Do I Have to be Rich to Adopt? [A Common Misconception]

One of the most common misconceptions surrounding adoption for adoptive parents is that you have to be rich to adopt.

There are some income requirements for adoption, but these are rarely in the form of a specific dollar amount. However, adoption can be an expensive process. As a hopeful adoptive parent, your finances will be included in the screening process. You don’t have to be rich, but you do have to be able to support yourself as well as your child. You will need to prove that you can cover the adoption expenses and that your income is above the federal poverty level.

Whether you are first-time parents or have been financially supporting a child or children, the adoption process requires a lot of financial planning. To get tips on how to financially prepare for adoption, you can reach out to an adoption professional today, or continue reading below to learn more.

How Adoption Costs Work

Adoption is a big financial commitment. The exact cost will depend on a variety of factors including the agency you work with, your state and the services you will be receiving.  On average, you can expect to spend anywhere between $35,000 and $50,000 on adoption. These costs will go towards the following services and resources:

• Services for adoptive parents such as counseling, education and case management
• Activation fee
• The services for birth parents such as screening, 24/7 counseling and post-placement counseling
• Legal costs
• Birth mother’s medical expenses
• Local and state background checks
• Media and advertising for adoption opportunities

All of these expenses can be overwhelming, but you will always get what you pay for. Every fee you pay goes towards a necessary part of the adoption process to ensure a successful and positive adoption for everyone involved.

Of course, there are other adoption options other than private infant adoption. The cost of adopting from foster care is typically around $1,500-$2,500. If you’re open to adopting an older child or sibling group and not wanting to spend a lot, foster care adoption could be right for you.

Adoption Financial Requirements

While there is not a set dollar amount you have to meet to qualify for adoption, your finances will be taken into consideration during the screening and home study process. The home study process evaluates your emotional and financial stability and home life.  Your financial evaluation will depend on your state’s requirements. Most home studies will require that you provide:

• Verification of income through a tax document
• Proof of health insurance
• Credit check
• Breakdown of monthly expenses

The evaluation isn’t meant to weed you out based on your income levels, but to ensure that you are capable of comfortably providing for yourselves in addition to a child.

How to Cover the Expenses

If you don’t quite meet the financial requirements to adopt, there are ways you can get financial help to begin or continue the adoption process. This could be in the form of:

• Adoption tax credit. The amount you will be eligible for will depend on the type of your adoption and what year it will be completed. The adoption tax credit amount tends to change year to year, so its important to stay up to date with the tax credit requirements.
• Grants and loans. There are many ways you can attain this type of aid. You can apply through certain insurance policies, special loan programs, private grants, etc. You will need to do your own research to determine which is right for you.
• Other forms of adoption. Most foster care adoption costs are up to $2,500, but can even be less. In some cases, you may be reimbursed by the state for certain expenses.

All in all, you don’t have to be rich to adopt, but you do need to be financially prepared to meet the minimum requirements to adopt, and financially stable enough to support yourself and a child comfortably. If you’re struggling to meet the financial requirements, you can reach out to an adoption professional today to get free guidance and advice.