According to a 2015 study from the Centers for Disease Control and Prevention, more than 53 million adults in the United States live with some form of disability. Some of those affected will need a lifetime of care.
Providing this care is a necessary but costly endeavor – with expenses sometimes stretching into the millions of dollars. Care cost estimates vary widely, making it difficult for caregivers to prepare a financial plan.
“There are as many different answers to (the cost estimate) as there are people in this country with a disability,” says Richard Cairns, a senior vice president with PNC Wealth Management. “Each case is distinct and each individual has unique needs.”
Regardless of the circumstances or severity of the disability, Cairns says there are some standard steps family members can take to create a financial plan to help provide the long-term care their loved ones need.
With research and the support of family, friends or professionals as a guide, building a financial plan to care for a family member with special needs is achievable. As you plan, Cairns advises the importance of being flexible, but persistent.
“Every person’s circumstance is different,” Cairns says. “You have to devote some time and energy to creating a plan for how to take this on and ensure that you help your money go as far as possible.”
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Each plan should be prepared for an individual’s specific circumstances. There’s no cut-and-paste solution for something like this.
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1 CDC: 53 million adults in the US live with a disability, https://www.cdc.gov/media/releases/2015/p0730-us-disability.html
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