"5 Tips For Helping Siblings With Disabilities Have A Secure Financial Future"
By Emma Grace Brown
Planning for your financial future is a path full of variables and uncertainties. When helping someone with disabilities plan their financial future, the journey can be much more of a challenge. With unpredictable medical bills, a limited income, and other uncertainties, the task can almost feel impossible. However, there are a number of ways that you can help a family member with disabilities prepare for their needs.
Siblings With A Mission shares five tips for helping your sibling or family member with disabilities have a secure financial future.
Work with a financial professional
If you don’t consider yourself to be a financial expert, and you have no idea where to start, not to worry. Hiring professional help is often the best first step. In the world of financial experts, there are two main kinds of professionals: financial planners and financial advisors. When you work with a financial planner, you can get expert advice and long-term planning strategies. They can answer questions about insurance coverage, investments, and the like.
Alternatively, a financial advisor can help with day-to-day money management. The individual you ultimately choose to work with will depend on both the needs of your sibling, and the experience level of your chosen advisor or planner.
Consider current and future expenses
Being able to accurately plan for the future will largely depend on your ability to anticipate the upcoming financial needs of your sibling. Take some time to thoroughly explore how much they will need in the coming years to afford medical care, food, medical equipment, housing, and anything else. Be sure to take into consideration whether or not their condition is expected to worsen over time, as this will result in increased care-related expenses.
At this stage, you can also work with other family members and/or a financial professional to decide who will pay for this care. While your sibling may have the ability to work and earn a limited income, it will likely not be enough to fund larger bills that are associated with complex health conditions. Working together to establish a plan is essential for your sibling’s long-term well being.
Help your sibling afford care with home refinancing
After planning out your sibling’s future financial needs, you might discover that you and your family do not have the resources to fund their care and expenses. In situations like this, there are alternative options available.
One smart way to free up cash is to refinance your home. If you are not a homeowner, another family member may be willing to use this strategy. Those who have good credit can access low interest rates, which makes this option even more attractive. For those who are unfamiliar with the process, refinancing can reduce monthly mortgage payments and help you access the equity you’ve built. These funds can be used to pay for in-home care, assisted living, and other related costs.
Explore all available benefits
Another wise move is to explore all possible benefits that your sibling is eligible for (especially if you’ve not reviewed options in a while). Whether through the government or local nonprofits, you can apply for financial assistance for housing, food, medical care, and other essential needs. Search various disability benefits online for a complete list of nationwide and local programs and grants.
Help your sibling establish a savings account
If your sibling is able to earn an income through a work program, help them set up a savings account. Teaching basic money management skills is an incredibly valuable step in helping them create a solid financial future. You can also work with your sibling to provide information on basic budgeting and planning for upcoming purchases.
In addition to using the above tips, be sure to get in touch with our team at Siblings With A Mission. We’re constantly working to provide resources and support to those who are caring for family members facing disabilities of all kinds.
Siblings With A Mission works to support siblings and family members of people facing developmental disabilities and complex health conditions. Our core mission is to provide international support, spread awareness, and inspire siblings to make a difference. Learn more about us and our sibling support groups today.
Siblings with a Mission is a non-profit, international organization established to serve and support siblings of individuals with complex health conditions and developmental disabilities. All images are found on Google images and are solely used for educational purposes. The stories and advice provided by Siblings with a Mission are not to be replaced by professional advice and counseling but to be considered as an additional source of support.
By Emma Grace Brown
Planning for your financial future is a path full of variables and uncertainties. When helping someone with disabilities plan their financial future, the journey can be much more of a challenge. With unpredictable medical bills, a limited income, and other uncertainties, the task can almost feel impossible. However, there are a number of ways that you can help a family member with disabilities prepare for their needs.
Siblings With A Mission shares five tips for helping your sibling or family member with disabilities have a secure financial future.
Work with a financial professional
If you don’t consider yourself to be a financial expert, and you have no idea where to start, not to worry. Hiring professional help is often the best first step. In the world of financial experts, there are two main kinds of professionals: financial planners and financial advisors. When you work with a financial planner, you can get expert advice and long-term planning strategies. They can answer questions about insurance coverage, investments, and the like.
Alternatively, a financial advisor can help with day-to-day money management. The individual you ultimately choose to work with will depend on both the needs of your sibling, and the experience level of your chosen advisor or planner.
Consider current and future expenses
Being able to accurately plan for the future will largely depend on your ability to anticipate the upcoming financial needs of your sibling. Take some time to thoroughly explore how much they will need in the coming years to afford medical care, food, medical equipment, housing, and anything else. Be sure to take into consideration whether or not their condition is expected to worsen over time, as this will result in increased care-related expenses.
At this stage, you can also work with other family members and/or a financial professional to decide who will pay for this care. While your sibling may have the ability to work and earn a limited income, it will likely not be enough to fund larger bills that are associated with complex health conditions. Working together to establish a plan is essential for your sibling’s long-term well being.
Help your sibling afford care with home refinancing
After planning out your sibling’s future financial needs, you might discover that you and your family do not have the resources to fund their care and expenses. In situations like this, there are alternative options available.
One smart way to free up cash is to refinance your home. If you are not a homeowner, another family member may be willing to use this strategy. Those who have good credit can access low interest rates, which makes this option even more attractive. For those who are unfamiliar with the process, refinancing can reduce monthly mortgage payments and help you access the equity you’ve built. These funds can be used to pay for in-home care, assisted living, and other related costs.
Explore all available benefits
Another wise move is to explore all possible benefits that your sibling is eligible for (especially if you’ve not reviewed options in a while). Whether through the government or local nonprofits, you can apply for financial assistance for housing, food, medical care, and other essential needs. Search various disability benefits online for a complete list of nationwide and local programs and grants.
Help your sibling establish a savings account
If your sibling is able to earn an income through a work program, help them set up a savings account. Teaching basic money management skills is an incredibly valuable step in helping them create a solid financial future. You can also work with your sibling to provide information on basic budgeting and planning for upcoming purchases.
In addition to using the above tips, be sure to get in touch with our team at Siblings With A Mission. We’re constantly working to provide resources and support to those who are caring for family members facing disabilities of all kinds.
Siblings With A Mission works to support siblings and family members of people facing developmental disabilities and complex health conditions. Our core mission is to provide international support, spread awareness, and inspire siblings to make a difference. Learn more about us and our sibling support groups today.
Siblings with a Mission is a non-profit, international organization established to serve and support siblings of individuals with complex health conditions and developmental disabilities. All images are found on Google images and are solely used for educational purposes. The stories and advice provided by Siblings with a Mission are not to be replaced by professional advice and counseling but to be considered as an additional source of support.
