FINANCIAL FOCUS
Planning for a Lifetime:
Key Considerations for Parents of Special Needs Children By Jeff Vistica, CFP™, ChSNC®, AIF®
ACCORDING TO THE CENTERS FOR DISEASE CONTROL AND PREVENTION (CDC), DEVELOPMENTAL DISABILITIES AFFECT APPROXIMATELY 17 PERCENT OF CHILDREN AGED THREE TO 17 IN THE UNITED STATES. AS MEDICAL ADVANCES HAVE CONTINUED, IT’S BECOME MORE LIKELY CHILDREN WITH SPECIAL NEEDS MAY OUTLIVE THEIR PARENTS. ACCORDING TO THE NATIONAL DOWN SYNDROME SOCIETY, THE AVERAGE LIFE EXPECTANCY OF A PERSON WITH DOWN SYNDROME IS 60 TODAY. IN 1983, IT WAS ONLY 25.
T
he Journal of the American Medical Association suggests the lifetime costs for caring for a person with autism to be $2.4 million.
As parents and caregivers to children with special needs, we’re faced with challenges most can’t imagine. The University of Wisconsin did a study that demonstrated mothers of children with autism had stress hormone levels similar to soldiers in combat! This stress emanates from ongoing worry for the health and safety of your child, guilt you did something wrong, feeling like you need to be an expert on your child’s physical or cognitive impairment, tirelessly advocating for medical treatments, school programs, and accommodations, and paying for it all. Here are five important considerations, along with resources, for parents of special needs children:
54 | Exceptional Needs Today | Issue 3
1
EMOTIONAL WELL-BEING FOR THE ENTIRE FAMILY Parents of children with developmental disabilities have higher rates of physical and mental health issues than parents of children without these conditions. Are you taking time to look out for your emotional and physical well-being? Having a child with special needs places enormous stress on a marriage and other relationships. Too often, parents ignore their own mental health issues because they are understandably overwhelmed with caring for their child. You can find a helpful list of support groups for parents of children with special needs here.
2
FINANCIAL PLANNING Planning and getting started early is critical for parents of special needs children. Understand the ongoing estimated costs to help support your child. Set up a third-party special
