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Surviving The Financial Impact Of A Disability or Illness

By MySpendingPlan.com Editorial Staff

Suffering from a major illness or having a disability that does not allow you to work can be very tough indeed.  In such times, apart from your health worries, your major worry will be that of finances.  Sometimes it can also be difficult to predict when exactly you will be well enough to go back to work, which makes your financial situation even tougher to manage. 

To survive the financial implications of your disability or medical problems, below are some things to consider that can be of help:

1. Disability insurance:

If you have individual disability insurance or your employer has a group disability insurance policy, you may be entitled to receive disability benefits.  Contrary to what most people believe, disability does not only indicate a crippling injury.  A lot of physical and mental illnesses can be termed as disability.  Thus, find out if you do have a disability and if you are eligible for disability income, even if it just short term disability income.

2. Worker’s compensation:

If you have been injured at work, or if your illness is a direct result of the nature of your work, then you may be entitled to worker’s compensation.  Check your state laws regarding worker’s compensation and find out if your employer has any worker’s compensation insurance.  When considering a new job that involves physical risks, you should always check to see if the employer carries a current and adequate policy.

3. Social Security disability:

The Social Security Administration has disability programs under which you may be entitled to receive social security disability benefits.  However, these programs have strict definitions of disability and may not be available to you unless your disability or illness is likely to last for more than a year, or it is bad enough to be fatal.  Do find out if you’re entitled though.

4. Personal health insurance policy:

Most people have some or the other type of health insurance.  Go through your policy to see if you also have a disability insurance cover.

5. Change your lifestyle:

Even after receiving all the financial aid that you are entitled to, you may still not be financially prepared to survive your disability.  Therefore, you need to make some tough decisions and alter your lifestyle.  Sit down with your family and prepare a family budget (using our free budgeting software makes it easier) and see where you can cut down expenses.  Proper budgeting and the right spending plan can help a great deal when surviving a disability.

6. Use your emergency savings, carefully:

If you practice good money management, you should have some money put aside for emergencies.

7. Renegotiate loan terms:

If your credit score is good, you may be able to refinance your loans and get better interest rates.  This can help you to lower your monthly payments.  Most lenders are willing to help people with disabilities or major illnesses, so just ask.

8. Work part time:

With the popularity of the internet, there are hundreds of ways to make money from home.  Thus, if you are still able to use a computer, find out what options you have for home based businesses.  Your local library will often have computers with internet access for you to use and classes on how to get started.

Although having a disability or medical condition can be hard on you, both financially and health-wise, you can survive this time by proper financial planning, proper budgeting, and smart spending.  In addition to that, you may also have disability benefits and worker’s compensation to help you out.

 

 

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