Money management guide for those with disabilities and special needs

Financial Resources for People With Disabilities by Daniel Gleich is available on the Madison Trust Company website.

"People with disabilities often face additional financial challenges due to the added expenses that can stem from their disabilities, such as the need for more health care and the cost of equipment required to maintain their independence. But at the same time, research has shown that people with disabilities often have less income than people without disabilities. This makes keeping up with the cost of living increasingly difficult, which is why it's essential that people with disabilities have strong money management skills. With careful budgeting, it is possible for people of all abilities to meet their financial goals."

Beside providing plenty of financial advice applicable to everyone, this website is an amazing resource with links to dozens of resources specific to persons with disabilities. Links to Supplemental Security Income, government benefits, income tax breaks, and Seven Surprising Discounts for Disabled People are among the dozens of helpful resources. The website is essentially a crash course in personal finance that all can benefit from and put to use. Check it out:

Thanks for volunteer Julianna and Lisa Echevarria at the Hastings Recreation Center in Minnesota for this information. Check out the website:

https://www.madisontrust.com/client-resources/articles/financial-resources-for-people-with-disabilities/

Medicare Eligibility for People With Disabilities

 Many people think of Medicare as a program for people who are 65 and older. While this is true, some may not know that a younger person with a disability can also qualify for Medicare coverage. Not every disability is a qualifying one, so it’s important to understand if you meet the requirements before you take the time to apply. The following guide is for people under the age of 65 who have questions about whether or not they might be eligible for Medicare.

To help highlight this program for those under 65 with disabilities,  a comprehensive guide to understanding eligibility, coverage, and, how to navigate the enrollment process is available:

https://www.medicareplans.com/medicare-coverage-for-people-with-disabilities/

 

Some of the information available at this website:

Even if you’re under the age of 65, you can qualify for Medicare if you have certain disabilities. You may be eligible for Medicare coverage if any of the following apply to you:

• You have amyotrophic lateral sclerosis (ALS): If you have ALS, often referred to as Lou Gehrig’s disease, you may qualify for Medicare if you receive Social Security Disability Insurance (SSDI) benefits.
• You have end-stage renal disease (ESRD): If you have ESRD, you may qualify for Medicare if you receive regular dialysis or your doctor determines that you need a kidney transplant.
• You’re receiving SSDI: To qualify for SSDI benefits, you must have enough work credits from contributing to Social Security. You must also meet the definition of a disability under the Social Security guidelines. The Social Security Administration (SSA) considers you to be disabled if you can’t do the work you used to do because of your medical condition, you can’t perform other work due to your medical condition, and your disability is expected to last for at least 12 months or result in your death.
• You’re receiving disability benefits from the United States Railroad Retirement Board (RRB): If you’re under the age of 65, you may qualify for Medicare if you’ve been receiving monthly RRB disability benefits due to a total disability for at least 24 months. You must also meet the definition of a disability under the Social Security guidelines.
• 

 

 

Housing Resources for People With Disabilities

This resource provides information on how to buy a home on disability Income, the FHA and types of loans and programs, VA home loans for veterans with disabilities, as well as help from state agencies alongside other help lines and resources.  Check it out: https://www.uphomes.com/blog/homebuyers-with-disabilities.html

Get Started on Your 'Last Instructions'

 Are you prepared if a loved one becomes incapacitated or dies? What if you are the one to check out? Writing for The Wall Street Journal, 10/5/20, Glenn Ruffenach explains why and how to let your family know your final wishes and how to deal with your financial affairs. 

"I assume you already have an estate plan with all the necessary documents (a will, power of attorney, etc.). If so, you can move to, first, writing down the steps your family should take if something happens to you and, second, listing all the pieces and people—assets, accounts, insurance policies, bills, debts, credit cards, passwords, bankers, lawyers and the like—that are part of your financial life."

"If you search online (example: what my family needs to know free pdf), you’ll find numerous worksheets that you can print at no cost and fill out. In particular, check out Everplans, which offers (in addition to an online planning service) more than a dozen free checklists to get you started. (At everplans.com, under Resources & Guides, search for: downloadable checklists." 

A book: “Get It Together: Organize Your Records So Your Family Won’t Have To” by Melanie Cullen with Shae Irving. "Don’t be put off by the length: more than 400 pages. The authors cover just about everything a caretaker or survivor might need to know." 

Get started today!