Understanding planning for your loved ones with special needs

The special needs community represents one of the largest demographics in the U.S., yet they are often overlooked and underserved. Voya Cares can help.

Long-term planning for the financial security of a loved one is essential. As the caregiver for a loved one with special needs, giving them the care and support they deserve is a lifelong commitment, so putting safety nets in place become that much more important - and complex.

Naming someone you love with special needs as a beneficiary to your IRA or life insurance policy may seem like the best route to take, but you could unintentionally disqualify them from receiving valuable governmental benefits like Supplemental Security Income (SSI), Medicaid, housing assistance, Supplemental Nutrition Assistance Program (SNAP) and other types of needs-based assistance. Thankfully, there are ways to avoid situations like this.

A special needs trust (SNT) can be set up if you wish to leave an inheritance for a loved one with special needs, without jeopardizing their governmental benefits. The funds in the SNT can then be used for your loved one’s expenses not covered by government benefits, such as school or tuition costs, to purchase a home or for recreational activities. To help guide you along the way,  the Voya Cares program provides the support and guidance you need for special needs planning.

Our specially trained financial professionals serve the special needs community by addressing the unique financial planning needs of not only people with disabilities, but also their caregivers and families. As professionals in retirement, investment management and employee benefits, Voya is uniquely positioned to make an impact in the lives of people with special needs. Voya Cares also helps further awareness in the workplace by providing the educational tools needed for employees caring for individuals with special needs.

Watch this video on the importance of Voya Cares. 

Visit Voya Cares to learn more about how caregivers can bridge the gap in their special needs planning. You can rest a bit easier knowing you’ve taken the steps to help ensure your loved one will receive a lifetime of support and care.