Nobody wants to think about what would happen if their child was to fall seriously ill. It’s a difficult conversation to have however, given the financial impact that a child’s critical illness could have, it’s a conversation that needs to happen.
Short term impact
- In the short term when a child is seriously ill, there are various unexpected costs that could occur. These may be direct costs such as accommodation near the hospital, meals and parking. Additionally there may be indirect costs, such as reduced wages or income due to needing time off work to care for the child or additional childcare costs for siblings.
- The total cost will depend on the severity of the condition and the length of the hospital stay, as well as the individual family’s financial situation.
Long term impact
- In the longer term, having a critically ill child can have significant financial impact on a family. Caring for a sick child can often require parents to give up work and take on a role as a full time carer.
- For many people this would be a significant drop in income making it difficult to pay bills, save for the future, and maintain financial stability. Although we have the NHS, parents may want to consider private therapies that complement their child’s recovery such as speech or physical therapy.
- Depending on the type of condition that the child has, parents may need to consider home adaptations or moving to a more accessible property. They may also want to invest in technology to help make life easier such as electric wheelchairs, stairlifts or hoists. This may be out of reach for the average family unless they have substantial savings or appropriate cover for their children.
