Becoming disabled is the last thing we would wish for. The chances of meeting a crippling accident are never zero, on the other hand. If anything, this life-changing event could happen in a flash.
We want to prepare for the worst scenarios, nevertheless. Perhaps, there is insurance for every unpleasant incident or calamity that could afflict us, our loved ones, and our possessions. Knock on wood, but if we fall victim to an accident that renders us disabled and unable to work for a living anymore, have we ever asked ourselves what feasible options we have?
By principle, we are only ever able to earn money through employment, if not a business. Regardless, our body is an indispensable capital for all our ventures. But, with disabilities comes a long list of things we can no longer do. Acceptance of this difficult situation may come late, but here are ways to sort out your finances for a life built with new corners ahead:
Revise Your Budget
A life with a disability opens you to new needs. You may have to forego some luxuries you used to enjoy and create allowances for these. Some of the additional expenses you could expect are increased utility (water and electricity) use, caregiver fees, adult diapers, medications, physical therapy, assistive devices, and specialized diets. Keeping your fixed expenses within your rationalized forecasts could come naturally as adjusting to your new lifestyle.
Benefits You are Qualified to Receive
If you incurred the injury on duty, you could file for an accident compensation claim to your company. If this petition falls through, there are benefits you can also register for under the Americans with Disabilities Act of 1990. Depending on which state you live in, you could take income-protected leaves while recovering.
Social security could cover your permanent disability financial needs for as long as one full year. This coverage could span as long as 3 years and could include medical care benefits good for up to 93 months, provided you can get back to work within the first 9 months. After such a period, if you can no longer work, you can request to receive continued benefits.
To facilitate the seamless processing of requirements, a legal counsel is the best person to bet on. As you might not know, a single appeal takes time before getting approved. If it gets declined, it will require you to request reconsideration strictly within 60 days upon receiving the decision and prepare for more proceedings reaching up to the federal courts.
Simply put, an attorney could legally justify the compensation equivalent to the lifelong inconvenience you are taking. If applicable, you could also file a lawsuit against the perpetrator of your injury with the help of a lawyer.
Alternative Work Options
One of the first things you would want to settle with your employer is whether they are open to you still working with them despite your newfound limitations. While you are yet to fully recover but already cleared by your doctor to work, you could propose to render hours fewer than your usual. The income you will earn from these hours would be of big help.
Has your job always been detail-intensive to require you to use your sense of sight or touch, for instance, but you were injured in either of these parts? Depending on your employer’s discretion, they could provide you with bespoke equipment to assist you in achieving the same levels of outcome in your work. Still, be mentally prepared that this arrangement may not be practical on their end.
Another option you could lobby is being given a lighter workload commensurate to your more limited abilities. This is a route you would rather take if you can’t see yourself working for someplace else or doing something else counting years to your retirement.
Early on in your journey with a company, it is wise to learn of their mechanics in offering retirement funds to their long-staying employees or, better, early retirement. This is rudimentary, aside from conducting independent retirement planning. If you qualify by the time you became disabled, you could always opt to retire early.
Being disabled does not mean you can’t live your life to the fullest. If anything, this will help you realize the precious things that you have had all along, your family, colleagues, and community, just to name a few. Regardless of your financial standing, viewing money as a means to an end rather than just an end is a healthy mindset to maintain.