by Guest » Tue Sep 30, 2008 04:30 am
Hi, is there anyone who'd tell me regarding any insurance product (be it govt. or pvt.) that might help me save or support the future of my disabled son. He is just a child.
Caromel_merquez
Caromel_merquez
Posted: Tue Sep 30, 2008 06:05 am Post Subject:
My friend..I have seen instances wherein disabled children have received benefits from the 2 known govt. programs-
(i) Supplemental Security Income (SSI) for the disabled (ii) Medicaid. But believe me I have not come across any govt. programs that might help towards future savings or for generating a fund for the disabled children. So, I guess I'd need to stop over here and wait for the others to speak.
Thanks, ArindamSenIndies
Posted: Tue Sep 30, 2008 08:37 am Post Subject:
The Social security and Supplemental Security Income Disability Programs are specially designed to offer support to people with disability.
The Social Security Income (SSI) offers monthly allowances to seniors, blinds and otherwise disabled belonging to the low income group. A child with disability under the age of 18 if meets the SSI qualification criteria may receive the benefits as well.
Once the child turns 18, he/she would then be considered as an adult & has to pass through a different set of parameters to continue enjoying the SSI benefits. His health condition will then be subjected review by the authority before the continuation of the benefits.
Thanks,
Rupert
Posted: Tue Sep 30, 2008 09:40 am Post Subject:
My friend..If may suggest life insurance, I can tell you that it has a lot to offer in terms of financial support for your child's future. Term life or the permanent life insurance would suffice to fund a separate trust which would support your child's future even when you're not there to look after him anymore. This would also be legal way to safeguard his eligibility towards Medicaid or SSI. For that he would need to fulfill a minimal requirement in terms of his assets or his income.
ArindamSenIndies
Posted: Tue Sep 30, 2008 11:22 am Post Subject:
Hi,
In its true sense its gonnabe a kinda special care trust which is to be handled by a trustee. Hence your child won't have any legal ownership to this fund money. As a matter of fact the fund money won't be counted to match the SSI or medicaid eligibility criteria. On the other hand these funds are not really meant to replace the benefits offered by the govt.
Fatman
Posted: Tue Sep 30, 2008 01:00 pm Post Subject:
On the other hand these funds are not really meant to replace the benefits offered by the govt.
Yes, such funds are to be consumed for expenditures e.g. conveyance and clothing, which do not get any support from the govt. programs. After the formation of the trust it could be supported through any asset of your choice (e.g. stocks), but some people would always prefer to fund such trusts through life insurance. Roddick
Posted: Tue Sep 30, 2008 02:18 pm Post Subject:
Hi..
Under circumstances when you'd die, this trust would have the option to be your named beneficiary or possess a life insurance policy. Such trusts are fully or partially funded through "survivorship" insurance, since it costs less as compared to the other life insurance policies. Yeah to explore all these options, you'd obviously need to consult a finance adviser and make sure that these are best options for you. Thanks, Fatman
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