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How to Financially Plan for a Special Needs Child?
When your child receives an autism diagnosis, your world shifts in ways you never imagined. Among the whirlwind of emotions, appointments, and new terminology, one crucial aspect that families often overlook is autism financial planning.
The numbers tell a sobering story. Data from Research in Autism Spectrum Disorders estimates that supporting an individual with autism costs approximately $3.6 million over their lifetime. For families already juggling therapy appointments, specialized education needs, and daily care routines, these financial realities can feel insurmountable. Yet with proper planning and the right autism financial resources, families can build a secure financial foundation that supports their child’s needs without compromising their stability.
In Georgia, many families are unfamiliar with the financial supports available to them or how to begin mapping out a plan that accommodates their child’s needs as they grow. In this blog by ABA Centers of Georgia, we’ll explore what autism financial planning involves, what benefits are available in Georgia, and how you can begin building a secure path forward.
Why Autism Financial Planning Matters
The needs of individuals on the autism spectrum can vary widely and evolve. Some may require lifelong care and support services, while others might thrive with minimal assistance.
Regardless of the severity of the diagnosis, families benefit from a plan that anticipates these possible outcomes.
Without a financial strategy in place, parents may find themselves unprepared for the high costs of therapy, medical care, or housing in adulthood.
Autism financial planning gives families the power to:
- Make informed decisions about therapy, schooling, and services
- Access all state and federal benefits for which they are eligible
- Set aside funds for long-term care without jeopardizing benefit eligibility
- Reduce financial stress and gain peace of mind
Autism Financial Resources in Georgia
Fortunately, Georgia offers various financial resources for autism that families can utilize to alleviate the financial burden. Some of the most common resources include:
- Katie Beckett Waiver (TEFRA): Allows children with disabilities to qualify for Medicaid benefits even if their family income exceeds the typical threshold.
- NOW/COMP Waivers: Provide support for individuals with intellectual and developmental disabilities, including autism. Services can include community living support, respite care, and behavioral assistance.
- SSI (Supplemental Security Income): Monthly financial support for children with disabilities. Qualification is based on family income and resources.
- Medicaid and PeachCare for Kids: Government health insurance programs that may cover a range of therapies, including ABA.
- Georgia STABLE Account: A tax-free savings account for individuals with disabilities that won’t interfere with Medicaid or SSI eligibility.
- IDEA Funding (Individuals with Disabilities Education Act): Provides resources for individualized education plans (IEPs) through public schools.
Understanding and navigating these autism financial resources can be overwhelming. Families are encouraged to work with a financial advisor or an advocacy organization familiar with disability benefits in Georgia.
7 Steps to Create an Autism Financial Planning
Developing a comprehensive autism financial plan for your child with autism requires careful attention to both immediate needs and long-term goals. This systematic approach ensures you’re building a foundation that can adapt to your child’s changing needs over time.
Step 1: Assess Your Current Financial Situation
Begin by creating a detailed inventory of your family’s income, expenses, and existing assets. This assessment should include all sources of income, from salaries to government benefits, as well as a comprehensive list of autism-related expenses. Track costs for therapy, medical appointments, medications, specialized equipment, and any educational supplements you’re currently providing.
Don’t forget to include indirect costs such as reduced work hours, increased transportation expenses, and additional insurance premiums. Many families discover that autism-related expenses represent 20-30% of their total household budget, making this assessment crucial for realistic planning.
Step 2: Establish an Emergency Fund
Families affected by autism need more robust emergency funds than typical financial planning suggests. Aim for six to twelve months of living expenses in an easily accessible account. This fund should account for potential income disruptions, such as taking extended time off work, unexpected medical expenses, or urgent equipment needs.
Consider the unpredictable nature of autism care when building this fund. Therapy schedules may change, new treatments may become available, or your child may require additional support during transitions or periods of developmental change.
Step 3: Maximize Available Benefits
Conduct a thorough review of all available benefits and ensure you’re maximizing each program’s potential. This review includes understanding the specific coverage details of your health insurance plan, applying for all eligible state and federal programs, and staying informed about changes in benefit programs.
Work with your healthcare providers to ensure proper documentation for insurance claims and benefit applications. Many families miss opportunities for coverage simply because they lack the necessary documentation or aren’t aware of all available services.
Step 4: Plan for Educational Expenses
Educational planning for children with autism extends beyond traditional college savings. Consider costs for specialized tutoring, alternative educational programs, vocational training, and life skills development. Some families find that traditional 529 education savings plans don’t cover all their child’s academic needs, making diversified savings strategies essential.
Research educational options in your area and their associated costs. Options might include private schools specializing in autism, alternative therapy approaches, or post-secondary programs designed for individuals with disabilities.
Step 5: Address Long-term Care and Housing
Long-term planning requires consideration of your child’s future living arrangements and support needs. Research costs for supported living programs, group homes, or in-home care services in your area. These expenses can vary significantly based on your child’s level of independence and the type of support they require.
Consider how your child’s needs might evolve. A child who requires intensive support today might develop greater independence with proper intervention, while others might need consistent, long-term care throughout their lives.
Step 6: Protect Your Family’s Financial Future
Estate planning takes on additional complexity when you have a child with autism. Consider how your assets should be distributed to provide for your child’s lifelong needs while preserving their eligibility for government benefits. Think about creating specialized trusts and updating beneficiary designations on retirement accounts and life insurance policies.
Review your life insurance coverage to ensure it adequately provides for your child’s future needs. Many families require additional coverage to account for the higher costs of caring for an individual with autism throughout their lifetime.
Step 7: Work with Professionals
A financial advisor with experience in disability planning can help you manage investments, set realistic goals, and understand the implications of federal and state benefits.
Considerations for Financial Planning for Autism in Georgia
Georgia’s programs and benefits may differ from those in other states, so it’s essential to understand local regulations and availability. Additionally, here are some important considerations:
- Watch for waitlists: Many waiver programs have long waitlists. Apply early, even if you may not need the service right away.
- Maintain thorough documentation: Keep accurate records of diagnoses, medical appointments, IEP meetings, and all relevant communications with external agencies.
- Educate yourself continuously: Laws and benefit programs are constantly changing. Staying informed helps ensure your child receives the support they deserve.
- Involve your child when appropriate: As they grow older, consider their input in the planning process. Including them helps build self-advocacy and independence.
Supporting Families at ABA Centers of Georgia
At ABA Centers of Georgia, we recognize that autism financial planning is an integral part of the broader picture in raising a child on the spectrum.
We offer insurance benefit verification to help families determine whether their child qualifies for ABA therapy coverage under their plan. Our administrative staff also guides parents through the process of accessing benefits, understanding co-pays, and maximizing available autism financial resources.
Our goal is to reduce barriers to care so that every child with autism in Georgia can thrive. Whether you’re just beginning your journey or planning for your child’s future adulthood, ABA Centers of Georgia is here to walk with you. Call us at (855) 929-5058 or schedule a free consultation to check your insurance benefits.
