Financial Help

Financial help for grandparents raising grandchildren

As every parent knows, raising children can be expensive. Grandparents face additional challenges. You may be on a fixed income, no longer working. If you weren't expecting it, you may not be prepared for the financial costs of suddenly taking on children.
If you’re struggling the make ends meet, you may want to look into federal and state financial assistance programs. There may also be financial resources and services available in your community to help with food, health care, and other expenses.

Temporary Assistance to Needy Families (TANF)

This program offers cash assistance for low-income families. There are different rules for receiving cash assistance, but eligibility is determined by residency, income, and assets. You may qualify to receive benefits as a family, or your grandchildren can receive benefits under the child only grant. With the child only grant, your grandchildren may be able to receive benefits until they are 18 (or 19 if they are still in high school). Cash assistance is limited to a lifetime total of 48 months.

Supplemental Security Income (SSI)

This program pays monthly cash benefits to families with mentally or physically disabled children. To qualify, families need to have a limited income.

Kinship foster care and Subsidized guardianships

As previously mentioned, you can receive financial assistance by applying formally to be your grandchild’s foster parent. Of course, this option is only available if the child has already been removed by the state from the parent’s home.
Another option is subsidized guardianship (although it is not available in all states). Similar to kinship foster care, this option offers some payments from the state to help meet the basic needs of the children. However, this option also allows grandparents the legal responsibility associated with a guardianship.

Financial support from the parents

In some cases, parents and grandparents are able to share responsibilities. One or both parents may contribute financially. If the parents are involved, sit down and make a plan with them. It may be uncomfortable to discuss financial issues with your children, but you want to make sure that you provide the best care for the grandchildren without neglecting your own financial needs for retirement and beyond.
Even if grandparents have legal custody or guardianship, parents can be asked to pay a specific child support amount. Some parents prefer such a formalized arrangement.

From HelpGuide.org - a trusted non-profit