How to Find Financial Stability When You Suffer From a Disability
Disability
There are many workers who may experience some type of disability during their work career, such disabilities could prevent them from working temporarily at the very least.
With the following tips, you will be able to better understand what disabilities are and how they can impact your career and financial wellbeing.
Understand That Disabilities Affect All Ages
Many people have the misconception that disabilities happen when you are a child and are something you have to live with, or that it happens to older people.
In truth, about half of the people who present a disability are still within working age, which means between the ages of 16 and 64.
Learn How Disabilities Affect You Financially
A disability usually comes out of the blue. It is unexpected and unwelcome. In fact, most people are unprepared for the financial setbacks caused by disabilities.
Imagine you are in a situation where you are not able to work. You have no income and you will probably go through your savings pretty quickly.
Now you have to spend all of your savings on groceries, gas, and other everyday stuff.
In addition, getting through an injury could continue for a long time.
Many long-term disabilities can last for years, sometimes bankruptcies and foreclosures are a result of a disability.
Determine What Can Be Done
If you haven’t suffered from a debilitating injury yet, make a plan.
A financial plan can help prepare you for an unforeseen event that can physically hinder you.
Set aside money for an emergency situation like this. By keeping a financial nest egg you won’t have to worry too much about finances and can wait until a disability claim is able to support you.
If you have already started to suffer from a disability there are a few steps you should consider taking.
File with Social Security
If you suffer from a disability, the first thing you want to do is apply for disability benefits.
Take some time to look into your options when it comes to making social security disability claims.
Do thorough research before you file for a disability claim. This type of claim could take some time to process.
Some people say it can take as long as a year to get their social security disability to kick in.
So be sure that this is one of the first things you do.
Talk to Your Employer
If you cannot work because of a disability or poor health, the first thing you want to do is talk to your employer or to the Human Resources department to see if they have a program in place to support you at work.
They may be able to help you work at home or find an alternative solution.
Get Support
Seek the help of an employment advisor who can give you work alternatives, or things you can do to help you find the money to support yourself while you overcome your illness or disability.
Talk to a Lawyer
If the disability is caused by an injury at work or a car accident, talk to a personal injury lawyer to get long-term financial help.
Again, this is a lengthy process so you will want to find other financial alternatives while the attorney works things out in court.
While injuries and disabilities can disrupt your plans and can even compromise your finances, it is important to prepare yourself you that you will be able to maintain financial stability should something happen to you in the future.
Utilizing the proper resources will protect you and your family as you focus on recovering.
Category: Health
