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4 Ways to Ease the Financial Strain of Caregiving

Ease the Financial Strain of Caregiving
Being a family caregiver might be the most important job you have in your lifetime. It is also a job that family caregivers do on a voluntary basis, receiving very little pay or no pay at all. This can add to the financial stress you might already have as a caregiver, especially if you balance a job outside the home with your caregiving duties. You should know there are some financial resources available to compensate family caregivers. Review Long-Term Care Insurance If your loved one has long-term care insurance that allows them to receive in-home care, it may also have a provision to pay family members for care. Check with your insurance agent to review policy benefits. Create a Personal Care Agreement When your family member has the savings or resources to pay you for care and is willing to pay you to take care of them, a personal care agreement might be the answer. You should work with an elder law attorney to draft this contract. Assistance Programs State Medicaid programs, such as the Cash and Counseling program, allow eligible adults to hire, fire and train their home-care aides. Programs vary from state-to-state, with some allowing relatives to be paid for providing care. Legislation to Help Caregivers AARP Arizona and state lawmakers have partnered together to sponsor the Family Caregiver Tax Credit. This tax credit would give caregivers a $1,000 state tax break if they qualify. AARP and lawmakers realize that many caregivers contribute financially to the care of their loved one. If passed, this tax break will help put some of the money spent back in the pockets of caregivers. If you or a loved one in your care needs financial assistance, nutrition assistance, or caregiver support in Arizona, reach out to our Care by Design team. They will assist you in a finding a program that best fits your needs.To reach them call: (602) 285-1800.
Ease the Financial Strain of Caregiving
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