In December 2022, the Respect for Marriage act was signed into law, granting same-sex couples access to the same federal benefits as any other married couple.1 Thinking about expanding your LGBTQ+ family? Here are a few tips to help support your family’s well-being.

Research your options for welcoming a child

Childbirth in the US can be significantly more expensive than in other countries, and costs vary from state to state.2 As a starting point, you’ll want to review your disability benefits and health insurance terms for maternity and paternity coverage. If you’re seeking medical intervention via in-vitro fertilization (IVF), know that a single IVF cycle can cost between $15,000 and $30,000 (depending on your medical needs), and medication can account for up to 35% of the cost.3 For many patients, several cycles of IVF may be required before they conceive, but medical coverage of IVF may come with the stipulation to provide proof of infertility. Some fertility clinics also offer financing and refund options to help reduce the financial burden, so it may prove cost-effective to do your research.

Surrogacy is another option, but it also can be expensive: The medical procedures, legal processes, people, and services involved can lead to significant costs, ranging from $60,000 to $150,000.4 Even adoption fees can cost upwards of $40,000, so see if you qualify for tax credits, see if your employer offers benefits to help cover costs.5 Bringing a child into your home can be life-changing, so it’s important to plan ahead.

Verify your legal parental rights

Even though the law now ensures marriage equality, LGBTQ+ families may still face challenges, especially with parental rights as a non-biological parent. This might sound like a no-brainer, but the first step in protecting your family from discrimination is by making sure you legally are your child’s parent. On top of being listed on their birth certificate, consider second-parent adoption. This process can be confusing to navigate, but working with a lawyer who specializes in LGBTQ+ law can help ensure you’re legally protected.

Protect your income

Forty-five percent of American adults agree that protecting their family financially if they pass away or are unable to work is a top financial priority.6 Eighty-five percent of LGBTQ+ Americans deal with financial anxiety, with 31% reporting they experience it weekly.7 A strong income protection strategy with disability insurance can help bridge the gap and assuage your worry if you’re suddenly unable to work due to illness or injury. If you find yourself in this scenario, it’s better to know you’re financially covered, so you can focus on your recovery.

Additionally, whole life insurance provides a guaranteed death benefit for loved ones and a guaranteed cash value that can be applied to expenses, such as your children’s education.8 Life insurance helps protect any type of family, and who you designate as a beneficiary is your choice.

Resources for your well-being

Looking for more information on caring for your well-being? Visit our Learning Center for tips and resources to help your Mind, Body, and Wallet®.

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Start saving early

Developing a savings strategy as early as possible is another smart way to help protect your family financially. It costs between $26,820 and $54,880 to send a child to a four-year college.9 If you have or adopt a child now, rising college prices may mean you need more funding by the time they’re ready for college. On top of that, 40% of American workers rated paying off household debt as a top financial concern.10 To prepare for these financial challenges, regularly saving 15% to 20% of your income is typically a good target.

Don’t forget about late-in-life care

Family members may need care as they age as well. Fifty-four percent of American adults aged 50+ are providing care to one or more people aged 65 or older.11 It may be difficult for older adults to admit they need help. To smooth your transition from being a dependent to a caretaker, talk to them about their needs. If you have a complicated relationship with family, consider enlisting the support of a close relative or friend, or a professional.

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1 Press Release: Bill Signed: H.R. 8404, The White House, Dec. 13, 2022

2 The US is the second-most expensive country to give birth in — here's what you'll pay and tips to save, Business Insider, Nov. 30, 2022

3,4 How Much Does IVF Cost?, Forbes Health, Aug. 14, 2023

5 Comparing the Costs of Domestic, International and Foster Care Adoption, American Adoptions

6 Path to Prosperity, Guardian, 2022

7 85% Of LGBTQ+ Americans Experience Financial Anxiety: Survey, Forbes Advisor, June 7, 2023

8 Whole Life Insurance, Guardian. All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values. Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.

9 How much should you save for your child’s college education?, Forbes Advisor, March 31, 2021

10 Mind, Body, and Wallet™ 2023: Economic challenges and uncertainty take a toll on well-being, Guardian, 2023

11 In an aging U.S., more than half of adults are caregivers, The Washington Post, Nov. 15, 2022

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