• Adoption Financing

In addition to the expenses that the adoption itself brings, there are additional expenses to consider when adopting a child. These should in no way be barriers to adoption, as they are part of child raising. These possible expenses should be thought about and planned for to prepare families for the future.

1. Children need medical health insurance coverage. Before a home study can be completed in many states proof of insurance is necessary. Will this increase the cost of your health insurance plan?
2. Does your current living situation leave enough room for the addition of a new child? If it does not and the plan is to relocate consider this financial commitment into the family budget with forethought and preparation.
3. It is very important for children to safely fit into the vehicles with car seats, booster seats, and seat belts. Does your family car fit each member of the household safely? If not, this is a good time to revaluate your family’s transportation needs.
4. The addition of a child will change the family finances. A smart move toward preparation would be to begin planning for this change before the adoption is final.
5. Will you or your spouse need to take additional time off of work in order to be home with your new child? If so, advance preparation in saving benefit time, learning about your employers FMLA leave program, and saving financially for any drastic employment changes are in order.
6. If your new child will be in day care this is an expense that should be planned for in advance.
7. If you do not already carry life and disability insurance this may be an important step to research. Life and disability insurance can provide financially for your child in case of unforeseen circumstances.

As with life in general there are unexpected financial needs that families face after an adoption. The wise move is to consider what these might be, understand your finances, and make wise and informed decisions with spending, saving, and investing. Talk with other parents about the financial changes that occur after adding a child. What costs does a new infant accrue? A toddler? A teenager? Use resources such as friends, family, books, and trusted Internet guides to assist in preparing financially for the adoption and all the days to come after.

Resources:
The Unofficial Guide to Adopting a Child
Andrea Della Vecchio, MA, M.Ed.
Wiley Publishing, Inc. Hoboken, NJ 2000

This entry was posted on Sunday, February 11th, 2007 at 5:26 am and is filed under Adoption Financing. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.