LEGISLATIVE SERVICES AGENCY
OFFICE OF FISCAL AND MANAGEMENT ANALYSIS
200 W. Washington St., Suite 301
Indianapolis, IN 46204
(317) 233-0696
iga.in.gov
FISCAL IMPACT STATEMENT
LS 7348 NOTE PREPARED: Jan 4, 2021
BILL NUMBER: SB 343 BILL AMENDED:
SUBJECT: Financial Literacy for Foster Children.
FIRST AUTHOR: Sen. Tallian BILL STATUS: As Introduced
FIRST SPONSOR:
FUNDS AFFECTED: X GENERAL IMPACT: State
DEDICATED
FEDERAL
Summary of Legislation: The bill requires a transitional services plan (plan) for foster children to include
information about:
(1) the Healthy Indiana Plan;
(2) the federal Supplemental Nutrition Assistance Program;
(3) the Temporary Assistance for Needy Families program;
(4) basic banking and account management;
(5) student loan and grant application completion; and
(6) individual development accounts.
Effective Date: July 1, 2021.
Explanation of State Expenditures: The bill will increase workload for the Department of Child Services
(DCS) to add components to the plan concerning financial literacy. Also, the youth’s child and family team
(CFT) may require additional time or meetings to discuss and apply these components during plan
development sessions. The increased workload may be mitigated by some topics that are already included
in the plan and with materials developed and available from other state agencies.
Additional Information - The plan is a process that begins when the foster child is 14 years old with
evaluations and goal setting. As part of the process, the youth is enrolled in Medicaid as a foster youth at 17
years and 6 months old. A personalized written plan is developed with the CFT that provides information
and specific options 90 days before the youth turns 18 years old. Health care and health insurance
information are included in the plan.
SB 343 1
Explanation of State Revenues:
Explanation of Local Expenditures:
Explanation of Local Revenues:
State Agencies Affected: DCS; Other state agencies as needed for information.
Local Agencies Affected:
Information Sources: DCS, Child Welfare Policy, Chapter 11, Section 6, Version 8, July 1, 2015.
Fiscal Analyst: Karen Rossen, 317-234-2106.
SB 343 2


Statutes affected:
1. Introduced Senate Bill (S): 31-25-2-21