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Raising a child with special needs presents many rewards and unique challenges. From medical bills to the cost of caretakers and educational therapists, the expenses that come with caring for your child’s needs can quickly stack up.
Learning how best to budget for your child’s future can prepare your family for success on the road ahead.
A prenatal diagnosis of a potential disability in your unborn baby can come as a shock. But keep in mind that the earlier you receive a diagnosis, the sooner you’re able to prepare.
Learn what you can from your doctor or specialist about your baby’s condition. Have your partner or a close family member accompany you to lend a second set of ears and take notes.
Some babies with special needs need to stay in the hospital under observation for a few extra days to ensure the stability of their health before going home. Resources like Ronald McDonald House Charities can provide a place for you to stay near the hospital at little to no cost.
Once home, you may find an extra pair of skilled hands a comfort in caring for your baby. Recruiting the help of a pediatric nurse can alleviate some of the anxiety in administering the specialized care your baby needs.
Also look into baby accessories that can help you keep an extra vigilant eye on your little one, such as a two-way video baby monitor or an Owlet Smart Sock, which tracks your infant’s heart rate and oxygen levels while they sleep.
Linda Smith
Disabilities Advocate, Author, Fundraising Consultant, Speaker and mother of a down syndrome son
Most new parents are not prepared for the birth of a special needs child. When a child is pronounced as disabled at birth, often the parents are ill-prepared and there is a grieving process that happens over the loss of the child that was supposed to be. Soon, parents learn to accept the perceived shortcomings of this “lessor child” and find joy in a life that at first they would have done anything to avoid.
First, in the case of pre-diagnosis during pregnancy, try to meet other young families, check with organizations that serve special populations and ask for introductions.
Secondly, check the Internet. There are a plethora of resources and lots of advice available.
Third, find the best and most sympathetic pediatrician available. Hopefully you can find someone who understands the follow through that is required, as most often a child with a developmental disability remains a child for life.
And lastly, parents should also prepare as they would for any other child — with the bonus of living a life filled with unexpected twists and turns as they hang on tight to a roller coaster ride of a lifetime.
Parenting a child with special needs is both rewarding and challenging. One challenge is that of budgeting for the expenses associated with specialized care and equipment for your child.
Possible expenses involved in raising your child include:
About 5% of all school-age children in the US are diagnosed with a disability that includes developmental disorders, difficulty seeing or hearing and those with some form of cognitive impairment.
The average expected costs for five of the most common disabilities found in American children vary, given the care, education and other support necessary for quality of life.
The Achieving a Better Life Experience (ABLE) account is a tax-advantaged, state-run savings program specially designed for children and adults who have a disability.
Contributions to ABLE accounts are exempt from federal income tax as long funds are spent on qualified expenses, such as job training, specialized education and housing costs.
While not all states offer ABLE accounts, many states that do allow for out- of-state applicants. Some ABLE account contributions are also eligible for state income tax deductions.
The potential costs associated with specialized care for your child might sound daunting. But government programs designed to help alleviate the financial strain of caring for a child with special needs include:
Making sure that your child with special needs has every opportunity and advantage they’re eligible for is a matter of planning ahead.
Setting up a trust or ABLE savings account can providing your child with a financial safeguard for the future. And public resources — like tax credits, deductibles and funded government programs — can ease the financial strain of delivering the care your child needs to succeed.
Read, research and connect with other families to learn more about the resources available in your community.
These are some of the most frequently asked questions about this topic. If you still have questions, please get in touch with us.
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