My 4 year old niece was recently diagnosed with a degenerative neuromusclar disease, specifically a mutation of a collagen gene. As these diseases go, we don't fully know what degree of disability to expect in her future. We're hoping for the best but preparing for the worst.
The first thought my brother had after the initial depression and denial phase was - "what kind of financial situation do I need to prepare for to give my daughter the best life with a disability?" And I wanted to pose that question to you all, hoping for some guidance to pass onto my brother as to how to be best prepared financially for this uncertain future for his daughter. I realize there is a lot more than just finances we need to be worried about, but the best way to cope for him right now is to plan and prepare.
A little about my brothers finances: He's a 36 y/o 1099 consultant making around 250k, his wife is an employee consultant making around 120K - health insurance is from her employer. They live in a HCOL area - they're financially conservative and living within their means (not below). They have 2 girls, a 2.5 y/o and a 4 y/o. They already have term life, short and long term disability, 529 funds, several retirement accounts, a healthy emergency fund.
His biggest concern is cost of healthcare in the future. I was thinking he should probably try to get an HSA (not sure if their current health insurance plan has a high deductible option)...what others ways could they start preparing for this financially?
The first thought my brother had after the initial depression and denial phase was - "what kind of financial situation do I need to prepare for to give my daughter the best life with a disability?" And I wanted to pose that question to you all, hoping for some guidance to pass onto my brother as to how to be best prepared financially for this uncertain future for his daughter. I realize there is a lot more than just finances we need to be worried about, but the best way to cope for him right now is to plan and prepare.
A little about my brothers finances: He's a 36 y/o 1099 consultant making around 250k, his wife is an employee consultant making around 120K - health insurance is from her employer. They live in a HCOL area - they're financially conservative and living within their means (not below). They have 2 girls, a 2.5 y/o and a 4 y/o. They already have term life, short and long term disability, 529 funds, several retirement accounts, a healthy emergency fund.
His biggest concern is cost of healthcare in the future. I was thinking he should probably try to get an HSA (not sure if their current health insurance plan has a high deductible option)...what others ways could they start preparing for this financially?
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