Becoming disabled, whether from a workplace accident, auto or motorcycle accident, or an illness, is a drastic change to a person’s life. The ability to do things they once considered routine has been taken from them, and whether temporary or permanent, there can be a lot of consequences that come along with that. Outside of the emotional toll this takes on a person, there is the added question of finances. Most who are disabled aren’t able to earn the same income they once did. This will provide you with some advice on how to survive financially while disabled.
File a Disability Claim
The very first order of business is to file a disability claim to try and receive financial assistance as you recover. There are several forms of disability claims you may qualify to apply for. If you were injured on the job, you’d need to file a workmen’s comp insurance claim to receive benefits. If you were injured outside of the job you would file a disability claim either through your employer paid policy at work or with the state. Last but not least, if you had personal disability insurance you can also file a claim with them. While you won’t receive as much as you did while working, it can be a huge relief.
Consider Contacting an Attorney
If you were injured at no fault of your own or by the negligence of someone else, you may be entitled to financial compensation beyond your disability benefits. You’ll need to find a personal injury attorney who specializes in the area you’re looking to file a claim in. For instance, if you were cut off by a car on a motorcycle, you’d want to reach out to a motorcycle accident attorney.
If you were injured on the job, but you feel that your employer could have done more to prevent it, you would need a workmen’s comp attorney. Based on the information you provide, they can determine whether or not you have a case. You could be entitled to receive compensation for lost wages, pain and suffering, medical bills, and more.
Create a Budget
Since you’ll be living on approximately 40% less than your usual income you’re going to need to learn how to budget – and fast. Budgeting will be your key to survival until you’re able to find a new way of generating income. Start by taking a real look at your bills and your spending habits. Are there things you can stop spending money on for the time being? Whether you downgrade your data plan on your cell phone or stop eating out for a while you will find that the money you have during disability will stretch a lot further. If there is a family you’re responsible for supporting financially, be sure that you have a talk with them about the importance of cutting back and spreading your money as far as you can.
Find a New Income Stream
While you may not be able to return to work or complete jobs you’re used to doing, there are a ton of things that you can do with a disability. The internet, in fact, has made it possible for anyone, any age, anywhere to make money online. You can sit and answer surveys all day, become an affiliate for major companies, start mystery shopping, develop websites, write blogs, and even post videos to make money from home. It doesn’t require you to be anywhere physically, and you can earn money on a schedule and at a pace that works best for you.
Be Mindful When Dipping into Assets
While it may be necessary for you to dip into your savings account to survive financially while you’re disabled, there are some accounts that you should think twice about before liquidating or borrowing from. Withdrawing funds from a pension or retirement account, for instance, hold significant penalties if you’re not of retirement age and could cause you to go further into debt. Borrowing on life insurance policies, taking out second mortgages, and even taking out a personal loan using your assets as collateral should all be done carefully and with understanding of the pros and cons of each.
Much like being fired from a job, becoming disabled can quickly leave you struggling to make ends meet. As you’re trying to physically recover from a disability, stress is the last thing you want to deal with. Not having the means to take care of your household can be stressful and slow down your recovery process. However, by following the above-mentioned advice, you can find avenues to provide financial relief as you continue recovering and adapting to your new normal.