People with disabilities and their loved ones can face varying financial obstacles and there are several practical tips and tools available to help you weather the challenges, set goals for the future, and increase your financial wellness. Francis is here to help.
Though each individual’s personal experience and situation are unique and there is so much diversity within the disability community, there are some common obstacles people with disabilities face regarding building wealth, saving for retirement, and being financially well.
Research shows that a household with an adult who has a work disability needs about 29% more income to maintain the same standard of living as similar households without a family member with a disability.1 Additionally, people with disabilities are more than twice as likely to have difficulty paying medical bills.2
Though financial planning can be complex for anyone, it can be particularly complex for individuals with disabilities and their loved ones. Here are some practical tips and tools you can use to tackle additional expenses, prepare for the future, and build financial wellness:
- Health insurance is key. Make sure to ask detailed questions of any potential provider to make sure you and your loved ones are getting the coverage you need. For example, are your doctors considered in-network or out-of-network? What equipment is covered under the insurance policy and does the policy include fixes to or replacement of broken equipment? What treatments or assessments are considered covered, and to what extent?
- Explore additional government-sponsored programs like Supplemental Security Income (SSI), Medicaid, and Social Security Disability Insurance.
- Consider an ABLE Account for savings. ABLE stands for Achieving a Better Life Experience and are tax-advantaged savings accounts for individuals with disabilities and their families.
- Look into tax planning options. There are various disability tax benefits you and your loved ones may be able to utilize. Consider working with a tax planning professional to discuss your options.
- Seek advice when you need it and get plugged into available resources. Check out organizations like the National Disability Institute and their Financial Resilience Center.
Though these are just a handful of financial planning recommendations, this is a great place to start.
At Francis, we value diversity in all forms and celebrate the unique voices of our team members and those we serve. We strive to create a culture of authenticity and belonging where everyone, from any background, feels valued and supported. We recognize that we have a lot of work to do and remain committed to moving our Firm forward.
