Bringing a child into your home is a priceless gift. But when it comes to adoption, there can be some serious costs involved as well.
The amount you pay to adopt a child can vary significantly, depending on the route you take for adoption, where you live and the age of the child. But adoption doesn’t have break the bank.
“Researching the various routes to adopt is an important beginning of the (adoption) journey,” says Rita Soronen, president and chief executive officer of the Dave Thomas Foundation for Adoption. “Since agency fees can vary widely, it is important to have a conversation prior to making the commitment or even engage a specialized attorney who can help with the cost implications as you are planning for adoption.”
How Much Does it Cost to Adopt a Child?
Adoption costs can be essentially free for those adopting a child through the foster care system. To adopt through a private agency, parents can expect to pay up to $60,000, according to the Child Welfare Information Gateway.
[Read: 5 Signs You’re Financially Ready to Have a Baby.]
What Are the Typical Costs Associated With Adopting a Child?
The costs associated with adopting a child vary, depending on the method that you use for the adoption. Keep in mind that most adoptive parents pay for both sides of the adoption, meaning they cover both their own costs as well as those of the biological parents.
“So if you are adopting domestically, they pay for the expectant parents’ lawyer, social worker and living expenses once the match is made, in addition to your own expenses, such as the lawyer, social worker, advertising (and) finalization,” says Becky Fawcett, mother of two adoptees and founder of HelpUsAdopt.org, an organization that issues adoption grants. “If you are adopting internationally, then you pay the country fee and the orphanage fees, in addition to all the fees for you and all the travel.”
[Read: How to Save Money for Your Kids]
Here’s how the Child Welfare Information Gateway breaks down those costs:
— Adoption through foster care: Few, if any costs.
Children eligible for adoption through the foster care system may also receive a government subsidy and Medicaid, reducing the costs of child care once the kid joins your family.
— Adoption through a private agency: $30,000 to $60,000.
Costs included: home study, legal fees, counseling for the birth parents, medical expenses for the parents, training for the parents, and social work services. Keep in mind that all agencies are different, so it’s important to discuss and understand the fee structures as you’re determining with which agency to work.
— Independent adoption: $25,000 to $45,000.
Costs included: home study, birth mother’s medical expenses, legal fees.
— Intercountry adoption: $20,000 to $50,000.
Costs included: court costs, education for adoptive parents, legal fees, medical care and treatment for children, medical care and counseling for children, translation fees.
[READ: How Much Surrogacy Costs and How to Pay for It.]
How to Pay the Costs of Adoption
The cost of adoption can be extremely high, and many parents pay these costs using their savings or by taking out a loan. Here are a few other strategies for affording adoption:
— Workplace benefits. About half of employers provide an adoption benefit to their employees as part of the benefit program. Of those, 71% have a per-child limit on the benefit, for an average amount of $8,300, according to data from consulting firm WTW.
— Tax credits. Depending on your income, you could be eligible for a tax credit worth up to $14,890 to offset costs incurred during adoption. You may also have access to state tax credits or other assistance. You can see what types of credits are available where you live here.
— Grants. Several organizations provide grants to adoptive parents or those going through the process. The rules vary for each organization, but you can see a list here, to determine whether you qualify.
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The Cost of Adoption — and Strategies to Pay for It originally appeared on usnews.com
Update 08/11/22: This story was published at an earlier date and has been updated with new information.
