The Financial Problems That Disabled People Can Face
Disabled people often experience problems with money. In fact, more than one in five disabled adults in the US were living in poverty in 2015, compared to less than one in seven non-disabled people. Disabled people can experience all of the money problems that anyone else might, but there are often added difficulties too. These might be related to being unable to work, discrimination at work, problems with saving, relying on welfare and problems dealing with debtors. It’s important to be aware of issues that disabled people might experience with money, especially if you’re disabled and wondering where to get help with managing money.
Struggling to Work
Working can be a challenge for many disabled people, and impossible for some. Many disabled people want to work, but the desire to do so often isn’t enough. It can be tough to find an appropriate role and a sympathetic employer. Even with laws governing discrimination in the workplace, making a complaint about it can take time, money and energy that you don’t have. Many people find help with work from specialist organizations, such as Disability Job Exchange. Others find that work-from-home roles are the most flexible options available.
Unable to Save
Saving money as a disabled person isn’t just difficult because of low income. It might also be practically impossible. With some benefits that you might receive, you can save “too much”, which then stops your benefits coming in. For example, someone who receives SSI disability cannot have more than $2,000 in assets. However, a recently launched type of savings product now allows disabled people to save more. ABLE accounts allow you to save up to $14,000 a year in certain states. The saved money can be used to pay for anything that helps you maintain your quality of life, from groceries to school tuition.
Fighting with Insurance Companies
When you need medication, doctor’s appointments, therapy, assistive devices or anything else, the costs can add up. If you’re lucky, you have these costs covered by insurance or perhaps Medicaid. However, many people can find themselves fighting with insurance companies to get what they need. Some people who have become disabled more recently might require an experienced personal injury lawyer to help them. Having an advocate to help you deal with insurance companies can make a huge difference. Lawyers and disability advocates can help you.
Dealing with Debt
Many people can end up dealing with debt, but there are several things that might make it more difficult for disabled people. For example, difficulties communicating with creditors can be more difficult and can cause a lot of stress. Debt collection practices can be unfair to disabled people, and aggressive selling techniques can target them disproportionately too. Seeking debt advice can help you to manage any existing debt but also help you to be careful about the debts that you take on.
Dealing with money problems can be made more complicated when you’re disabled. However, there are ways you might be able to manage your finances more easily.