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Allsup Outlines Five Critical Issues for Caregivers Preparing to Take on Financial and Healthcare Responsibilities
Date:8/19/2008

ack of planning can work," Gada said. "But when you're dealing with an individual that has a disability that is likely increasing their healthcare costs and keeping them from ever returning to full-time work, good planning is essential."

Depending on the individual's resources, the caregiver may want to consult with a professional financial advisor. Various financial software and online tools also can help caregivers determine a budget and monitor income and expenses, including free resources offered as part of Allsup's http://www.allsup.com/Financial-Matters/Financial-Planning.aspx [Financial Matters] site.

Identify income resources

An individual with a severe disability generally will be relying on insurance payments for all or part of their future http://www.allsup.com/Financial-Matters/Financial-Planning/Increasing-Cash-Flow.aspx [income]. Approximately three in 10 workers is covered by a private long-term disability policy.

A caregiver should determine if the individual they are caring for has a long-term disability policy and, if so, what the qualifications and restrictions are for collecting on the policy. Examples include how soon the policy begins offering income, offsets to that income and when the policy expires (in some cases at age 65). Also, some policies include a Social Security rider, which requires that the individual http://www.allsup.com/About-SSDI/Free-SSDI-Evaluation.aspx [apply for Social Security Disability Insurance] (SSDI) in order to comply with the long-term disability insurer's requirements.

Most individuals who have worked are

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Allsup Outlines Five Critical Issues for Caregivers Preparing to Take on Financial and Healthcare Responsibilities
Allsup Outlines Five Critical Issues for Caregivers Preparing to Take on Financial and Healthcare Responsibilities
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