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Archive for how much does it cost to adopt?

How to Research Adoption Benefits

learn how you can afford to adopt a baby!The #1 reason couples aren’t able to adopt is that they can’t afford it. The reality is, there are tons of adoption benefits out there, you just need to know where to look! Today, we’re sharing how to get access to the adoption benefits your employer, insurance, or church offers.

If you’re on a budget, you might be surprised at the cost of domestic infant adoption. The good news is that there are many adoption loans and financing alternatives that you can take advantage of. It IS possible for you to afford to adopt a baby!

Below, we share how you can research any adoption benefits that are available through organizations you’re affiliated with, like your employer, insurance, or church.

Adoption Benefits Through Your Insurance Provider

Asking your insurance provider about your adoption might seem strange to you. But, an insurance organization called MediShare grants its members $4,600 to use on an adoption!

Hopeful adoptive couples are supported by MediShare; the company helps to defray their adoption fees. Members of MediShare can share in adoption costs up to $4,600 per adoption. For two separate adoptions, the max amount goes up to $9,200. You can learn more at MyChristianCare.org.

Adoption Benefits Through Your Employer

Nowadays, more and more companies are offering their employees a reimbursement to help out with adoption costs, as well as paid leave. To find out whether your employer allows adoption benefits, just ask your Human Resource Department.

If you find that they don’t provide adoption benefits, you might help them start such a program by contacting the Dave Thomas Foundation. This non-profit offers information to employers through their Adoption-Friendly Workplace program. This program’s purpose is to make adoption affordable for every hopeful adoptive parent who’s employed. For details, visit AdoptionFriendlyWorkplace.org or give them a call at 1-800-275-3832.

Adoption Benefits for Members of the Military

If you’re a member of the military, you have adoption financing resources that aren’t available anywhere else. Active-duty military couples qualify for up to $2,000 per child in adoption benefits. The benefit increases to $5,000 if you’re adopting a sibling group. Get the details at MilitaryFamily.org.

Avoid Using These 3 Things to Afford Adoption

Don't use these 3 things to afford adoption!Many hopeful adoptive couples have found that they need to allocate more funds to go through the process. Domestic adoption does come with the potential of a high price tag since there are so many people working on your behalf. Money may be standing in the way for you to realize your dream of adoption. Today, we’re sharing about a few financial tools that you should avoid using to afford adoption. If you do, your long-term financial profile and your family will be negatively affected.

Here are 3 financial resources that you should avoid using to fund your family’s adoption:

1. Mortgage or Rent
Using your mortgage or rent payment towards an adoption is a risky financial idea. After all, if you’re adopting, you’ll need a place to live! You’ll need to create and cultivate a home environment that is stable and secure. You could end up losing a lot more than you ever imagined when you start using the money that should be going towards your house.

2. Payday Loan
Using a “payday loan” allows you to get your full paycheck in before your actual pay date. This might sound like a great financial tool, especially if you’re in a rush to adopt. However, since you’re already are low on money, the odds are you have little to no reserves if you’re even considering this. You’re likely to fall into debt once you start using this type of loan. This is because payday loans come with very high interest rates and you can almost never “catch up”. Living paycheck-to-paycheck is not a great start for your new family.

3. Title Loan
Giving away the title to your car is one of the most financially risky plans to follow. You need your car to get from point A to point B. Without a car, it may be almost impossible for you to get to work. If you have one missed payment, you might end up losing your car. It can put an emotional strain on you, in knowing that the car isn’t really “yours.” It’s totally not worth it! Your future child shouldn’t be brought into a situation where their adoptive parents are so financially burdened. The stress of all this will seep into other areas of your life and even to your child.

As adoptive parents, you have the responsibility to give your child the best imaginable start with your family. Your arms might be aching for a child, but you don’t want to bring one into your life at a time of financial stress. Once you have a better idea how much money you’ll need to fund the adoption, try more positive ways to raise funds. Visit Lifetime’s link about Financing Your Adoption to get ideas on how to afford adoption.