Our children are our greatest love as parents, and we only want the best for them. Although having a child with special needs may not be what you had anticipated, parenting your child will be an even greater experience.
Raising a child with special needs is a journey filled with unique challenges, joys, and responsibilities.We are all aware of how expensive and rising living expenses are in Singapore. Thus, it is crucial for parents to begin planning for their children as soon as possible.
Planning for your child’s education and ensuring that they can care for themselves while you are not around are equally vital as financial planning.
Here is a quick primer for parents outlining some of the most significant issues you should be aware of.
Strategies for Setting Goals and Planning for the Future
Beginning to prepare for raising a kid with special needs can be difficult for new parents, especially if you still need to provide for your child financially after you pass away.
You will typically need at least $14,000 per year, before subsidies, to raise a child with special needs. This implies that before a child turns 18, they will have spent a total of about $210,000. And your expenditure increases significantly if you factor in the price of treatment sessions, enrichment classes, childcare, etc. This is why it’s critical to understand the types of government aid and subsidies that are available to you.
Understanding your own financial condition and your objectives is crucial before you begin preparing. Is it your intention to provide for your child’s needs financially for the rest of their life? When they get older, would your child be able to support themselves partially through employment? Do they need someone to look after them once you pass away?
While planning for the future of a child with special needs can be challenging, it is a powerful demonstration of love and commitment. With a well-structured plan, a strong support system, and unwavering dedication, parents can ensure that their child’s journey is filled with opportunities and a fulfilling life.
Government subsidies and support programs for individuals with special needs in Singapore are essential resources that can significantly alleviate the financial burden on families. These programs are designed to address the diverse needs of individuals with special needs across different age groups. Let’s explore some of the key programs and support available for various age groups:
For Children: Child Development Account (CDA)
Every Singaporean child qualifies for a Child Development Account (CDA), which is a special savings account. The government matches every dollar saved into the CDA dollar-for-dollar, effectively doubling the savings. Additionally, each CDA receives an initial deposit of $3,000 from the government.
The CDA can be used to cover various expenses, including:
Special Education Schools:The funds can be utilized to pay for special education schools that cater to children with diverse learning needs.
Early Intervention Programs: Early intervention programs are crucial for children with special needs. The CDA can help cover the costs of these programs, which aim to support the child’s developmental and educational needs from a young age.
To apply for the CDA and learn more about eligibility and benefits, you can visit the official website: [https://www.babybonus.msf.gov.sg](https://www.babybonus.msf.gov.sg).
For Working Mothers and Single Fathers: Subsidies
Working mothers and single fathers can access various subsidies to reduce their financial expenditure while raising a child with special needs. These subsidies can include:
Subsidies for Therapy and Services: These subsidies help cover the cost of essential therapies and services, such as speech therapy, occupational therapy, and physiotherapy.
1. Subsidies for Assistive Devices: Financial assistance is available for assistive devices like wheelchairs, hearing aids, and communication devices.
2. Financial Aid Programs: Families may qualify for financial aid programs that provide additional financial support based on their income and specific needs.
3. Employment Assistance: Some programs offer employment assistance and job placement services to parents of special needs children, helping them balance work and caregiving responsibilities.
It’s essential for families to stay informed about the eligibility criteria and application procedures for these subsidies. Government agencies, such as the Ministry of Social and Family Development (MSF) in Singapore, typically oversee these programs and provide detailed information.
By leveraging these subsidies and support programs, families can better manage the financial challenges associated with caring for children with special needs, ultimately ensuring access to essential services, education, and resources for their well-being.
Starting the financial planning process for raising a child with special needs can seem overwhelming, but breaking it down into manageable steps can help you navigate the journey effectively. Here’s where to begin:
Consult Medical Professionals:
Begin by consulting with your doctor or healthcare professionals to understand your child’s condition and potential needs. Gather information on what to expect in terms of medical care, therapies, and interventions.
Create a Financial Planning Checklist:
Develop a checklist that outlines expected expenses from birth until your child’s targeted independence. This should include both regular healthcare costs and specific expenses related to your child’s special needs.
Anticipate Pregnancy and Birth Costs:
Factor in pregnancy and birth-related costs, such as prenatal check-ups, scans, delivery costs (natural birth or Caesarean), and the expenses associated with your hospital stay. Understanding these initial costs is crucial for your budget.
Identify Specific Special Needs Expenses:
Detail the potential expenses related to your child’s special needs, such as therapy sessions, medical equipment, assistive devices, and any specialized treatments or interventions. Consider the level of hands-on care they might require.
Ongoing expenses
Ongoing expenses when raising a child with special needs can vary significantly based on their specific requirements and the choices you make regarding care and education. It’s important to anticipate and plan for these ongoing expenses as your child grows and develops. Here are some key factors to consider:
Therapy and Treatment Costs:
Depending on your child’s needs, you may incur expenses related to therapies such as physical therapy, occupational therapy, speech therapy, and behavioral therapy. The frequency and duration of these therapies will influence the costs.
Medication and Medical Supplies:
If your child requires medication or specialized medical supplies, budget for these ongoing expenses. These costs can vary based on the type and dosage of medication.
Assistive Technology:
Assistive technology, including communication devices, mobility aids, and sensory tools, may be necessary for your child. These devices can be a significant investment but are essential for their development and well-being.
Travel Expenses:
Travel costs can increase due to commuting to and from therapy sessions, medical appointments, or activities. These expenses should be included in your budget.
Healthcare:
Review your health insurance policy to understand the extent of coverage for your child’s medical needs. Public and private healthcare options can have different costs, so consider your choice carefully.
Educational Costs:
Depending on your child’s age, you may have various educational options to consider. For children under the age of 7, programs like the Early Intervention Program for Infants & Children (EIPIC) and the Development Support Program may be beneficial. These programs can cost between $5 to $430 per month, depending on factors such as your child’s needs, the center you choose, and government subsidies.
Private vs. Public Services:
Consider whether you prefer public or private services for your child’s needs. Public services may be more cost-effective, but private services can offer more specialized care and attention.
Future Goals
For most parents, a common aspiration for their child is to attain independence—both in terms of financial self-sufficiency and emotional well-being—during adulthood.
As an end goal, it’s essential to work toward securing some type of employment for your child. This can contribute significantly to an individual’s overall sense of well-being and confidence by fostering a sense of fulfillment and ownership.