So why fundraise? - Part 2

In part one of this series, we talked about the different types of adoption, and how the cost varies by type.  However, there are other factors to consider when asking why adoptive parents might decide to fundraise for an adoption.

What is the wait time to adopt a child? Is there time to save money?

Often adoptive parents find themselves waiting for a child (sometimes for years), which can lead to recertifying home studies every year, more advertising in search of a child, possible changes in agencies or countries, more paperwork, recertifying USCIS background checks (if international), etc.  This means more $$$!  The advantage here is that you may have more time to save additional funds and the expenses don’t happen all at once.

Yet, other adoptive parents are faced with the opportunity to adopt before they ever start the process, and the wait time can be much shorter.  This has happened with us on both occasions, because we felt God called us to both opportunities.  Our first wait was 5 weeks (for domestic), and this one will likely be about 6 months (for international).  The disadvantage here is that we weren’t in the process, so expenses come quickly and there is no time to save.

Fortunately, we did have the savings for our first adoption, because we had been saving as we tried to conceive.  However, this is not always the case, as some find their savings depleted after paying for costly fertility treatments, which we didn’t have.  Others may have more children to care for or little discretionary income to save or previous adoptions they are still paying for. 

(Note:  I am only referring to actual savings; household income is verified during the home study, meaning you must have a job or other income in order to qualify for an adoption.)

What are the financing options, if you don’t have savings? 

Unlike medical insurance to cover pregnancy, there is no ‘adoption insurance’ to cover the costs of adoption.  Even if a person doesn’t have medical insurance, you can get government assistance through Medicaid to cover the pregnancy.

To help with the cost of adoption, you can apply for grants, which range from $500-10,000, but there are many applicants and no guarantees, and you can’t apply until the home study is complete. There are also interest-free loans available, but many companies will not grant these loans until your home study is completed and you have tried to get funds from at least three other sources, and they will not loan for the full amount of the adoption. You should also consider how much debt you are able to carry and if the adopted child will have expensive, possibly ongoing, needs (such as medical needs).  Plus, Additionally, an adoption tax-credit is currently available to help alleviate some of the expense, but you must wait until the adoption is complete to file for it.

As you can see, it is important to remember that there are many factors (and these are only a few) that can play a role in each family’s unique financial situation and their decision whether to fundraise or not.

The final (and best) part of this series is coming tomorrow...stay tuned!