Financial planning for a family is always tough. As a parent, you want to give your child the best life possible, no matter the obstacles they may have to maneuver. When a family has a special needs child, the financial planning gets even more difficult. Special needs children require many extra services to help them manage daily life and schooling. These services are expensive, which forces many families to compromise on what they can do as a family and what services are essential to their child’s success. Luckily, there are financial tools for special needs families that can help tremendously.
Free services
If your child is enrolled in or will soon be enrolled in public school be sure to talk to a representative of your district and school to find out the free services and help your child may qualify to receive. Often these services aren’t readily offered to your child but are available when asked about. Talk with your child’s teacher about the possibility of an aid, extra tutoring, and other specialists that may be available to help your child learn. These services can be paid for by hiring a private tutor or aid, but many schools provide them for no extra cost to the family.
Set Up a Special Needs Trust
When your child reaches the age of 18, they will be considered a legal adult. This means that, for them to hold any benefits through the government, they will need to hold less than $2,000 in their own name at a time. This can be difficult to do if they inherit money, have a higher income, or have a savings account in their name. One way to avoid them losing their qualifications for government benefits such as Social Security is by establishing a special needs trust for them. This holds money allocated for living expenses and essentials without affecting their eligibility for government programs for special needs adults.
Sign up for government programs
The government put in place multiple programs to help families with special needs children financially. Below is a list of some of the programs you may qualify for.
Supplemental Security Income
If your family’s household income is lower than a certain amount and you have a child with a qualified disability, you may be eligible to receive cash payments. These payments are meant to be used to help the child with their needs.
Medicaid
Medicaid is a program to help cover your child’s health costs. If your child qualifies for Supplemental Security Income (SSI), they will automatically be eligible for Medicaid coverage. This insurance will help cover essential medical costs that your child needs.
Temporary Assistance for Needy Families
This program provides temporary financial assistance and other helpful services to low-income parents. There are different requirements to qualify by state, and if you qualify, you may be able to receive additional monthly cash payments.
There are plenty of other financial tools for special needs families that help parents provide for their children and ensure they’re given the care, coverage, and education that they need. Talk to a local representative about the programs in your state and to find out if you qualify.
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