Don’t Play the Odds with Your Future: Understanding the Real Risk of Disability

Disability is a reality that can impact anyone, regardless of age, gender, or lifestyle. Yet many people tend to think about unlikely events - such as being struck by lightning - rather than the more common risks they face in their day-to-day lives. In this blog post, we’ll explore why it’s important to understand the real risk of disability, and how you can protect yourself and your loved ones from its potential impact.

Section 1: Defining Disability

Before we dive into the statistics and risk factors involved in disability, let’s start by defining what we mean by this term. Disability can refer to any physical or mental condition that limits a person’s ability to engage in daily activities or work. This may include:

• Loss of limb

• Chronic illness

• Mental health conditions (such as anxiety or depression)

• Neurological disorders (such as multiple sclerosis)

• Vision or hearing loss

• Mobility impairments

In short, disability can take many forms and impact people at any stage of life.

Section 2: The Real Risk of Disability

While many people assume that disability is a rare event, the truth is that it affects millions of Americans each year. According to recent research:

• Over 61 million adults in the US live with some form of disability.*

• 1 in 4 people will experience a disability during their working years.*

• More than half of all bankruptcies are caused by medical debt - often due to unexpected disabilities.

• The average long-term disability absence lasts over two years.

These statistics highlight just how real and impactful disability can be for individuals and families alike.

*CDC https://www.cdc.gov/ncbddd/disabilityandhealth/infographic-disability-impacts-all.html

Section 3: What Causes Disabilities?

Disabilities can have a variety of causes, including:

• Injuries (such as those sustained in car accidents or falls)

• Chronic illnesses (like cancer or heart disease)

• Infections (such as meningitis or Lyme disease)

• Genetic disorders

• Environmental exposures (like toxins or pollutants)

While some of these causes may be preventable, others are simply a matter of chance. That’s why it’s important to have a plan in place for dealing with disability, no matter what the underlying cause may be.

Section 4: The Financial Impact of Disability

One of the biggest concerns for individuals and families facing disability is the financial impact of this condition. Disability can lead to lost income, medical bills, and other expenses that can quickly add up. In fact:

• The average Social Security disability benefit in 2021 was $1,277 per month.

• Most long-term disability policies cover only around 60% of an individual’s salary.

• Medical bills are a leading cause of bankruptcy in the US.

Given these sobering statistics, it’s clear that preparing financially for the possibility of disability is crucial.

Section 5: How to Protect Yourself and Your Family

So what steps can you take to protect yourself and your loved ones from the potential impact of disability? Here are a few key strategies to consider:

1. Invest in long-term disability insurance: This type of insurance can help replace lost income if you become disabled and unable to work.

2. Build up an emergency fund: Having savings set aside can help cover unexpected expenses related to medical bills or other costs associated with disability.

3. Make a plan for care: If you do experience a disability, having a plan in place for how you’ll receive care - whether from family members, healthcare providers, or professional caregivers - can help ease the burden on yourself and your loved ones.

4. Stay healthy: While not all disabilities can be prevented through lifestyle changes, maintaining good health habits - such as eating well and exercising regularly - can reduce your overall risk.

By taking these steps proactively, you can help protect yourself and your family from the potential impact of disability.

Section 6: Advocating for Disability Rights

Finally, it’s important to recognize that disabilities are not just a personal issue - they’re also a social justice concern. Individuals with disabilities face a wide range of challenges when it comes to accessing healthcare, education, employment, and other basic needs.

As such, advocating for disability rights and inclusion should be an important part of our collective efforts to create a more just and equitable society. This may involve supporting legislation that ensures access to affordable care and accommodations for individuals with disabilities, or simply being mindful of the diverse needs of those around us.

Conclusion: Prioritizing Disability Preparedness

In conclusion, disability is a reality that can impact anyone at any time. Rather than playing the odds with our future, it’s important to understand the real risk of disability and take steps to prepare ourselves and our loved ones accordingly. By investing in appropriate insurance coverage, building up savings, making care plans, staying healthy, and supporting disability rights initiatives, we can work towards creating a brighter future for all.