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List: Posted: 12/10/10
Parenting children with ADD can be difficult, and can sometimes cause a financial burden. Many families never realize that there are financing options that can help them to better afford treatment.
Check into taking advantage of a FSA or flexible spending arrangement, if one is offered by your employer. This can be an excellent method for financing treatment for kids with ADD. Another option to consider using is a medical tax deduction. This may be a good choice if you itemize your deductions, and they exceed the standard deduction, totaling a minimum of 7.5% of your adjusted gross income.
Many expenses for kids with ADD can be counted by the IRS toward a medical tax deduction or FSA. You may be required to provide a doctor’s recommendation along with a medical diagnosis. Expenses for kids with ADD that may be counted include co-pays, diagnostic evaluations, tuition for special schools, tutoring, admission to ADD conferences and transportation fees to treatment and appointments.
It is also a good idea for parents of kids with ADD to consider an insurance assistance program. If you have uninsured kids with ADD under the age of 18 and your family earns less than $34K per year, you may be able to qualify for a free or low-cost health insurance program.
Finally, parents of kids with ADD should look into a patient assistance program that can help with medication costs. Helping Patients is one such program that is sponsored by The Pharmaceutical Research and Manufacturers of America, and they can possibly help you with the cost of medications.
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