Loans for Parents With Disabled Child
The federal, state and local governments in the US offer several ways to help parents with disabled children. Parents with special needs children are also burdened with additional expenses.
According to the US Department of Agriculture, it takes around US$ 233,600 to raise a child from birth to 18 years of age.
This expense comes to about US$ 12,978 per year. This cost increases dramatically if the child is disabled.
Depending on the severity of the disability, the total cost for raising kids with special needs can run anywhere between US$ 1.5 million to US$ 2.4 million for their lives.
This includes the expense of occupational, behavioral and life skills therapy. This also includes expenses for private caregivers and private schooling.
However, this burden is lightened considerably with the help of numerous loans for parents with disabled children.
Seeking Loans for Parents with Disabled Child
Here’s a look at some of the main resources that can help cover a major portion of the cost to raise a child with special needs:
1 – Supplemental Security Income for Special Needs
The Supplemental Security Income (SSI) is a form of social security benefit. It is the only source of federal funding reserved for children with special needs.
SSI for special needs children can become the lifeline that prevents their families from getting into poverty.
Although not every child may be eligible, the SSI is aimed at helping disadvantaged families. Hence, you can expect to get a limited amount.
However, you can expect to get around US$ 790 per month if your child qualifies. In many states, parents with a disabled child who is eligible for SSI also receive Medicaid benefits.
Eligibility criteria dictate that the child must be suffering from “marked and severe functional limitation” which should be proven by medical evidence.
Parents with children suffering from Down syndrome, autism, cerebral palsy, intellectual disability and blindness are eligible for this benefit.
For details on complete eligibility criteria and application process, you can visit the SSA official website at https://www.ssa.gov/ssi/.
2 – Healthcare
Parents with disabled children can apply for several government-funded programs or private insurance companies to cover treatment expenses.
Medicaid and CHIP are the leading government-backed initiatives aimed at helping parents with disabled children.
In 2021, the average financial eligibility level for CHIP and Medicaid for children stood at 255% of the federal poverty level. This comes to around US$ 55,386 annually for a family of three.
Medicaid benefits help to cover long-term medical and healthcare services for special needs children.
This is a great way to cover expenses for doctor’s visits, lab tests, prescription drugs, behavioral health, dental, vision and hearing care.
It also covers the cost of physical, occupational and speech therapy along with medical supplies, private nursing costs and equipment expenses.
For additional details on eligibility criteria and the application process for this, you can visit the official website at https://www.healthcare.gov/medicaid-chip/childrens-health-insurance-program/.
3 – Tax Credits for Special Needs Families
Tax exemptions are another important way to relieve the burden of taking care of children with disabilities. This alleviates the burden of the expense of the household drastically.
You can seek tax deduction and reimbursement for medical expenses when filing your federal income taxes.
If the amount exceeds 7.5% of your adjusted gross income (AGI) then you can have the tax deducted from it.
The deductible expenses may include prescription medicines, doctor’s bills, medically required diet, fuel expenses and therapy supply costs too.
To learn additional details of eligibility criteria and the application process for this, you can choose to visit the website at https://www.specialneedsalliance.org/the-voice/income-tax-benefits-for-families-with-special-needs-children-2/.
4 – Grants for Special Needs
There are several grants offered to parents with disabled children. The eligibility criteria and application process for each grant may vary greatly.
Plus, the funds are also limited and usually disbursed on a first-come, first-serve basis.
Some of the top grants for special needs kids in the US include:
- Parker’s Purpose Foundation Assistance – This provides financial aid up to US$ 1,000 to a family who has a minor with a life-altering disability or illness. This financial assistance is meant for such families who are at risk of immediate financial crisis due to unexpected medical expenses.
- Autism Cares Today SOS Program – This program supports families impacted by autism who are in urgent need of treatment or support. This program benefits families whose safety could be jeopardized if treatment is not received immediately.
- First Hand Foundation – It provides financial assistance for items and equipment that help improve the quality of life of children with disabilities. This initiative is aimed at parents whose child’s condition is not covered by their medical insurance policy.
- Ben’s Fund – This program offers US$ 1,000 to families in the Washington State area who need financial aid for their child’s autism treatment.
A child with special needs can seem to bring years of financial challenges due to their special medical needs.
However, you can easily alleviate this burden by taking advantage of the several loans for parents with disabled children offered by the federal, state and local governments.