UK Flag United Kingdom   Canada Flag Canada   En Español         Member Login
1-800-320-9929  Click To Call
  • Press
  • Press
  • Press

Budgeting

Financially caring for a sick child

Monday, April 2, 2012
April Lewis-Parks

There are few things worse for a parent than watching a child develop a serious illness or disability. Most parents want their children to have access to the best medical care possible, but what happens when hospital and clinic bills start to add up? Many parents may turn to home equity until this option dries up, and then be forced to rely on credit or personal loans. Over time, this can lead to significant credit card debt and endanger their finances and homes. The financial scenario of taking care of an ill or disabled child can be difficult for parents, but there are several steps they can take to find an affordable solution.

First and foremost, parents should consider entering into financial counseling to speak with a professional who has experience with these situations. While budgeting will be a key aspect of sound financial planning, adults may also have to rearrange other funds, reconsider their current housing and make other lifestyle decisions. For example, downgrading to a smaller home may free up parents' income if they are facing significant medical bills.

Examining their current insurance coverage and knowing exactly which services their company will and will not pay for is also essential. Many adults may not realize that hospitals also charge different rates for services and treatments, making it crucial to contact different facilities and compare pricing. While it's imperative not to sacrifice quality care for a lower price, it is crucial to conduct reviews of different hospital departments to weigh costs versus services. This can be especially helpful if insurance does not cover certain treatments or services that parents will have to pay out-of-pocket.

There are several of programs that offer financial assistance to parents who are not equipped to cover the costs of care. It's recommended by CNN Money to do thorough research on these programs to find out if the child qualifies and to fill out paperwork quickly and accurately. Parents can seek out programs directly through hospitals and treatment centers, or research online for groups and organizations that offer assistance for certain disorders and illnesses.

Lastly, parents can save significantly by claiming medical expense deductions on their taxes. This write-off allows parents to deduct expenses that exceed 7.5 percent of their adjusted gross income. Costs that can be written off include everything from treatments and medical supplies to transportation and lodging costs. 



Get Relief From Debt
Media Contact

Press Inquiries:

April Lewis-Parks
Director of Education and Public Relations
AParks@consolidatedcredit.org
Consolidated Credit Counseling Services, Inc.
Toll Free: 1-800-728-3632 x 9344

OpenCongress.com News

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

Call 1-800-320-9929
to speak with a counselor today!
Click Here


All Consolidated Credit counselors are certified personal financial counselors (CFC)
We’ve helped 5 million people get out of debt!
Call us today and see what we can do for you.


Call 1-800-320-9929
to speak with a counselor today!
Click Here

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Call 1-800-320-9929
to speak with a counselor today!
Click Here

Consolidated Credit Consulting Services, Inc.
has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business.
Call us today and see what we can do for you.

Call 1-800-320-9929
to speak with a counselor today!
Click Here
Consolidatedcredit.org certificate status


Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.
Call us today and see what we can do for you.


Call 1-800-320-9929
to speak with a counselor today!
Click Here

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating.
Call us today and see what we can do for you.


Call 1-800-320-9929
to speak with a counselor today!
Click Here
Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company.
To see what we can do for you, give us a call.


Call 1-800-320-9929
to speak with a counselor today!
Click Here

U.S. Department of Housing and Urban Development - HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

Call 1-800-320-9929
to speak with a counselor today!
Click Here

Associations