(ARA) - Ever wonder what you would do for money if you couldn't work because of injury or illness? If not, you're not alone; more than half of all Americans have never discussed with anyone how they would continue paying their bills if they became disabled, a new survey reveals. The good news is that, with a little planning, you can lessen the potential financial impact of experiencing a disability.

"While there may not be much you can do about the housing crisis or the recession - or how either of those factors will affect the economy - you can do something about the financial strain that a disability can have on your personal financial security," says Robert Taylor, president of the Council for Disability Awareness, which sponsored the recent survey on American's knowledge of and attitudes about disability.

Among the findings of the CDA Worker Disability Planning and Preparedness Study:

* More than half (56 percent) of all workers have never discussed how they would manage during a disability.

* While most workers rate their ability to earn a living as the most important factor for their long-term financial security, two out of three don't even think about disability when they discuss financial planning.

* Most would rely on a patchwork of income sources, including help from family and friends, retirement savings, home equity loans and credit cards if they were out of work for an extended period of time.

* Sixty two percent of workers believe they would count on a spouse's or partner's income for support, despite the fact that the majority of American households - even those that are two-income - live paycheck to paycheck and have a negative savings rate.

Americans are also confused or unaware of disability income programs that may be available to them. The survey indicates:

* Half of the workers whose employers provide sick leave benefits don't feel they understand them very well.

* Of those workers whose employers offer a long-term disability program, just 28 percent said they understood the program.

* One in three surveyed workers does not understand or is not aware of Social Security Disability Insurance, a key disability program for 150 million workers across America.

"The survey underscores the need for workers to incorporate the financial risks associated with disability into their financial planning mindset and actions," Taylor says. "The ability to earn a living is the most important driver of financial security for the majority of people; it needs to be valued like a retirement fund, savings account or a home."

Taylor offers the following tips to begin planning for the financial impact of disability:

* Develop a plan to improve and sustain a healthy lifestyle. The best way to reduce the financial impact of disability is to lower your chances of becoming disabled.

* Think about the basic living expenses that would continue if your income stops as well as the "added" expenses associated with an illness or accident like insurance deductibles, co-pays, COBRA premiums and care giving.

* Ask yourself what disability income programs may be available to you. Examples might include employer sick leave, disability insurance, Social Security Disability and workers compensation. Educate yourself on the benefits and qualification requirements.

* List other sources of income that might be available to your and for how long; spouse or partner income, savings, retirement plan assets, etc.

* Visit the CDA's Web site, www.disabilitycanhappen.org, where you will find tools that can help you estimate what your income and expenses might look like during a disability, and can provide you with a guide for developing a personal action plan. You can access a financial review, facts and figures about disability, real-life stories, current articles, and tips for a healthy lifestyle that can help you avoid disability in the first place.

"Broader awareness and education about available disability programs is a critical starting point to helping more workers assume responsibility for their long-term financial security, which continues to shift to the American worker," Taylor says. "When workers understand the impact of disability on their finances and the resources available to them, they will take more informed actions to protect their financial stability."

Courtesy of ARAcontent