Parents and caregivers planning a lifetime of care for children with special needs can feel like they are trying to hit a continuously moving target. Between filing for government aid, financial planning, and navigating the healthcare system, it’s a full time job to organize proper care for a child with special needs. In addition to the time required to coordinate care, the expense can be daunting, even with health insurance and government aid programs factored in.
As parents age and the care needs of their child with special needs changes, they need to bring into focus a long term financial plan that will extend over the lifetime of their child. Every family is unique and requires a different financial plan. Everything about the family needs to be taken into consideration including state of residence, aid qualifications, specific medical requirements, and therapies needed to care for the person with special needs.
There are a number of ways to plan, save, and pay for care over a lifetime. Many will qualify for aid from Social Security and Medicare benefits. However, to maintain eligibility for these benefits, the assets of the person with special needs must remain under a certain threshold. This is where a qualified financial advisor can help take advantage of other financial tools such as an ABLE account, Special Needs Trust, and specialized life insurance policies that extend to the child. Developing the right portfolio mix of financial tools is essential to planning for a lifetime of care coverage. For families interested in exploring their options for everything from care plans to Special Needs Trusts, Hope Trust can help navigate healthcare needs and plan for the future.