There are several avenues one can take when adopting a child. You can adopt internationally. You can adopt domestically, and these adoptions can be open (contact with biological family) or private. You can choose to adopt through an agency. One way that is often forgotten is adoption through foster care. No matter what avenue you choose to pursue when adopting, it is a great thing, but there are some benefits that come with adopting from foster care.
Below are six foster children benefits to consider when adopting a child from foster care.
1. Practically Free
Adoption is a wonderful way to grow your family, however; the steep cost can make some people shy away from adoption. Adopting through foster care costs the adoptive parents little, if any, money at all. Most adoptions through foster care only cost if the adoptive parents chose to use a private lawyer and not one the state is able to pay. The average cost of a private adoption is close to $30,000, but adoption through foster care averages less than $1,000. The difference is huge.
Health insurance is one of the most important things to have in today’s time. It also is one of the hardest due to the rising costs of healthcare. A major benefit for adoptive foster children is their ability to keep state-funded health insurance at least until age 18. Special needs children may qualify to keep this benefit longer.
3. Monthly Subsidy
Many people would love to grow their family through adoption but worry about the overall expense of raising a child. Just like foster parents receive a monthly subsidy to help care for basic needs of a child, adoptive parents may be eligible to continue to receive this as well.
4. Respite Care
Respite care is when another licensed foster home cares for a child placed in your home to allow the current foster placement a break due to emergency or even exhaustion. A child adopted through foster care may qualify for state-funded respite care by another home if needed.
5. Tax Credit
All adoptions qualify for a tax credit of over $13,000 and can be used for five years. If your tax liability was $3,000 one year, you can carry the other amount over the next five years until the credit is spent or five years, whichever is less.
6. Free College
Yes, FREE!! One of the biggest benefits offered to children adopted through foster care is the ability to attend college for free. This benefit is not in every state, but there are several who participates. The average cost of a four year degree plan is $33,480. This is a huge amount taken off of the parents and child, resulting in more children attending college.
Adoption is a great way to grow a family and adoptions can have many forms, but when considering adoption, the benefits of adopting for foster care should be considered.
Click here to learn more about foster children benefits and adoption.