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  • Ed Carter

Personal Finance Tips for Parents of Children with Disabilities

Updated: Apr 15, 2023

Raising a child with a disability will inevitably involve lots of careful financial planning. Many parents struggle with the costs of healthcare and support services, and you might also worry about how your child will cover their expenses if you are no longer able to work and provide for them.

Working with an integrative occupational therapist can help your child make great strides in terms of their health and wellbeing. In addition, these personal finance tips can help you cover your child’s expenses and make reliable plans for the future.

Investing in Your Home

Perhaps you have realized that your current home presents some safety hazards for your child. You may be interested in making modifications to your home, or house hunting for an accessible property. Should you decide that moving is the right choice for you, you can utilize an online real estate search engine and work with a real estate agent to begin looking for accessible homes on the market. While you may not be able to find a move-in-ready home with every feature your child needs, Accessible Systems recommends looking at homes with hard flooring and floor plans that allow easy maneuvering of mobility devices.

Choosing Health Insurance

Health insurance can be expensive, so to save money while making sure your child’s care is fully covered, you’ll need to do some research. ABC Law Centers recommends finding out if your child will be eligible for any low-cost public health insurance options, such as Medicaid or the Children’s Health Insurance Program. If you will need to take out a private insurance policy, make sure to speak with a benefits administrator before choosing a plan.

Saving for the Future

Naturally, you’ll want to ensure that your child will have savings for the future, and you need the peace of mind that comes with knowing your child will be able to receive appropriate care even if you pass away. Start planning by working with a financial advisor. You can contribute to a special needs trust and set up an Achieving a Better Life Experience (ABLE) account. This will provide emergency savings for your child without cutting off their access to essential benefits.

Protecting Your Income

In addition to setting up a trust and the right savings accounts for your child, you can take out insurance to protect your own income and further safeguard your family’s finances. You will want to begin researching life insurance policies, which will provide your family with income if you pass away. In addition, you can take out a disability insurance policy, which will enable your family to receive a replacement income if you become disabled and are unable to work. While your child is your first concern, it’s also smart to consider your own future and how you can make sure your family is supported if you can’t continue working.

Looking for Support

You may not have to pay for all your child’s needs out of pocket. There are financial resources available to parents raising children with disabilities that your family may qualify for. For example, your child might be able to receive Supplemental Security Income, or you may be able to receive a grant from the Disabled Children’s Fund or the Administration for Children & Families.

As the parent of a child with a disability, you want to give your child the best life possible. Managing the costs of their care can be difficult, but with the right approach, you can make smart financial decisions for your family. By following these tips, you’ll feel confident about your family’s financial future and the quality of care you can give your child.

Looking for an integrative occupational therapist to work with your child? I can help! Send me a message through the contact form to get started.

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