For these people, disability is a life-altering event that often has a significant impact on their financial situations. In response, Allsup is introducing a series of new financial and healthcare-related services for people with disabilities to complement the nationwide SSDI representation services it has been offering for nearly 25 years.
“Without ongoing, experienced support from the outset, the financial well-being of individuals with disabilities too often falls through the cracks,” said Paul Gada, Allsup’s personal financial planning director. “We designed our new services to deliver true help from the start. Allsup wants to help people not only efficiently navigate the SSDI process, but also establish sound financial plans and manage their healthcare costs and options.”
The first service to launch is Financial Matters, a free online information portal specifically designed to help individuals with disabilities better manage their personal finances. Allsup will introduce other services over the next several months, including customized Medicare analysis solutions to help individuals evaluate and choose the best Medicare options for their specific situation, and custom financial planning services.
Free Financial Matters Portal: Informative, Useful Planning Resources for Today and the Future
The new Financial Matters portal provides specific, easy-to-understand information on:
- Financial planning, including budgeting, cash flow and expense management considerations for individuals with disabilities.
- Managing healthcare costs, including detailed discussions of COBRA, Medicare, drug assistance programs and other sources for helping to reduce healthcare costs.
- Managing taxes, including information on the tax treatment of SSDI payments, tax credits for low-income individuals and tax-filing assistance resources.
Among the real-world issues addressed by Financial Matters are the dangers in using home equity loans, second mortgages and reverse mortgages as sources of income. This is particularly important for people with disabilities to understand because a significant number of all mortgage foreclosures are the result of injury, illness or high medical bills.
“In most states, a person’s home is protected if he is forced into bankruptcy, but if he took out a mortgage, that amount can be lost in the bankruptcy proceedings,” Gada explained, adding that the portal details other income alternatives individuals may want to evaluate.
Financial Matters also helps people navigate the complex world of Medicare options. An overall comparison of the various programs is available and a detailed discussion is provided about Medicare Advantage plans. These often are the more suitable option for those with disabilities because they tend to offer more coverage at a lower out-of-pocket cost.
Financial planning calculators, resource links, checklists and highlighted tip boxes all help present the information in a more user-friendly way. The site also includes a comprehensive section on the SSDI process. Allsup will regularly add more sections and content to the site to better support the financial planning needs of consumers with disabilities.
“Addressing the physical and emotional issues related to a disability are significant hurdles,” Gada continued. “Compounding this, most individuals find themselves in a bureaucratic world where they don’t speak the language and there are no clear guide posts. Often, they are passed from one organization to the next without getting answers. We are focused on stepping in and using our experience to help people with disabilities understand important financial and healthcare issues. We want to help them take control and reclaim their lives.”
Original posted located on www.earthtimes.org
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