Family caregiving is often associated with the different kinds of support provided to seniors, usually by relatives or close friends. The truth is that it often involves care given to children, especially if they have special needs. About 44 million Americans provide 37 billion hours of unpaid, “informal” care each year to family members and friends with chronic illnesses or conditions that prevent them from handling daily activities.1
Caring for a child with special health care needs, whether it be a physical disability, Down Syndrome, epilepsy, aphasia, ADD, ADHD, a disorder on the autism spectrum, a learning disability or any chronic problem requiring additional support, can be stressful and exhausting. The caregiving often evolves into taking on a dual role—supporting both the child as well as aging parents. The time consumed in caregiving can compromise job performance at work, opportunities for advancement and benefits. The financial hardship is real—on average, the total annual health care expenditures for children with special health care needs were more than three times as much compared to other children.2
Financial caregivers need to determine how to cover essential services, which routinely include medical care, equipment and expensive medication. Financial planning for the caregiver’s own elder care often involves the inclusion of continued financial support for an adult son or daughter with special needs. The importance of consulting with an attorney who specializes in special needs families cannot be overstated. Monitoring the financial accounts and credit reports of the special needs child, as well as any trusts that have been established, will help ensure their security even after the aging caregiver is no longer able to provide support.3
1 https://www.caregiver.org/caregiving
2 http://www.apa.org/pi/about/publications/caregivers/faq/financial-costs.aspx citing (Newacheck & Kim, 2005)
3 http://www.caregiver.com/articles/children/planning_for_special_needs_children_prt1.htm