According to the National Alliance for Caregiving, more than 29 million people in the United States care for a disabled, chronically ill, or aging family member out of their homes. On average, family caregivers spend more than 20 hours per week caring for a loved one, and many choose to quit their jobs to care for a family member. Due to the very nature of the job, many family caregivers look into the possibility of getting paid. Here are a few ways to get paid when caring for an aging loved one.
Each state has its own Administration on Aging, which provides different programs for senior care. Some states provide stipends, offer training and support, provide respite care, or reimburse for medical expenses. If your senior loved one is on Medicaid, an income-based insurance plan provided through the state, he or she may qualify for benefits through a program called Structured Family Caregiving. The program requires that a senior needs help in certain areas, such as bathing, eating, or dressing, and will provide a monthly stipend of $900 to $1,200 to the caregiver. Medicaid may also pay for meals and in-home care, which can offset some of the caregiving costs.
Aging adults who require assistance with the tasks of daily living can benefit from reliable elder care. Scottsdale, AZ, families trust Home Care Assistance to provide the high-quality care their elderly loved ones need and deserve. Our caregivers are trained to help seniors prevent and manage serious illnesses and encourage them to make healthier decisions as they age.
If your loved one is a veteran, he or she may be able to take advantage of a variety of veterans benefits, which include a program called Veteran-Directed Home and Community-Based Services. Caregivers may be able to receive a monthly stipend through the program, as well as coverage for mental health services, respite care, healthcare insurance, and travel expenses.
If you’re the primary caregiver for a senior loved one in Scottsdale, respite care is available when you need time away from your important caregiving duties. At Home Care Assistance, our respite caregivers are available 24 hours a day, 7 days a week to help your loved one manage everyday tasks in the comfort of home while you have the chance to take a much-needed break.
Dependent Tax Exemptions
While it’s not money up front, deducting the amount spent on caring for your loved one through income taxes can help you save money at tax time. The Dependent Care Tax Credit allows you to deduct between $600 and $1,050 per year. Keep receipts and detailed records to take advantage of this deduction. Things such as mileage driven to medical appointments, home modifications, and living expenses can all be deducted.
Long-Term Care Insurance
If your loved one has a long-term care insurance plan, it’s a good idea to look into the policy’s details. Some policies provide payment for caregivers, though they may require that your parent doesn’t reside in the same house as you. Contact your loved one’s insurance agent for help on taking advantage of this benefit.
If your loved one has savings or other assets, you may want to consider setting up a caregiver contract with him or her. Your parent can pay you a determined amount each month out of these savings to offset caregiving costs. An elder law attorney can help you sort out the details of a caregiver contract to ensure tax requirements are met.
Caring for a senior loved one can be challenging for families who don’t have expertise or professional training in home care, but this challenge doesn’t have to be faced alone. Family caregivers can turn to Scottsdale Home Care Assistance for the help they need. We provide high-quality live-in and respite care as well as comprehensive Alzheimer’s, dementia, stroke, and Parkinson’s care. To hire a professional caregiver for your aging parent, call us at 480.448.6215 today.