When it comes to financial planning, it never hurts to be ahead of the game. You never know when the unexpected could strike in your family. Even though it can be quite difficult to think of worst-case scenarios, you owe it to your family to plan for the future now so that your loved ones can enjoy peace of mind. This is particularly important for special needs families, which often have far more financial concerns than other families do. These families typically deal with overwhelming costs for health care as well as the financial burden of having a grown child live with them long-term. In addition, these families may find themselves facing concerns about providing for their special needs children after their own deaths and may be concerned about holding adequate insurance policies.
To address present needs, families should consider whether government assistance is a possibility for them. In some cases, disabled children can receive assistance from the Social Security Administration. For children younger than 18, your income will be considered. For children over the age of 18, only their own income will be considered when determining supplemental payments.
Second, you must consider future finances by considering ongoing medical costs along with potential costs for housing and other daily needs for children who may be unable to support themselves in adulthood. Setting aside money in a trust is one great option that will allow your child to be cared for adequately after your demise. Moreover, you may want to consider additional life insurance policies that could cover your child’s needs for medical care, transportation, education, food, and housing. You may also want to consider long-term care insurance and disability insurance, which would help provide for your family should you be unable to work or be in need of specialized medical care as you age.