Dealing With The Financial Impacts Of A Disability

Like most people, you probably stay as safe as possible in any situation, and take care of your health by exercising and eating healthily. Unfortunately though, all the precautions we can take can’t protect us from being dealt a bad hand. It’s not a pleasant thought, but a severe enough injury can leave you disabled, and throw many different aspects of your life into the air. If you or one of your family members has recently been disabled, then one of the things you’ll have to consider is how you’ll deal with the financial impact. Here’s some handy advice for this.

disability

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Although a disability in the family can be extremely taxing on your emotions, it’s important to be proactive, and take action right away. Like far too many people, your disability could have been the result of an individual or an organization’s negligence. If this is the case, then you may be entitled to some pretty substantial compensation. Contact a legal firm such as Ankin Law Office and see if you have a case. Obviously, money can’t take away the resounding physical and emotional pain that comes with a disability. However, it can certainly mitigate some of the financial challenges on the horizon.

If your disability was just the result of a tragic accident that can’t be blamed on anyone, then your next step should be applying for SSDI. If you weren’t aware, that stands for Social Security Disability Insurance benefits. When you’re on SSDI, you’ll be provided with income intended to offset the financial impact of the disability in your family. According to the institution’s regulations, a person receiving SSDI has to be unable to work due to a mental or physical disability which has lasted (or is going to last) 12 months. The person in question also has to have contributed to the program through their payroll tax for at least five of the last ten years. They must also have become disabled before reaching full retirement age. There may be a few hoops to jump through, yes. However, these benefits will be essential to stabilize your personal finances.

If the person who’s been disabled was one of the breadwinners in your home, then it’s also vitally important to assess your personal resources. While SSDI can help somewhat, it’s usually not enough to support a whole family indefinitely. Look over any savings you have, along with your assets, and run them through a net worth calculator. This will give you some idea of any financial or lifestyle changes that your family will have to go through. Some assets, like your checking account, savings and cash will be ready for you to use. Others, for example your home, stocks, vehicles and so forth, will need to be converted into capital. Your spouse’s income is another thing to consider. When you’re disabled and have a spouse who can be financially supportive, it’s a real blessing. Talk it over with them, and think of any ways you can supplement their income if necessary. Aside from SSDI, you should also look into any federal or state programs which may be able to help you.

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