Disability-Related Financial Management System

Disability-Related Financial Management System (DFMS)

There is a need for financial advisors, disability benefits experts, and AI developers to develop a comprehensive Disability-Related Financial Management System. Combining artificial intelligence,(AI), a search engine, automation, and human experiences is the only way a genuinely comprehensive Disability Finance Knowledge-Base can be implemented and kept current. A public forum will enable people with disabilities, their family and friends and support group to obtain answers from the knowledge-base as well as other people in the forum. Ratings of responses by forum members will ensure the knowledge-base continues to have the most accurate information. The DFMS will include AI-driven questionnaires and bots that will assist users in building and maintaining budgets that will maximize their chances of financial stability and success. Financial advisors will also be available.

Disability benefits are complex. People have compared it to business payroll but many times more complicated. With business payroll, every state, county, and city has its own rules that may be affected by healthcare plans, retirement plans, savings plans, etc. Disability benefits to differ by state, county and city. Many agencies and corporations offer disability benefits also. Disability benefits depend on many factors including beneficiaries' age, disability, income, assets, onset age of disability, the reason for disability, military status, etc. With business payroll, there are systems built to shield the complexities from businesses. No subject matter expert would be expected to know all that is involved with business payroll without using a system. Yet with disability benefits, we do rely on subject matter expert to know and how people with disabilities can get financing for the products and services they need. To date, our efforts with artificial intelligence are to try to mimic what disability benefits subject matter expert does. We need a system that will comprehensively discover where and how people with disabilities can finance the products and services they need.

There are many good forums re disability benefits see Social Security Forum¹ as an example. There are calculators that help people with disabilities understand disability benefits. As an example, see WID's DB101². There are courses on disability benefits including a certification process. There are books written to help people with disabilities improve their financial health. Tom Foley wrote EQUITY-Asset-Building-Strategies-Disabilities-Empowerment³. All of these are great resources based on the knowledge of subject matter expert. None uses a comprehensive, systematic approach.

In the past few years, I have been receiving funding from the California Regional Center for my personal care attendants. For decades, Denise and I spent many thousands of dollars annually for personal assistant services. It wasn't until one of my attendants ask me why I wasn't receiving services from the Regional Center did I realize that people with developmental disabilities can receive personal assistant services paid for regardless of income or assets. I have always been well connected with the Disability Community. If I didn't realize this benefit was available to me, imagine how unaware the general public must be of the many products and services that are available to them.

Many surveys have been done to understand the financial health of households that have one or more people with disabilities in them. Every study confirmed that the Disability Community has many unique financial needs that are not being met. Programs that provide financial assistance to offset the high cost of living with a disability can be challenging to navigate resulting in funds and resources not being received or maximized. Many people with disabilities do not work because of the fear of losing the benefits they need. Accessing resources and financial support available while staying within guidelines to avoid interruption of benefits is confusing and time-consuming. Budget management on a “fixed income,” much less planning for the future for needed areas like estate planning is demanding, especially without tools and guidance. Many customers with disabilities and their support networks are unaware of resources that can help them with financial management and financial planning. They are unaware that there are financial products that would be effective in specific financial stages, such as educational loans for special education, home loans for modifications, or assistive technology (equipment) loans.

With an effective Disability Financial Management System, a very necessary and profitable business can be established.

Please let me know if you have any questions. Please let me know if you or anyone you know may be interested in investing and/or managing this exciting endeavor.

Go! Go! Go!

1https://www.ssdfacts.com/forum/

2https://www.db101.org/

3https://www.amazon.com/EQUITY-Asset-Building-Strategies-Disabilities-Empowerment-ebook/dp/B01B6ONWGW/ref=sr_1_1?s=books&ie=UTF8&qid=1531418297&sr=1-1&keywords=thomas+foley+disability

Abilicorp 2019

Abilicorp

2019

Vision:

Everyone, including people with disabilities, should have the skills, products, and services they need to work to the best of their abilities.

Mission:

Abilicorp mission is to initiate and promote new companies and programs that provide financial advice and management enabling people to work and reap the stability and rewards that come with earning an income.

Background:

Neil Jacobson, founder, and CEO of Abilicorp retired in 2008 as a Wells Fargo Sr. Vice President after working in their IT area for more than 29 years. Neil has significant disabilities caused by Cerebral Palsy. He has been active in the Disability Movement all through his life focused primarily on improving employment opportunities for people with disabilities.

The U.S. federal government spends more than $100 million annually trying to improve the economic condition of people with disabilities and their families. Wonderful laws such as the Americans with Disability Act that have significantly improved the lives of people with disabilities. Many agencies work extremely hard trying to get people with disabilities jobs. Despite all this, the unemployment rate for this cohort remains relatively unchanged from the 1960s. More than 70% still live below the poverty level. (see The Need for a New Business Model)

The underlying cause for this lack of economic improvements is that people with disabilities are not receiving the skills, products, and services they need. Many public and private agencies run programs designed to provide these necessities. They are tough to find. Qualifying for them can be challenging. The interrelationships between the programs are often extremely complex.

The gig economy is now compounding these problems. In the gig economy, every independent worker must learn how not to feel isolated. Often finding themselves alone in front of a computer or smartphones they must learn to find mentors to help guide them. They must create their own daily structures. With no training or experience, they are expected to do things such as pay taxes, save for retirement, pay for healthcare, save for sick days and vacation days. People with disabilities must also learn how working for themselves will affect their ability to pay for long-term medical expenses including personal assistant services, durable medical equipment, long-term therapies, and maintenance drugs. Perhaps most importantly, independent workers must learn how to market their products and services effectively. (see The Gig Economy)

What does Abilicorp provide?

1. Financial advice for independent workers
2. Development consultation of disability-related financial management tools
3. Promotion of Disabled Owned Business Enterprises

What Businesses Should Be Started?

1. Financial Management for GIG Workers
2. Financial Management of Disability-Related Expenses
3. Remote Assistance
4. Your Legacy
5. Archiving
6. Creating Audio Books for Authors

Blogs will be written describing these and other exciting initiatives. These services and businesses will be owned, managed, and delivered by self-employed people with disabilities and Disabled Owned Business Enterprises. Please let me know if you or anyone you know may be interested in investing and/or managing any of these endeavors.

DRFM Knowledge-Base

Disability-Related Financial Management Knowledge-Base (DFMKB)

Having a disability can be very costly. Disability-related expenses include:

1. personal assistant services,
2. durable medical equipment,
3. long term therapies,
4. maintenance drugs
5. wage replacement
6. adaptive equipment
7. accessible transportation
8. home accessibility improvements
9. workplace accessibility improvement

Many government and non-government agencies offer disability benefits to pay for these expenses. These disability benefits are often based upon a person with a disability's attributes including;

1. where the person lives (U.S., state, county, city)
2. age (<18, 18-26, 27-64, >64)
3. disability ( developmental disabilities, visual disabilities, deaf or hard of hearing, spinal cord injuries, autism, mental health, cognition, emotional, drug addiction
4. reason for disability (work related, crime-related, military related, accident, birth, genetic, aging)
5. disability onset age (birth, <18, <27, 27-65, >65)
6. work status (never worked, working, “on disability,” retired
7. income
8. assets

Each disability benefits from each agency usually have its own conditions including;

1. Definition of products and services offered
2. Definition of terms
3. Eligibility criteria for beginning to receive a disability benefit
4. Criteria for continuing to receive a disability benefit
5. Application process
6. Reporting requirements
7. Restrictions
8. Exceptions
9. Interrelationships with other disability benefits and agencies

A comprehensive systematic approach is needed to build a Disability-Related Financial Management Knowledge-Base (DFMKB) to understand which disability benefits are available to an individual given his/her needs and attributes, and the conditions under which the disability benefits can be recognized.

Most, if not all, of the information, can be found on websites. Using AI, the Google Search Engine, the Disability Financial Management Forum, and disability benefits subject matter experts, this can be accomplished. Using the DFMKB, providing financial advice to the Disability Community can be a profitable business.

Please let me know if you or anyone you know may be interested in investing and/or managing this exciting endeavor.