Comments on: Personal Finance, Small Businesses, and Spouses with Disabilities

By: slccom

slccom — Sun, 17 Jul 2011 20:39:46 +0000

The far more serious issues with overearning is the loss of Medicare. The system is really heavily weighed against people with disabilities. The chances of getting a job with health insurance approaches zero. People with disabilities have large medical expenses, and losing health insurance can be, quite literally, fatal.

By: Skirnir Hamilton

Skirnir Hamilton — Sun, 17 Jul 2011 18:31:25 +0000

The problem is that most on disability have many health concerns and could never find a job that provides health coverage. If they make too much to get disability they loose health coverage too. That is nearly irreplaceable for them.

By: Max From Liquid

Max From Liquid — Sun, 17 Jul 2011 13:48:01 +0000

Well, Trent, as usual, great article!

As far as earning too much, I would be excited if I earned too much that I disqualified myself from disability. Who knows, this could be the beginning of a multi-million dollar enterprise.

No business should be started without three years of income in an emergency fund; with the other spouse working, if that income sufficiently covers the bills, that’s you won’t need as much. That said, you must remain LIQUID; don’t buy anything without the money in the bank to pay for it. Save for the items you need; plan out the purchases you’ll need to start the business and save for all the initial purchases plus another 50% because you’ll probably need those funds as well. Fund the next purchases through the income from the new venture. Once all the planned purchases are complete, you’re on your way to contributing to the household’s income.

By: deRuiter

deRuiter — Sun, 17 Jul 2011 09:39:09 +0000

“Second how much additional income can be earned? Many disabled households have deep restrictions on additional income lest their disability benefits be cut. Before you start engaging in an income-earning activity, know exactly what your limits are on additional earning.” That’s just great. By all means don’t earn enough to negate the “benefits” of your disability and risk being able to support yourself. As one of the workers who is supporting the large number of people wo are “disabled” but still able to work but don’t because the taxpayers have put them on permanent vacation, I resent this remark Trent.

By: valleycat1

valleycat1 — Sat, 16 Jul 2011 22:33:17 +0000

#1 Dorothy – the problem is that the way the system is set up,a person who goes just a dollar or two over the limit gets their benefits slashed drastically, if not completely. It isn’t a dollar-for-dollar reduction. So unless the disabled person is going to be able to make enough to completely make up for the lost disability income & benefits, then they do need to be careful about their income limits.

By: Dorothy

Dorothy — Sat, 16 Jul 2011 21:23:58 +0000

Trent, you wrote,
“Second, how much additional income can be earned? Many disabled households have deep restrictions on additional income lest their disability benefits be cut. Before you start engaging in an income-earning activity, know exactly what your limits are on additional earning.”

I’m pretty irked by your implication that a “disabled person” who’s actually able to work shouldn’t do so lest her disability benefits be cut. Of course, if a previously disabled person is able to work — either because she has recovered or has discovered a different job she can perform, she should do so.

The social safety net should be a trampoline, not a hammock.