Financial Tips for Families of Children With Autism
Families spend between $1.4M-$2.4M over their child’s lifetime when diagnosed with Autism Spectrum Disorder (ASD). Sora’s here to lower that number.
Having a child with autism impacts your finances differently, we can help level the playing field. Every diagnosis is different, and that makes it more challenging for families to find information and provide the proper treatment for their loved ones.
Families need on average 17.8% more income per year to care for their children with diagnosed ASD. It is estimated that the lifetime cost of raising a child with ASD is between $1.4M-$2.4M – a number that can have lasting effects on a family. Personal assistance and health care are the most expensive parts of caring for a child with autism, with medical equipment, hospitalizations and doctor visits also adding up. Medical costs overall are paid out of pocket at twice the rate they are for those who don’t have a disability.
Sora’s tips to optimizing your finances:
Know the in’s and out’s of your healthcare
Children’s Health Insurance Program (CHIP): Children’s Health Insurance Program (CHIP) provides financial assistance for families who have an impacted child and make too much money to qualify for Medicaid, but not enough to qualify for private insurance. Benefits differ depending on state of residence, but all states provide well-baby and well-child care, dental coverage, behavioral health care and vaccines.
Private Insurance: Families that have a child living with autism and have private insurance learn what their policy covers – and doesn’t cover. Things like long-term care, mental health services and physical, occupational or speech therapy are often not covered. If your insurance company denies a claim, challenge it. Some insurers will listen to an appeal. If your insurance doesn’t meet your child’s needs, shop around for an insurer that does.
You may qualify for tax breaks
There are tax breaks for parents of children with autism both in the form of credits, which lower the amount of tax to pay and deductions, which lower the amount of taxable income. Parents may deduct:
Home improvements to accommodate a disability.
Medication
Trips related to medical care
Medical equipment
Finding Housing Loans
Fannie Mae’s HomeReady mortgage allows a non-occupant, co-borrower on the mortgage, which means someone who has a good credit history can co-sign the loan, but doesn’t have to live in the home. Disability and Social Security benefits also count as income sources when applying, as does roommate or rental income.
Actively Reduce Your Debt
Debt management programs are a way to consolidate credit card payments into one fixed monthly payment, but they are lengthy (3-5 years) and costly ($40/month). Working with Sora, you can manage and consolidate your debt with a few clicks. Find where you can save with better interest rates on your home, auto, and personal loans.