Part 4: Caring for someone with special needs: Assessing the costs of care.
How do you assess the costs of care?
A knowledgeable professional can help determine the anticipated costs associated with the care of an individual with special needs, based on variables determined by his/her parent or guardian. This may include:
- An individual’s ability to function and/or work independently.
- The desired lifestyle for your child, and the summary of monthly attendant or aide expenses that are not covered by government programs or private insurance.
- Future monthly housing, educational, recreational, and medical costs.
- A cost estimate of anticipated additional support and finances needed, such as counseling or advocacy services.
- Government benefit eligibility, likely duration of eligibility, and expected aid amounts.
You may find our planning tools and calculators helpful when estimating your finances
So what’s next? Talk to others in your community, including parents, resource groups, and professionals. And contact your agent. When it comes to your family’s financial future, your New York Life agent can help you find solutions that fit your needs. And if you don’t have an agent, we’ll help you find one in your local area. Simply use the Talk to Us tab or the Consult an Agent form on the page, and an agent in your area will contact you at your convenience. Or click here to learn all the ways you can do business with us.
You can also learn more about planning for someone with special needs in our series:
Caring for someone with special needs: Where do you start?
Caring for someone with special needs: A look at federal and state programs.
Caring for someone with special needs: Special needs trusts and finding the right professional to help.
Caring for someone with special needs: Guardianship and finding peace of mind.