some even let you withdraw your payout early. Yet, before you sign up, do your research, check both good and negative reviews, and thoroughly go through the policy. With added protection, you can give your family another layer of deserved security.

Consider Burial Insurance
Unfortunately, life insurance may not be available to everyone, particularly individuals with disabilities that might result in an early death. If you have unmanaged co-occurring conditions, such as diabetes or heart disease, many life insurance companies will simply refuse to take the risk. The good news is that burial insurance is typically available, and it is much easier to qualify for a small policy to cover a funeral and memorial than it is to obtain a policy to support a family for many years.

Spend the present planning out how you can be preparted for the future. By doing so, you’ll be certain that both you and your family will be taken care of.