ADA Inspections Nationwide, LLC

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Financial Planning for Disabled Individuals

According to an article on CNBC by Sharon Epperson and Stephanie Dhue, 1 in 4 adults in the U.S. lives with a disability, and having a financial plan to address care is critical for long-term care and comfort.

As stated in the article, about 61 million adults in the U.S., or 1 in 4, live with a disability, according to the Centers for Disease Control and Prevention. A new study by Fidelity found more than half of caregivers of loved ones with disabilities had little time to prepare before assuming responsibility. Families should learn about and apply for all available benefits, set up targeted savings plans and seek out a supportive community.

One of the most critical steps in providing for a child or beneficiary with disabilities is applying for Supplemental Security Income or Social Security Disability Insurance, said James Lange, the president of Lange Financial Group in Pittsburgh. You can apply online on the Social Security Administration’s website.

Other potential sources of financial aid could include:

  • Employee benefits

  • Federal, state, and/or local government benefits

  • Setting up a targeted saving account such as ABLE

  • Optimizing Roth individual retirement account conversions

  • Setting up a special needs trust

  • Connecting with other families with disabled loved ones

  • Finding not-for-profit organizations for your particular type of disability

Another critical component of long-term financial planning for disabled individuals is home modifications for residential accessibility. Few homes are designed or built initially with installations for disabled individuals. Residential Accessibility, sometimes referred to as aging-in-place home modifications, is very important for the safety and comfort of a disabled individual. Work with a planner that is CAPS certified to identify home modifications that will help you or your loved one who is disabled live in their home longer and safer.

SUMMARY: Financial planning for disabled individuals is critical for long-term care and comfort. There are several options available to help with funding and financial planning. Include Residential Accessibility in this plan to ensure the disabled individual can live in their home as long as they wish.

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Richard Acree is a CAPS consultant with many years of experience as a home inspector and accessibility inspector. Richard can help you with this program by inspecting your home to verify the need for repairs or improvement. For more information about aging-in-place services please see Residential Accessibility.

Please call 615-752-0060 or email at inspections4ada@gmail.com for help with aging-in-place home modifications for you or your loved one.

Thank you.