Back to directory. Financially, foster parents do not have to be wealthy. You should, however, be free from any serious financial concerns. Each foster child receives a monthly boarding care payment to cover the previous month's expenses for shelter, clothing, food, supervision, and personal necessities. Foster care is not a money-making venture.
Many foster parents say they spend more on a child than is received from the boarding care payment.
Efforts are made to ease a parent's financial burden in caring for a foster child. Children in foster care have most of their routine medical, pharmaceutical, and dental expenses covered by the Medicaid program. Children in foster care may also be eligible for discounted school lunches. Back to directory. Monthly financial assistance is available to assist with the cost of raising a child.