3 Essential Tips for Planning for Future Care Needs with a Disability

Living with a disability usually comes with a need for special care. So, it’s important that adults with disabilities plan properly so that they can receive that care now and in the future. Planning for the future can feel especially challenging, but these tips can make things easier.

Take Care of Essential Estate Planning Tasks

When you think about your future care, you may not immediately think of estate planning. After all, estate planning tends to focus on end-of-life rather than the later years of life. In reality, completing your estate plan can make paying for and receiving care much easier for you and your loved ones. For example, purchasing life insurance can provide some financial cushion for family members if you should pass away unexpectedly, but you may also be able to use your life insurance to access cash for care while you are still alive.

As part of your estate plan, you should also complete the necessary legal documents that can provide direction at the end of life and for your care in the future. These documents can include a last will and testament, power of attorneys, and any necessary advanced medical directives.

Create a Sustainable Savings Plan for Retirement

Preparing for retirement is also an essential step for people who are living with disabilities and who would like to plan for their future health and care. To retire comfortably, starting earlier is always a smart move. You can make up for a late start by being more aggressive with your savings and investments, and if you’re a homeowner, you can sell your home and downsize into a smaller dwelling or one with lower maintenance costs.  

You can also look for ways to reduce your healthcare costs for retirement. Most folks accomplish this by researching Medicare plans, which can help alleviate the pressures of paying for healthcare for seniors. You can find tools and resources online that make choosing a Medicare plan the best fits your care needs and your cost concerns less of a hassle, but these tools can also come in handy before you turn 65. That’s because many people who are living with disabilities may also be eligible for early Medicare coverage. Enrolling in Medicare as soon as you become eligible could provide you with additional savings that can make accessing care much less of a financial burden now; plus, you can use any freed up cash to help fund your retirement savings.

Talk Over Finances with an Experienced Advisor

As you can see from the information already provided above, there are some pretty complicated questions and issues you will need to deal with if you want to make sure that your care does not place any undue pressure on your finances, or your family. If you are already feeling overwhelmed by these steps, you may want to simplify the entire process by working with a trained financial professional. Financial advisors help clients work out their plans for retirement, unexpected life events, and even future goals, all of which are elements that people with disabilities need to consider when planning for their care later in life. Your financial advisor can help you address any special considerations related to your disability and care. A financial advisor can also make it easier to achieve the peace of mind that comes from having a solid financial plan.

Living with a disability doesn’t have to limit your life, but it does mean taking the necessary steps to ensure your access to care. So, take your needs into consideration and complete the planning steps mentioned above. Or, save yourself some stress and effort by working with a financial professional who can take the mystery out of planning for the present and future.

Guest post by Ed Carter 
Ed Carter created Able Futures to help people with disabilities prepare for a secure and stable financial future. About 10 years into his career, he saw a need for financial planners who specialize in helping individuals and families living with disabilities – he has worked with clients of all ages, backgrounds and incomes.