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Help with Adoption Expenses

Many families are discouraged by the costs of adoption. Costs do vary but the average domestic adoption is $30,000 including adoption agency fees, attorney fees and travel.

There are some ways to get help with those costs. Families who adopt a child from foster care may qualify for monthly subsidies to help with the costs of raising the child. There are many organizations that offer grants and tuition help for college to people that adopt children.

There are employers who have benefit packages which include reimbursement for adoption related expenses. IBM will pay up to $5,000 for adoption expenses and Ernst & Young will reimburse up to $25,000. According to one adoption agency, companies who have this benefit will reimburse for court costs, legal fees, agency fees and some medical up to the amount specified in the benefit package.

While relatively few organizations have adoption benefits, the good news is the number is rising. In 1990, just 12% of U. S. companies offered adoption benefit packages, compared to 50% today.

Companies are also more willing to allow employees to take family time off when adopting. Many adoptive parents have commented on how kind their employers were when they adopted. One new adoptive mother was thrilled that her company gave her maternity leave the same as if she had given birth.

As we look to the future, it is bright for adoptive parents. There are many untapped resources that people are finding to help fund their adoptions and costs of raising their new child. There is a tax credit for adopting that gives back a hefty portion of the adoption expenses. Make sure you look into it quickly after adopting because once the year has passed you can no longer receive the credit.

Make sure to network and learn from adoption agencies, attorneys and other adoptive parents. Your best resource is those who have experienced the adoption process already. They are more than willing to share their stories, their triumphs and their discouragements as they have traveled along the path to adoption.

Adoption cost workplace benefits