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How to plan finances for disabled family

On Behalf of | Nov 15, 2022 | Estate Administration & Probate

One out of every four adults in the United States has a disability. Outcomes for the disabled vary widely due to factors such as the quality of care received, community support, and finances. Unfortunately, public programs like Social Security Disability Insurance (SSDI) provide limited resources to disabled adults, especially in more expensive states like California. That is why private financial planning is critical.

Use public benefit programs

Though they have limited funding, Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) can be critical for those who are disabled. Depending on your loved one’s work history, they may be eligible for one or both of these programs. They provide monthly income that can help provide for critical healthcare.

ABLE accounts

ABLE accounts are savings accounts that can be used for disability expenses. At this time, they allow for up to $16,000 per year to be deposited in them without affecting public benefit program distribution amounts. These accounts can function as core resources to fund healthcare as well as financing for anything that helps improve the quality of life for the person with the disability.

Supportive communities

While performing tasks such as estate planning is necessary, remember that your loved one with a disability is so much more than that diagnostic label. Social connections are critical for recovery and prosperity. Both online and in-person groups that focus on physical activity, shared interests, and other positive things can greatly enhance the quality of life and fiscal earnings prospects for your loved one with a disability.

Combining social factors with private planning and benefits goes a long way for those impacted with disabilities.


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