Why You Should Add These Expenses When Planning for Future Care With a Disability


As in every state, South Dakota residents depend on their bread winner for support and financial stability. If you are living with a disability, however, your family’s financial stability could be impacted by your future care needs. Thankfully, establishing financial safeguards and ensuring you have access to care without adding pressure on your family can be effortless as long as you plan ahead.

Financial Emergencies

If you are living with a disability, you likely have some routine health expenses that you are used to taking care of, but do you have a plan in place for those unexpected expenses? For example, researching and buying life insurance online is a simple planning step you can take to protect your finances and family if you should suddenly pass away. With online tools and calculators, you can compare rates and purchase a policy in minutes.

If you would like to go one step further in shielding loved ones from financial burdens, you can add final expense insurance. Final expense insurance is an additional insurance option that your loved ones can use for funeral expenses, leftover medical bills, and other costs related to your end-of-life finances. You can even purchase this sort of coverage separate from a life insurance plan if that option feels like a more economical choice for your family’s current budget. Of course, unexpected events can also include other emergencies, which is why everyone needs to establish emergency savings.

Long-Term Care Expenses

You may know that you need a plan for retirement, but did you know that those retirement plans need to cover long-term care expenses? With the most recent reports predicting that 70 percent of the aging population will need some level of long-term care during their retirement years, the odds of you being faced with these costs are pretty high. If you have a disability, you may be even more at risk for needing long-term care, and Medicare only covers the first 20 to 100 days of qualifying stays in a skilled nursing home — if it even covers that.

So, you should look into alternative methods for paying for long-term care, like long-term care insurance. Although long-term care insurance premiums can be pretty steep, you may be able to lower those costs if you purchase your policy early. Without long-term care insurance, your family members could have their finances rocked by the costs of future care, and you may have to make additional sacrifices during your retirement.

Accessibility Home Modifications

Will your home, or the home of a relative, require accessibility modifications as you get older? Some common accessibility modifications that people make to their homes include adding a bathroom to a lower level, creating wider doorways, and lowering countertops to allow family members in wheelchairs to access them for cooking and other purposes. As you and your family plan for these home modification expenses, you should know that assistance programs may be available to offset remodeling costs. Combined with possible tax credits for medically necessary changes and applicable VA benefits, you may be able to reduce the out-of-pocket costs for any future home modifications needed for your care.

In addition to modifications to make a home more accessible, you may also need to think about changes to help you age in place. As with accessibility modifications, you may be able to use grants and assistance programs to help with these expenses. Also, many of the changes you make for added accessibility in your home can also help you age in place safely, so you may be able to avoid added renovation costs as you get older. Another way you could pay for the cost of adapting your home for accessibility is through a home refinance. By giving up some equity in your home, you can receive a cash payment which can then be used to pay for home modifications.

Planning for financial safeguards around your future care needs is like giving a gift to your loved ones. With the right insurance and savings plan, you can protect your family from any future financial stress, but you can also give yourself some peace of mind. Because you will know that you will be able to afford the care you need now and into your golden years.

Photo Credit: Rawpixel

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