Everyone knows that parents will end up spending a boatload of money on raising their kids before they grow up and are out on their own. Estimates are usually in the $300,000 to $400,000 range over the course of 18 years. However, parents of disabled children can expect to spend much more.
A recent report estimated that approximately 20 million families in America have special-needs children, although not all of them have disabled children. As detailed in the report, the key to making sure that disabled children have everything they need is sound financial planning. For some families, this will mean an entire overhaul of the household budget, with an eye toward future medical expenses and others costs that will inevitably arise with disabled children. For others, the struggle is all about simply finding the financial resources to make ends meet.
The article pointed out a crucial source of financial assistance that many families with disabled children can rely upon: Supplemental Security Income. Millions of families throughout the country receive SSI benefits to assist with the unique financial needs of disabled children. These monthly benefits, which could end up being about $1,000 or so, can go a long way toward helping families meet their financial obligations.
SSI benefits can be an important part of a family’s overall financial plan. Applying for SSI benefits, however, can be a complicated process. There are quite a few requirements that must be met, and the applications are carefully scrutinized. Getting the right information before submitting an application could make the difference in whether or not the application is approved.
Source: Daily Finance, “Special Needs Kids Need Special Financial Planning,” Drew Trachtenberg, Nov. 13, 2014