Financial planning is a complex task for all families, but additional challenges can arise when families must meet the financial needs of a family member with disabilities. It is important for families with special needs to plan ahead for potential out- of pocket expenses, not covered through financial assistance. When developing a financial plan, you should consider the level or nature of your family member's disability, and set realistic goals for the continued care and supervision needed through their life.
Special needs families may qualify for certain tax credits and deductions, and can receive financial assistance and assistance with financial planning from a variety of sources.
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Why is financial planning important?
When you have a family member with special needs, you should to be prepared for additional expenses. Such expenses can include:
- Special equipment and supplies
- Home modifications
- Home health care services
- Frequent doctor visits
What details do you need to consider in your financial plan?
When developing a financial plan, you should consider the level or nature of your family member's disability. Set realistic goals for the continued care and supervision needed, and ask yourself the following questions:
- Will my family member need continued care and supervision throughout his or her life?
- How will the support he or she needs change as they age?
- What large expenses do we need to be prepared to face?
- Who will care for my family member if I am no longer able? What kind of financial resources will be necessary?
- How should I include my family member with special needs in my estate planning?
The answers to these, and other, questions can help customize your financial plan to meet the needs of your family. The choices you make now could significantly affect your family member's future. For instance, bequeathing assets worth more than $2,000 to a family member with a disability may jeopardize his or her eligibility for government benefits such as Supplemental Security Income and Medicaid. To learn more about estate planning, check out the eLearning module on estate planning.
How can military families with special needs receive financial assistance?
- TRICARE Debt Collection Assistance Officers. TRICARE regional offices are available to assist in resolving health care collection-related issues, and are located at military treatment facilities. If you have received a negative credit rating or have been sent to a collection agency due to an issue related to TRICARE services, visit the Customer Service Community Directory and find a Debt Collection Assistance Officer near you.
- Military Aid Societies. These private, nonprofit organizations support each of the services by providing emergency financial assistance in the form of interest-free loans and grants to active and retired service members and their families. Visit the Army Emergency Relief, Navy-Marine Corps Relief Society, Air Force Aid Society or Coast Guard Mutual Assistance websites for more information.
- Social Security Administration. Use the Benefit Eligibility Screening Tool to find out if you qualify for benefits from the Social Security Administration.
Where can military families with special needs get help with financial planning?
- Check out your installation's Personal Financial Management Program for help controlling your current finances and planning for the future.
- Call 800-342-9647 for free financial counseling sessions from Military OneSource.