Financial planning is essential no matter what type of family you have, but if you have children with additional needs, you need to be extra vigilant. 

The financial challenges that a family with disabled children will face are different from regular caretaking. Therapies, support, the requirement for hcs, medical procedures, caregiving, respite, and equipment will all need to be budgeted and accounted for. 

So here are some handy tips and considerations that you’ll need to make. 

 

 

Guardians

 

If anything should happen to the primary caregivers, the guardians will need to have access to financial support to take care of the child or children. In this case, it is imperative that there is more than one guardian assigned and outlined in the will. 

As well as that, there should be arrangements that allow the guardians to quickly access any cash that is available for the care of the child or children. 

The financial plan is part and parcel of creating a long-term care plan and planning for all possible eventualities. 

 

Financial Adjustments

 

Once you understand more about what your child will need as they grow, you will have a clearer idea of how you need to make adjustments to your own financial plans. 

It is essential to do a realistic assessment, and as you do so, look for financial support options. 

  • Consider if you currently have debts, you will need to manage
  • Will you need to scale back current spending
  • Do you need to increase your savings
  • In the existing circumstance, could you cover the cost of your child’s predicted expenses?

It can be an excellent idea to speak directly with an accountant, as they will be able to go through your current position and outline how to make the proper adjustments. 

 

Resources

 

Which financial resources will you have access to? There are many that you might not think you qualify for – but it is always worth checking what is available right now. 

 

Social Security Disability Benefits

There are cash benefits for adults that become disabled before they reach the age of 22. This is in the form of SSI, supplemental security income. 

 

Medicare 

Medicare, which is better recognized as health insurance for the elderly, also covers certain disabled persons under the age of 65. You can enroll in Medicare Part A, which covers hospitalization, and Part B, which covers doctor visits and medical equipment if you qualify for Social Security disability benefits.

 

Medicaid

Medicaid pays for the care of disabled children, usually through state-specific Medicaid waivers. 

 

 

Goals

 

The care that your child will need will change as they grow, which means you will need to make adjustments to your plans. It could be that the older they get, the more extensive the care needs, and the bigger the savings you will need to have. 

It is important to set saving goals that align with the expected cost of care – and add some on top for the ‘just in case moments. 

Almost everyone will benefit from improving how they save, and here are some great tips: Small Steps Towards Improving Your Financial Situation. 

 

(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)