How to Pay the Bills if You Are Disabled

Whether you have a short term or long term disability, your daily life may be difficult. On top of this, large bills can come hand in hand with disabilities. To make things worse, you may be out of work. This means that you are not earning any income to cover your expenses. You may be asking yourself how to pay the bills if you are disabled. 

In this article, we will outline how to stay financially stable during the time you are disable.  

Use Your Emergency Fund

If your disability prohibits you from working and making money, you need to use your emergency fund. Your emergency fund will assist and help you with your financial stress. Since you might no longer have sufficient income to support your daily needs, it’s essential to use and maximize every fund and financial assistance available.

With your emergency fund in place, you may support your economic needs despite your disability. For instance, having a sufficient amount of money in your fund can help you buy groceries and pay bills. This can be a huge help. This is especially true if you have no other sources of income throughout the time you have a disability. 

File a Social Security Disability Claim

If you haven’t set aside an emergency fund, filing a disability claim with the Social Security Administration (SSA) can be one of your best options. Essentially, Social Security Disability (SSD) Insurance refers to a health insurance program intended for individuals who became disabled and unable to work due to a medical condition. However, before you can qualify for the disability benefits, you need to meet specific eligibility requirements.   Filing a social security disability claim is a great way to help pay the bills if you are disabled.

For instance, you need to have worked long enough and paid Social Security taxes which are sufficient to earn the required work credits to qualify. Also, you need to show proof that your disability has affected your quality of life. This includes your financial means. But, if you want to improve your odds of winning your claim, it might be helpful to hire a lawyer to handle your SSD in NY or wherever you might be located.  

On the other hand, if you don’t have enough work credits to qualify for the SSD Insurance, you can seek assistance from the Supplemental Security Income Disability Program. It’s an assistance program through the SSA those with a disability and low income. The funds you obtain from it can be used to pay for basic necessities. This includes shelter, food, clothing, and other essential needs.

Take Out a Disability Loan 

Apart from disability insurance benefits, you can also improve your financial situation after a disability by applying for loans. There are many low-interest disability loans available to disabled people to support their everyday needs and expenses. They’re offered by private companies, which is why they’re easy to qualify for and flexible. Unlike payday loans, they also don’t have steep interest rates and fees. These can be a great solution for your financial dilemma.  

Moreover, government disability loans are also available to provide financial aid to people with disabilities. They can be a good option due to their flexible interest rates and better repayment terms. However, it’s essential to note that government disability loans have strict eligibility and approval requirements. For instance, your ability to qualify may depend on whether you already receive financial assistance from the government.

A disability loan is a great way to help pay the bills if you are disabled.

Apply for Disability Grants

Another way to remedy the financial losses associated with a disability is to apply for grants. These are monetary awards that the federal government and private companies provide to disabled persons. The funds can be used to help those with a disability improve their financial situation. There are several common disability grants, which can include:

Education

Many private foundations offer financial assistance to individuals with physical and mental disabilities. The education assistance ranges from approximately $1,000 to $25,000.

Business Startup

If you can no longer work for an employer due to your disability, you can start a business to cover your financial needs. If you need help, you can apply for a financial grant from the federal government to support a business startup and recover from your financial losses.  

Personal Needs

If you need assistance in paying your household expenses, you can look for local community agencies that offer grants for financial needs. They have programs to help you pay your utilities and buy your groceries.

Government Cash Grants

You can also apply for these grants from the state and federal agencies to cope with your financial losses. Once you get approval, you can spend the money to finance your household needs, including utilities and educational needs. 

How to Pay the Bills with a Disability – Summary

Having a disability can affect your life in the long term. By keeping the information mentioned above in mind, you can find ways to help sort out financial stresses that may arise. The financial assistance programs available to disabled individuals can help you recover from your losses.

For more articles like this, visit the financial planning section of the site.