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Could you survive if one income earner in your household was temporarily disabled?

My husband fractured his skull the night before Thanksgiving. He developed double vision which means he cannot drive and cannot work. He has sick leave, and vacation days and a short term disability policy but we are facing the very real possibility that we may run out of paid days and the disability policy is less than 50% of his Gross pay.

At best they think he may be able to return to work in February.

Could you survive financially?

Do you have a back up plan?

Answer Question
 
AussieMum2

Asked by AussieMum2 at 4:08 AM on Dec. 30, 2008 in Money & Work

Level 3 (18 Credits)
Answers (12)
  • Hi! Actually,my husband became disabled as a result of his military service. We depended primarily on his income to survive for a long time. When presented with the option of "work or your kids go hungry", it's VERY motivating to get off my hiney and move it.

    So yes, we can and have been surviving on my home party business since June of this year. It does take time to build a solid, steady income from parties and overrides from building a team, I HAD to do it very quickly because I had kids to feed and bills to pay. And next month, I have to step it up a notch more because our health insurance policy expires at the end of January and I need to pay for insurance for my family, especially my youngest because of her diagnoses.

    I'm not saying it's "easy", but it's doable and I'm living proof. If I can do it, anyone can do it. :)

    Hope that helps!
    Ms.Melanie

    Answer by Ms.Melanie at 4:26 AM on Dec. 30, 2008

  • My husband has been physically disabled for the past 4 years now. We are only living on his monthly income from Social Security, which is a pitiful amount. The bills get paid first, and then we eat, etc. I really don't have the option of getting a job outside of the home because I am basically a full time caretaker of my hubby. It is hard to do, but it is doable. You learn to live without a lot of things that you thought you desperately needed. As long as my bills are paid, that's all that matters to me! Good luck to you!!!
    morningglory1

    Answer by morningglory1 at 5:26 AM on Dec. 30, 2008

  • My husband's income covers our expenses just fine. My part time income was just "extra" and now that I'm not working we've cut back on the little "extras" we became used to. When I finish my college degree I'm planning on working full time and we'll have a nice income then.
    But, yes, we would definitely survive on one income.
    PrydferthMenyw

    Answer by PrydferthMenyw at 11:21 AM on Dec. 30, 2008

  • I am already working 40 hrs a week and I have a home business.
    I take unpaid leave to drive him to his doctors appt's and drive our youngest to preschool in the morning. If it is raining then I leave work early to pick her up instead of having my dh walk in the rain for an hour round trip.
    AussieMum2

    Answer by AussieMum2 at 11:50 AM on Dec. 30, 2008

  • * I am a SAHM and my husband is the sole point of income if he becomes unable to work then we could probably survive for a couple of years with all the investments we have made but im not to sure
    Mummytomore

    Answer by Mummytomore at 1:05 PM on Dec. 30, 2008

  • It would depend on a few things. I have short term disability insurance on myself. So if I were the one to be disabled, as long as I could still watch my kids, we'd be fine. If it were my husband, we would have to cut out a lot of extras... satellite TV, cell phones, internet... and as long as he could watch the kids... we could make it. If we couldn't keep the kids home while the other worked though, no way.
    Silvertears1275

    Answer by Silvertears1275 at 3:21 PM on Dec. 30, 2008

  • We would be fine. My husband is the CEO of his company and would be paid his salary up to a year if he was disabled. He would get his bonus as well. I have my own income even though I mainly stay home. I have business's and land I lease. We have a back and a back up for our back up plan. We live in California we cannot afford to not have one.

    Anonymous

    Answer by Anonymous at 5:15 PM on Dec. 30, 2008

  • Why are you asking me? Are you okay? Is he okay? Will you guys be okay financially???
    Anonymous

    Answer by Anonymous at 6:34 PM on Dec. 30, 2008

  • I went through it with my ex... he became disabled for almost a year... and we survived it... what we didn't survive is after having my daughter me loosing my job, and him not really putting his money from his job where it should go(hence why he is now my ex)... just cut out what you don't need to save on expenses.. things like cable, internet, what ever you don't need to make sure what really matters gets paid, like rent, electric, gas, and food.
    xxhazeldovexx

    Answer by xxhazeldovexx at 7:36 PM on Dec. 30, 2008

  • We only have his income which is FANTASTIC and covers EVERYTHING we want and need so if he was to become dissabled, not only would I be heart broken and worried sick about my angel of a Husband but we'd be screwed!!!
    happyathomemum

    Answer by happyathomemum at 10:39 PM on Dec. 30, 2008

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