The cost of doctors visits, therapy appointments, medication and special equipment add up.
Depending on your childs condition, you may need to provide them with lifetime support.
It can be overwhelming just dealing with the medical and emotional aspects of your childs particular challenges.
Organizations likeUnited Wayand theSalvation Armyalso help families struggling financially — not just those with special needs children.
Heres what to know so your finances dont add to that stress.
4 Money Moves for Families of Children With Special Needs
1.
A special needs attorney can also assist you.
He helps families navigate the public benefits system and plan for their childrens futures.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
Fechtman said families may qualify for financial assistance through Social Security.
The amount of assistance, which is given out monthly, varies from state to state.
Depending on your familys income, your child may also qualify for free health insurance throughMedicaid.
Oftentimes if your child qualifies for SSI, he or she would also qualify for Medicaid.
Children with special needs may qualify regardless of their parents income or assets.
Each state operates its own Medicaid waiver program.
Fechtman said that many families arent aware of these waivers.
TANF provides monthly cash assistance for families, while SNAP provides money specifically for buying food.
Both are income-based programs.
Money in a traditional checking or savings accounts could restrict a family from receiving public benefits.
ABLE accounts are tax-deferred similar to 529 college savings accounts.
However, ABLE account funds can be used for more than just education.
Fechtman said qualifying expenses also include health, wellness and transportation expenses for a child with a qualifying disability.
The annual contribution limit for 2022 is $16,000.
Fechtman said its relatively inexpensive to open and maintain an ABLE account.
Setting up an ABLE account could cost as little as $50, he said.
Look Into Assistance from Nonprofits
Government programs arent the only source of assistance.
Nonprofit organizations also provide help to families struggling financially.
Here are just a few organizations that help families in need:
4.
Having a will is a must.
Designating who will become the childs guardian is also key, he said.
Parents should look for someone who would be able to provide proper care.
It covers both parents, but it doesnt pay out until both parents are deceased.
One benefit of this pop in of policy is that premiums are generally much lower than for other policies.
If you only have one breadwinner, youd need to have individual insurance on that breadwinner, Fechtman said.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…