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Getting Better Without Going Broke

How do you best protect yourself from disability? Drew Tignanelli, a certified financial planner in Lutherville, Maryland, has some tips on how you can keep your practice going—even when you can’t.

Keep track of your expenses.
What does this have to do with disability planning? "Most people don’t know where they spent their money last year/month/week," he says. "if you have that record and you do become disabled, you can quickly assess where you have been in the past and quickly put a new budget in place for your new income environment."

Also, watch your cash flow. "if we had to account for every nickel we spent, Starbucks wouldn’t exist," he says. Nothing wrong with your java habit; just be aware that $15 a week can add up to $1000 a year.

Have emergency savings.
"the general rule of thumb is to always have six months cash available that you can draw on," says Tignanelli. Why six months? "Most disabilities don’t last more than six months," he says.

Have good insurance.
Try to get a good health insurance plan that will help cover your treatment expenses, if you should need them.

Next, if you are employed by someone else, check to see if you are eligible for workers’ compensation insurance, which typically pays for your medical bills and partial lost wages. in order to collect, you will have to prove the injury is specifically work-related—so make sure you see a health provider who can do that for you.

Do a risk analysis for disability insurance. "You need to analyze your risk. What would happen to your overall finances if you can’t make the money you’re making?" says Tignanelli. "What would you do if you had a disability? this is what we call risk management. You don’t automatically buy the insurance, but you analyze the situation."

Keep an optimistic outlook. "The best advice i can give comes from a more esoteric point of view: there’s always a silver lining, even in the most difficult circumstances in our lives," he says.

If you get injured, what’s the hidden perk? different work? A more selfcaring lifestyle? More compassion for others? "People have proven since the beginning of time that even the most difficult situation can turn into an incredible blessing in our lives."

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