Budget for Special Kids

 Having a kid on the way is a mix of joy and anxiety. While the arrival of that little bundle of joy into this world is exciting, you will know that in a few months, that baby will take up most of your time and money. Becoming a parent would mean you will have to make a big adjustments to your budget, especially if your child has special needs as in cases of congenital diseases and autism, among others.

 

As a parent, that your child has special needs can be difficult news to hear. It can be emotionally and financially crippling as you struggle to maintain the lives of your family, while caring for your special child. Parents have to keep up with the medical costs and regular check-ups. Also, they need to find good schools that can cater to their child’s needs; and schools that offer special education are quite expensive.

 

Here are some points you need to consider when you are caring for a child needing special attention:

 

1. Medical needs

 

Special medical treatment is required for persons with special needs; and your child’s medical needs should be your top priority. This includes medicine costs and regular check-ups that can take a toll in your budget.

 

To deal with this, it is advisable to make the most out of your medical insurance. Contact your insurer to clarify your insurance coverage and discuss the terms regarding your child’s condition. Getting hold of medical insurance authorization can be time-consuming, but it will definitely be worth it for your loved one.

 

1. Financial needs

 

You need to guarantee your child’s financial security for a lifetime. Opening a savings account will help ensure that your child gets what he needs even when something unexpected happens.

Your child’s financial needs include food, entertainment, clothing, and a care-giver. Having a care-giver is one thing but keeping up with the cost of having one can drain your resources.

 

Help is available depending on where you live. State and federal programs, social security benefits, and a few foundations can provide financial aid for your special child.

 

1. Educational needs

 

As a parent, you want the best for your child; and that includes giving him/her the best education you can provide. You have to know the special education laws and what they entail for your child.

 

In the US, there is an Individuals with Disabilities Education Act (IDEA), which states that children with disabilities should receive free public education for ages 3 to 21. This law also includes two protections:

·         The IEP or Individualized Education Program, which is intended to meet the exceptional educational needs of one child with special needs; it states that each education must be tailored to the child’s needs.

·         Due Process makes certain that no changes should be made in a child’s IEP without procedural protections.

 

1. Planning for the future

 

You won’t be around forever to support your child. An unsuspecting death of one or both parents will make a dent in your child’s budget. As mentioned above, you need to ensure that the care your child receives will last a lifetime. Having special needs trust funds, guardianship, and a last will and testament is a vital step in planning for your child’s future.

 

Life insurances offer protection depending on the type of insurance. Term life insurance insures your family for a specific period of time, while whole life insurances offer life-time insurance in the event of death or accident. Life-time insurances can add more coverage to your benefits depending on the annual dividends the company pays you.

 

You need to consult an attorney who focuses on planning for families with a child that needs special care. They can help you in establishing a special-needs trust. You can also contact financial planners, insurance agents, guidance counselors and professionals who specialize in needs planning. Trusts can hold stocks, real and personal property, and cash.  They can also be beneficial for parents knowing that their child will be cared for even when they are gone.

 

Having a kid with special needs can be hard, but there is no better motivation other than a parent’s unconditional love for a child. You can try family counseling if you need support during hard times. Also, set money aside to go on trips to take away some stress.

By Aj Aviado. Painter Musician and occasional blogger for DiscountQueens.