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Oct 18, 2022 282 likes •607 views

Adapting Financial Education Lessons for Students with Disabilities Susan Tachau and Hilary Hunt 1st - The Why 2nd - The How 5 Reasons to Adapt 5 Reasons 1. Asset limits for government benefits 2. Disability-specific needs 3.

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Adapting Financial Education Lessons for Students with Disabilities

Susan Tachau and Hilary Hunt

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1st - The “Why” 2nd - The “How”

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5 Reasons to Adapt

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5 Reasons

1. Asset limits for government benefits
2. Disability-specific needs
3. Role of personal and financial caregivers
4. Special assistance programs
5. Unique family circumstances

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1.Asset Limits for Government Benefits

▸ What are asset limits ▸ Examples of asset limits ▸ What counts as an asset ▸ How this impacts saving habits ▸ Re-think your “Pay Yourself First” lessons ▸ Understand new programs (ABLE) that help people with disabilities save for their future

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2. Disability-Specific Needs

▸ Can the student handle their money without physical assistance? ▸ Will the student be able to understand complex issues? ▸ Is the student naive or susceptible to influence? ▸ Does the student have a hard time being organized? ▸ Does the student have a sensory disability (hearing or vision) that makes accessing information more difficult?

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3. Role of Personal or Financial

Caregivers

▸ Assistance with: ▹ Daily living ▹ Paying bills ▹ Managing accounts ▹ Entering into contracts ▸ Financial caregiver ▹ Representative payee ▹ Guardianship

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4. Special Assistance Programs

▸ Home and Community-Based Waiver programs ▸ Workforce Innovation and Opportunity Act (WIOA) ▸ Social Security Work Incentives ▸ Achieving a Better Life Experience (ABLE) Act savings account

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5. Unique Family Considerations

▸ Parents lack information about programs and supports ▸ Parents dependent on federal or state benefits tied to student’s disability ▸ Questions about ongoing support ▸ Debates over decision-making (representative payee, guardianship, Power of Attorney)

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Tools for Educators

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studymoney.us

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Cents and Sensibility

PDF online
Limited hard

copies

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Coming Soon! The Educator’s Guide

Chapter-by-Chapter

Resources ○ Essential Questions ○ Standards Correlation ○ Background Information ○ Teaching Strategies ○ Companion Slides

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Need or Want?

Decide if each item is a need or a want.

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CLOTHES

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VOICE ACTIVATED DEVICE

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The Impact of Saving Limits

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Saving Limits

▸ How much can be saved before losing or decreasing benefits? ▸ What assets are counted? ▸ Are there any exceptions?

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Options for Saving

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Options for Saving

▸ Plan to Achieve Self-Support ▸ Special Needs Trusts ▸ Individual Development Accounts ▸ Achieving a Better Life Experience Accounts

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Plan to Achieve Self-Support (PASS)

▸ For people who plan to work or are working ▸ Offered through the Social Security Administration ▸ Save towards an item or service needed for a work goal (transportation, technology)

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Special Needs Trust

▸ Family member or friend may establish a trust on your behalf ▸ Family members or friends can deposit money ▸ Can be used to pay for big expenses but not everyday ones ▸ Complicated - use a lawyer

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Individual Development Accounts (IDAs)

▸ For saving towards a specific goal ▸ Money put into account is matched ▸ Have requirements including regular contributions and taking classes on managing your finances

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Achieving a Better Life Experience (ABLE)

▸ For people who acquired their disability prior to age 26 and qualify for Social Security income (SSI) ▸ Can save up to $14,000 each year ▸ Use for disability-related expenses ▸ Doesn’t count toward SSI or SSDI saving limits

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Assistive Technology

Chapter 7

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DO... DON’T...

Advocate for the student to receive financial education. Ask for personal financial information from either the student or parent/guardian. Give impartial and complete information on a wide range of financial topics. Provide personal opinions about financial topics or give financial advice. Provide opportunities to practice completing financial forms using sample data. Request a student’s credit report or assist in the completion of tax forms. Give students tools to help them engage family members in financial conversations. Require parents to talk about financial matters with their students. Help connect students and their families with support providers in the community. Complete applications for assistance

r financial products with the student.

Role of the Educator

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Adapting Financial Education Lessons for Students with Disabilities

Susan Tachau and Hilary Hunt