Parenting is the most beautiful responsibility of adult life. The very thought of bringing a life into this world, nurturing and taking care of all the needs to help him grow into a complete individual makes us happy.
But it’s not only the regular parent who works hard and makes sacrifices for raising their children, but foster parents also do a lot to raise a child who his not their own blood. They sacrifice their personal life and time daily to take care of their foster children. From taking them to the school or for their medical visits to the doctor to court and family visits, foster parents do it all. Though many people do it to experience the sheer joy of being a parent without charging anything the government pays them to some extent for their sacrifices.
How much does foster parenting pay?
The pay for foster parenting may differ from state to state. However, most of them get paid about $1 an hour, which roughly calculates to about $20-$25 per day. Foster parents are paid so that their basic operational costs like food, transportation, and daily needs can be taken care of.
Some of the general guidelines regarding foster parents’ finances are as follows:
Nowaday’s many of them have started taking foster parenting as a job but it is definitely not a job in the real sense. One should take it up only when he or she is willing to take care of a child, fulfilling his emotional needs by giving him love and care and his social needs by becoming a family to that child. It by no means is a commercial association and hence foster parents do not receive any sort of salary or paychecks. But that doesn’t mean that they don’t get any financial help. Foster parents do receive a fixed regular sum of money for a room, board, and daily necessities.
Foster care stipend
Apart from the above stipends, foster parents also receive a foster care stipend for taking care of their foster children. The stipend, however, depends on your state. Some may send the first stipend with the social worker when she drops off the child at the foster parent’s home while the other may wait till the child spends a calendar month in the foster parent’s home. Other than this stipend, foster parents also get a Daily Bed Rate reimbursement. They also get the reimbursement that covers the clothing, mileage and other items of the child. The reimbursement varies from child to child.
Every foster child gets covered by Medicaid or their state’s health insurance. Foster parents are not burdened by the medical expenses be it the regular doctor visits or counseling or any other type of behavioral health or mental health needs of their foster child.
Any stipends or reimbursements that a foster parent is not considered as income and needs not to be reported to the IRS on your taxes. On the contrary foster parents can save on their taxes by claiming their foster child as a dependent if:
1) They have state custody of the foster child;
2) the foster child resides in their home for six months or more in the previous year
3) the foster children are less than or are 18 years old
4) if no one comes to claim the foster child. In such cases, they will need the child’s full name, his date of birth and valid Social Security number. A tax advisor can better guide the further steps for claiming your foster child as a dependent.
However, foster parenting is not about becoming rich it should be about rewarding yourself with the precious joy of transforming life by unconditional love and joy.