Vague question, I know. I was just wondering, as a financial professional, assisting families that have children with special needs, but not personally experiencing the financial impact or insurance headaches, what are some daily key finanicial decisions you have to make regarding your child's care? Do you have to fight with insurance companies on what they will and will not pay for? What about medications, specialists etc.?
Also, I usually help families for future planning needs, in the event of the death of one of the primary caregivers, so I was also wondering what kind of thoughts and emotions you encounter when considering this subject.
Let me conclude in saying, I am not looking for business on this website...just your opinions to better understand the needs and concerns of families like yours.
Regards,
Candace
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What are some of the key financial decisions you face?
- By CRiddle
- Posted October 12, 2009 at 1:40 pm · 4 replies
- In Funding your child's care
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- By LucasDad
- Posted October 14, 2009 at 6:18 pm
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Hello Candace, Wow a vague question indeed as there are several financial concerns, questions, and decisions made. Our child's needs also changed over time so the financial need has changed as well.
We have State coverage insurance which overall has been great. They cover meds, most equipment, doc visits, and hospital stays. The problems occur when we get a recommended piece of equipment from a therapist or practitioner that isn't covered by this insurance so it's a fight to get them covered. Or another problem is when a drug changes or a doc prescribes a different med and the insurance kicks it back stating that they don't cover that one. Again a fight to get coverage then ensues. Our biggest challenge is one that I don't see easily resolved and that's alternative treatments. We've found some great "alternative" therapies and treatments for our son that have changed his life BUT insurance won't budge on what IS working WITHOUT side effects or stuff that's NATURAL instead of a medication. Those type of decisions are completely out of pocket. The emotional drain is constant because here you got a treatment/therapy working wonder for you child and no help from the "insurance" you have for your child to get better. One big challenge before kids in general was retirement planning. Now with a child having special needs that thought has almost been put on hold until we can get caught up on the financial strain of these treatments we've decided to go with. However in reality the treatments don't have an end date as our child potentially will require assistance for life.
Good luck on your research and hope that helps some.
- By CRiddle
- Posted October 19, 2009 at 10:12 am
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Hello,
Thank you for your reply. This certainly sheds some light on some of the frustrations you must be facing every day. As a mother I know the desire to provide the best possible care for your child (using what IS working as opposed to what the insurance company tells you). I have been down that road, however, not a permanent day by day basis.
Coming out of pocket on many of the expenses is certainly tough, but I know something you want and have to do for your son. This, I would assume, leaves very little discretionary income for retirement planning and other future planning. Have you considered any alternatives or found any solutions to this issue?
- By LucasDad
- Posted October 20, 2009 at 5:41 pm
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Retirement? What's that? ;) Sorry, but that's a bit of a joke around here right now. However the journey with our son has led to some incredible opportunities to help others. Recently we started a Charity organization that we call Cerebral Palsy Hope Foundation. It was originally started to be a pathway for collecting donations toward our constant financial needs in my son's therapy. However the gift here is that we are now seeing a potential at assisting other families in their financial needs. A reward greater than a big portfolio (Although I know that still needs attention for sure) but nevertheless a chance to help a community of people who have helped us so much over the years. As this Organization is built it can potentially eliminate a good chunk of the financial worries and get us back on track to having a retirement plan. We also cut back on "stuff" we though was important like a big house (sold it) New cars (now driving paid off used cars) and credit card debt (Paid off all cards). These "solutions" are all part of getting closer to planning a retirement again ;) If you have any other suggestions please feel free to share as I'm sure I'm not the only one in this boat.
- By CRiddle
- Posted October 21, 2009 at 12:10 pm
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Wow! Congratulations on being so disciplined. You are certainly on the right track. It must be a great feeling knowing that you have the ability to help others in a similar situation.
Retirement planning may be on the back burner, however, one thing you could do, if you haven't already, is set up a Special Needs Trust for your son to protect his eligibility for SSI and Medicaid, should anything happen to you. This works three-fold...it protects his benefits, ensures quality of life (funding the things he likes to do as opposed to just the necessities) and can help you save for retirement at the same time..YES RETIREMENT! How?
You can fund the Trust with a term insurance product (10, 15, 20, 30 yrs) with ROP (return of premium)! This simply means that if you outlive the term of the policy, you get every dollar you ever paid into it back. This protects your son and funds the trust during that term should anything happen to you and provides a savings for you if not.
At the end of the term you can take the lump-sum cash and put it into a permanent survivorship policy (if you're married), an annuity, or convert the term to permanent insurance for yourself (regardless of insurability).
Interesting isn't it?
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