Preparing
for Disability
İMoney
Magic, Inc.2/3/01
Saturday Daybreak KATV, Chn. 7
Mary Ann Campbell, CFP
The
Need
Disability is
a subject you may not want to think about, but the chances of
becoming disabled may be greater than you realize. Studies
show that 1 in 3 Americans experience some disability for some
period in their lifetime. It is important to have safety
nets to help us if indeed we should become disabled.
Coverage
You May Already Have
Social Security provides help for many. However, the guidelines
are strict. You must first have paid into Social Security
for the required number of quarters. Then, your disability
must be for any occupation and expected to last at least a year
or until death. Your benefits will not begin until the sixth
month of disability. Check out your options at:
www.ssa.gov
800-772-1213
If the disabling injury or illness is work related, you may also
be entitled to disability benefits under the state workers’
compensation statutes.
To check out your options:
www.awcc.state.ar.us
800-250-2511 or 682-3930
What to look
for in Additional Coverage
The least
expensive disability income insurance is obtained through group coverage
sponsored by employers. Benefits are typically integrated with
Social Security payments and workers’ compensation to provide
a level of benefits that usually doesn’t exceed 60 percent of
salary.
Pension Plans may be
incorporated into a disability option by some employers.
Using
Your Magic to Prepare Documents
The
Financial Power of Attorney Workbook
By Shae Irving $29.95
www.nolo.com
800-992-6656
If
you want to give someone broad powers to handle your financial
affairs and are also concerned that you may become incapacitated
while the power of attorney is in effect, you may be better off
making a durable power of attorney. This gives your attorney-in-fact
the authority to handle your financial affairs whether or not
you are incapacitated. You can always change your mind and
revoke the document, as long as you are of sound mind.
Having a
Living Will
www.quicken.com
A living will is
a medical directive indicating the type of life support you are
willing or unwilling to receive in the event you are unconscious
or in a coma and unable to speak for yourself. They are available
among legal software, and at most hospitals. Communicate your
desires to both your physicians and family beforehand.
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