The Role Of Financial Planning For Special Needs Children

Over twelve million children across the nation suffer from chronic mental disability. These children eventually grow up to outlive their parents, which leaves them alone without any care. Many parents face problems when planning for their child s future. There is a lack of quality in services for special needs individuals once they become adults, forcing many to live without caregivers or the life skills necessary to live independently. Financial planning is one of the biggest things a parent with a special needs child can do to prepare for their future. Ten percent of Americans (ages sixteen to sixty-four) have a disability and are outliving their parents. Eighty-eight percent of parents with special needs children have not begun financially planning for their child to qualify for Medicaid. There are financial programs available for low income families to get health care for a child with special needs, however, it s difficult for parents to navigate the often called â€Å"lab yrinth† of paperwork needed (Clark 90). Medicare and Medicaid are health insurance programs set in place to assist people of low income and the elderly pay for their medical bills. Medicare is paid for by FICA (using their Social Security Income or Social Security Disability Income), by a deductible and monthly fee out of the patient s pocket, or by private insurance companies depending on what part (A, B, C, or D) the patient needs. Medicaid, however, is funded by both the Federal GovernmentShow MoreRelatedRole of Panchayati Raj Institutions in the Assessment and Identification of Disability1575 Words   |  7 PagesROLE OF PANCHAYATI RAJ INSTITUTIONS IN THE IDENTIFICATION AND ASSESSMENT OF THE SPECIAL NEED CHILDREN. 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