My DS was diagnosed last year. He is 17 right now. As a parent, I can't help but start to worry about his future. We would like to save enough money, so he has something to fall on in the future if needed (medical expenses, living expenses, etc.) I have seen the ABLE account as one way to do it, has anyone done it, or do you have any thoughts on how advantageous it is? Any advice you can give about planning is truly appreciated! Thank you.
How to plan a financial future for your kid with IBD.
- Thread starter seaco
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Help Support Crohn's Disease Forum:
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We did not
We explain when picking a major in college to make sure it is one that has higher earning potential and the flexibility of working remotely more than other careers .
Also stressed the importance of a job with good health insurance .
Fmla is something to make sure they qualify for (businesses with more than 50 people ) since that protects their job for medical absence up to 12 weeks each year .
that said my kiddo is in college and had this since age 7 (age 20 now ).
I don’t see the need for an able account.
Just like any other working individual he has been instructed to save up to three months of his salary for raining day which I instructed both kids to do because regardless of health it can be needed .
Most employers have plans for short term disability which is paid for medical issues and long term if it is longer .
We explain when picking a major in college to make sure it is one that has higher earning potential and the flexibility of working remotely more than other careers .
Also stressed the importance of a job with good health insurance .
Fmla is something to make sure they qualify for (businesses with more than 50 people ) since that protects their job for medical absence up to 12 weeks each year .
that said my kiddo is in college and had this since age 7 (age 20 now ).
I don’t see the need for an able account.
Just like any other working individual he has been instructed to save up to three months of his salary for raining day which I instructed both kids to do because regardless of health it can be needed .
Most employers have plans for short term disability which is paid for medical issues and long term if it is longer .
Bufford
Well-known member
Follow along with what interests him, maybe the type of work does not require post secondary education. There is a huge financial advantage by getting into the workplace after high school by earning a wage and paying into a pension as these years are the best most productive years of a person's life. Those years are lost when going to post secondary education and many rack up a substantial dept when they could have spent that money paying down a mortgage or investing into their retirement plans all while building up their resume. Post secondary diplomas do not guarantee a well paying job.
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Think hard about job choice is my advice- you don’t want to be on your feet all day and somewhere it’s hard to access a bathroom. I would say ideally something where you can earn even if working from home (so computer based perhaps) and using brain rather than physical strength if that makes sense. Also look into job perks (insurance, sick pay, flexibility). And ideally something he likes and not too high powered/stressful as there is that suspicion of a link between high level of stress and flares.
send him a link to our research forum. the steps to reverse the ibd are there.
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Do you qualify for a Health Savings Account? If your insurance deductible is high, that is another way to save for health expenses and have money grow tax free. If your deductible is low, you can't get one. I don't recall the cutoff.
