Looking Long Term: How to Handle Insurance Planning With a Disabled Child

As many of you know, this past week, on March 21st, the world celebrated Down Syndrome Awareness Day.  It was a great time full of happiness, hope, and positivity, and it brings us joy to see those with Down Syndrome and their families able to show the world just how much they have accomplished and will continue to do.

However, at Carroll Marshall Insurance, this day also make us think about the future of these children (and adults) in a slightly different way than just looking toward what they can achieve.  We also thought about their daily care, and what adulthood will mean for some of them when their parents are no longer able to care for them.

Perhaps one of your own children or loved ones has a disability, or will require long-term care long past when you are able to provide it.  Have you planned out how they will be taken care of, both financially and otherwise?  Unfortunately, many people don’t realize just how complicated the financial planning for those with disabilities can be, especially in regards to insurance policies.

For example, just because your life insurance policy will be paid out to your adult (disabled) child, the monthly amount of payout needs to be carefully planned and monitored so as not to forfeit their federal and/or state benefits they are entitled to.  If they make “too much” from your insurance payout, they can lose out on helpful resources available to them through government services.  Additionally, other types of insurance policies need to be thoughtfully looked over in how they relate to paying for care facilities and/or caregivers, basic needs, etc.

Making sure your insurance plan is well-thought out and ready for the long haul can be stressful and overwhelming, especially when dealing with the emotional component of making sure your adult child will be cared for after your passing.  Let us come alongside you and offer the peace of mind that a well-laid plan can give.  Carroll Marshall Insurance does not see you as only a client.  We see you as a relationship to be built over time, and we want to offer the very best to each person and family who come through our door.

If you are in the greater Winter Haven area and need help planning for the long-term, or if you simply need help figuring out which insurance policy best fits your current needs, give us a call.  We are ready to help you!