Family Finance: 5 Things You Should Be Considering When a Family Member Becomes Disabled

Wednesday, July 12, 2017, 6:00 AM | Leave Comment

No one likes to think of the possibility of themselves or a precious loved one becoming temporarily or permanently disabled.

But if such unfortunate circumstances do arise, we must deal with problems and know that in dealing with the subject of “disability” for a family member, we must keep several issues in mind regarding the possible financial ramifications.

  1. Employment May Not be Over

    Transferable skills are always indispensable. The knowledge and work-related skills your family member has acquired over the years do not vanish in light of their disability.

    With time and some luck, those valuable work skills can be utilized once again, even if in a different setting or time frame.

  2. Temporary or Permanent Disability

    When making financial decisions regarding the family member who has become disabled, one needs to ask, “Is this a permanent or a temporary disability?” The answer will determine many choices as the situation proceeds forward through coming months and years.

    Make sure to understand as much as possible about the disability so that decisions made in the present will lead to smooth and beneficial dealings down the road.

  3. More Formal Education or Career Change?

    Depending on the age of the family member in question and their given profession/career/job, it may help to see the situation as an opportunity for growth and change.

    Maybe taking more classes to acquire new skills may open new doors that won’t be blocked by disability.

  4. Options for Income During Disability Period

    Choosing income options can be tricky during disability, and may be determined by how the disability manifests itself and what possibilities are open.

    Keep in mind the options of sick pay and vacation time, short/long-term disability insurance, retirement plans, personal savings, workers’ compensation, SSDI, and SSI.

    Social security disability attorneys can be resourceful in helping families deal with these questions.

  5. Difference Between Financial “Needs” and “Wants”

    Financial plans for your family member must be determined by what you all need rather than want.

    Work diligently at finding those resources that will help meet those needs. Changes in lifestyle may have to be made. It may not seem fair, but it may be a reality.

Hopefully we can avoid excess tragedies, but things like disability happen, and we have to be educated about how to financially be prudent when assisting family as they struggle through disability periods.

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