Calculating finances

Financial Coping When You Are Suddenly Disabled

Suddenly becoming disabled, whether it’s because of an accident or a disease, is undoubtedly one of the most traumatic experiences that anyone can go through. There are going to be a lot of changes in almost every aspect of your life, including your health, your job prospects, and your relationships, and of course, your finances.

Money is a common issue for people who suddenly find themselves disabled. Thus, before you find yourself in a bind, start figuring out how to cope with the financial strains ahead:

Claim on insurance

Disability insurance claims can help replace a part or all of your income for the time being. Examples of insurance policies that might provide coverage include disability insurance, critical illness insurance, payment protection insurance, and income protection insurance. It’s best to file your claim as soon as possible since insurers usually have a waiting time before you can receive your payout.

If, however, your insurer denies your insurance or refuses to pay the amount that you deserve, seek help from an experienced disability attorney.

Seek help from your employer

If you are employed, find out what benefits you are entitled to from your employer. You might be able to receive sick pay or Supplemental Security Income benefits, depending on your disability.

It’s also essential to think about the future of your employment as soon as possible. If you can continue working for the same employer, you can ask for a modified arrangement, such as flexible working hours, adapted working equipment, adjusted work responsibilities, and work-from-home periods. In this way, you won’t lose your source of income and your work benefits.

Start looking for another job

If you are no longer able to continue working for your current employer, start looking for another job as soon as possible. Some organizations and agencies cater to disabled job hunters who offer coaching, job seeking, and job placement services, so look for such an agency or organization in your locality.

short budget conceptClaim state benefits

Look into the state disability benefits that you are entitled to. These benefits can help supplement your income, assist you with your basic expenses, and help cover the additional costs that come with having a disability. Check out your local disability website as soon as possible to determine what type of benefits you qualify for and how to apply for them.

Some states can offer temporary benefits while you wait for a decision, so don’t forget to check that out, too.

Modify your budget

When you become disabled, you might have to modify your budget to accommodate the extra expenses of your disability. The changes can be big or small, depending on your disability and the current state of your finances. But whatever the case, it’s best to start planning your expenses now so that you don’t find yourself in a financial bind later.

Becoming disabled is an extremely stressful experience, but you must not forget that many sources can provide help for you, especially with finances. If you are suddenly disabled, start preparing for the future as soon as you can, and if you find that it is too overwhelming, don’t hesitate to seek help from your support system.

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