Finding the Best Health Insurance for Children With Special Needs

best health insurance

Having a child nowadays is costly, what more if you have a special needs child? Those families that have special needs children, even the smallest things can become very complex. It’s very different from normal families. Because the children have special needs, they need more attention and specialized planning for them to have their future secure.


You Have to Think About These Questions:

  • How can we pay for the therapies our child needs?
  • Is there a health insurance for children only?
  • Who will help with my child’s finances when he or she grows up?
  • Where will my child live when we’re gone?
  • Who will take care of my child when we’re gone?


In order to ease your worries, you need to start planning for your child’s future, especially in finances. Below is a list that you can do to ensure that your child’s future is bright.


Set Up a Special Needs Trust.

Start planning and set up your child’s special needs trust. This is the most important thing you can give your child once they grow up. Your child would benefit from the special needs trust but does not own the money. It is owned by a trustee. This can cover the cost for care giving


It is also possible to have a special needs trust that has term life insurance. It could help cover medicine or other health costs not provided in health insurance.


Utilize Government Health Benefits.

Look for Government and health insurance programs compatible with your child. They can help you get health coverage for free or with a minimal cost. They can also help cover for anything that your health insurance doesn’t.


In Considering Health Insurance:

  • Make sure you know how your health insurance the policy works. Your child should be able to greatly benefit from them.
  • If possible, get aninsurance with a case manager. They would focus on your child’s needs and give you any feedback with your coverage.
  • Before you enroll your child with health insurance, try to make sure it covers all your child’s health care needs. You can purchase another one to be sure.


Find an Expert to Help You Out.

If you’re having trouble in planning for your child’s finances, you can hire a financial planner that is an expert with children with special needs.


Other Things That You Can Do to Make Sure Your Child Has Financial Freedom:

Write a Will.

A will would state what will happen to your assets and your properties when you die. Indicate in your will that your assets and properties can be taken over by the special needs trust, not your child. If possible, do not include your special needs child as your beneficiary because it could make them ineligible for government benefits.


Obtain a lawyer that is knowledgeable about special needs children and state disability laws. Once a will is drafted, give a copy to your lawyer, any guardians and executors that is included in the will.


Select a Guardian/Trustee For Your Child.

A guardian or care giver will look after your child once you die. Make sure that person is committed in taking care of your child. You should have their consent and have a plan on what to do with your child’s future. While your child is young, you can also look for suitable insurance that is compatible for your child. There are kinds of health insurance for children that can cover those with special needs.


A trustee is the one will manage your child’s special needs trust after you die. This can be any one that you can trust, not just a relative. The trustee would have to keep records on how the money is spent and invested. A trustee can also be your guardian but it is advised to have it separate for financial reasons.


Save, Save, Save.

Open a savings account or any account that your child can use for the future. Even the smallest amount can count.


Create a Letter of Intent.

A letter of intent will include all the personal details your child has, their preferences, doctors, medical history, medication, schedules and other important information. This is needed when you plan for your child’s future when he becomes an adult.


Educate and Involve Family Members.

Most of the time, family members help each other out, even with finances. Make sure to let them know of any financial obligations they have or what to do with your child’s funds.