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4 Government Benefits for Parents with Growing Children

Having children is expensive. When you add up the costs of housing, food, medical care, transportation, clothing and other necessities, it amounts to a great deal of your income. In order to off-set the costs of having a child, state and federal governments offer a variety of rebate and safety net programs. These four programs may help your family to thrive.

Women, Infants, and Children Nutritional Program

The women, infants and children (WIC) nutritional program is based on income. If you qualify, you can get free nutritious food at your grocery store of choice. The program is for pregnant or breastfeeding women, infants and children under the age of three. Some of the foods include whole-grain bread, legumes, eggs, cheese and peanut butter.

Childcare Rebates

Childcare rebates are designed to help working parents with the cost of childcare. These programs offer tax rebates to offset the federal income tax paid by working parents. Some companies, like Abracadabra Brighton Domestic Agencies Pty Ltd, know how helpful these rebates can be for growing families. In some cases for middle-class parents, you can have a child care savings account taken out of your paycheck pre-tax. When you pay your childcare provider, you submit the receipt and get reimbursed. This means you do not pay any taxes on the income you earned that went to pay for childcare.

Children’s Health Insurance Program

The Children’s Health Insurance Program is funded through block grants to each state. Every state administers the program slightly differently. The program is designed to provide low-cost health insurance to children whose parents do not qualify for health insurance through their jobs. This safety net program allows your child to have preventive, emergency and routine health services as needed.

529 College Savings Accounts

Parents can start setting money aside for a child’s future education with a 529 college savings fund. These funds are administered by state governments. Each year, you can set aside up to $2,000 tax-free dollars for each child. The funds will be used for college tuition, room and board, books and fees. You can use the funds for community and vocational colleges, too. Your child does not have to attend an in-state school to use the funds.

These programs are designed to supplement or mitigate the costs of having a family. Most of them require you to apply or meet certain income eligibility guidelines. It is well worth the time to investigate these programs for your kids, because your family could save hundreds or even thousands of dollars each year by participating in these programs for growing children.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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