Having a child can be hard enough, but having a child with a disability can be overwhelming. When a child has a disability, living with them can have a significant impact on the entire family, whether good or bad. On one hand, when you live with a child that has special needs, it can grow awareness to their strength and motivate others that surround them. But, on the other hand, the financial costs, emotional and physical requirement, and time that is affiliated with caring for a disabled child can have a ton of challenges down the road.
According to the article, Impact of Child Disability on the Family, written by Nancy E. Reichman she writes, “For parents, having a disabled child may increase stress, take a toll on mental and physical health, make it difficult to find appropriate and affordable child care,and affect decisions about work, education, and having additional children.” She explains that the costs of medical treatment and other services can be immeasurable to the parents financial situation. Today, financial specialist believe that raising a child until they’re 18 costs around 250,000 dollars, but parents with a child that has special needs costs 5 times as much or more.
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In addition to, the largest error that families make is putting off plans and strategies that could put a disabled child at risk. For instance, in order to be eligible for Medicaid and other programs, special needs kids can not have more than $2,000 in their name. Guardians who give special needs children money in their wills, could also make a child eligible for certain assistance. According to Stephen Gardner, the author of How to Prepare a Financial Plan for Families with Special Needs Children writes, “A severely autistic child can have annual medical bills of $60,000 a year or more, with a lifetime expense of over $3 million.” This proves that having a special needs child can be a struggle, so you need to make a financial plan in order to save your future.
Furthermore, when making a financial plan you first want to make an appointment with a team of specialist, which include an attorney, doctor, and accountant. Secondly, you want to generate a letter of purpose explaining the child’s medical history, allergies, doctors, and etc. Next, you want to create a will. A will gives route to the child’s keeper and courts on how it will be beneficial to the child. Lastly, you want to construct a Special Needs Trust which helps handle a separate system to hold money which won’t eliminate help for a child from other assisting programs.
Another key point is when you have a child with a disability it calls for a lot of emotional and physical support, especially when it comes down to schooling. When it comes to figuring out the educational system, parents with special needs children encounter a lot of problems such as, grasping what the rights are that their child can hold under I.D.E.A.
