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Financial Planning for a Child with a Disability
Raising a child can cost hundreds of thousands of dollars, and for parents raising a child with a disability, that amount can increase when considering the extra services they may require. Because of this, it’s important for parents of children with disabilities to be aware of—and strategically plan for—any additional support their children may need now and in the future.
Some of the major costs that you can anticipate when raising a child with a disability are:
Healthcare Costs-One of the most significant costs families will experience is healthcare expenses. These expenses may include:
- Higher insurance costs
- Copays and high deductibles
- Unreimbursed medical expenses
- Primary care physician costs
- Applied behavioral analysis services
- Counseling
Education-Families may opt for schools that provide specific services that better suit their children’s needs.
Home Support-In years past, some of the expenses and tasks necessary to raise a child with a disability were handled by third parties, but now many providers and families favor keeping children in the home. As a result, families may need to include home support expenses in their budgets.
Not all of the costs associated with raising a child with a disability are as apparent. For example, families who care for a child with a disability can be more likely to be single-income families because the other parent may need to stay home to help care for the child.
Additionally, parents might need to make modifications to their vehicle or home to accommodate their child’s disability, such as widening hallways to make room for a wheelchair or adding a ramp to make a vehicle wheelchair accessible.
Though there are many costs parents may need to consider, there are strategies that can help ease some of the financial pressure, such as:
- Planning Early
- Planning for a Longer Period of Support
- Purchasing Insurance (Supplemental, Critical Illness, Etc.)
There are several government benefits that you or your child may be eligible for that can offer some financial assistance, including:
- SSI/SSDI
- Medicaid
- Children’s Health Insurance Program
Raising a child—in general—can be expensive, but having a clear understanding of all the potential costs that may arise and knowing what tools are available can help assist parents in financial planning for their child and their child’s future.
For more information on financial planning for a children with a disablity, read here.
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