According to the National Alliance for Caregiving, more than 29 million people in the United States care for disabled, chronically ill, or aging family members in their homes. On average, family caregivers spend more than 20 hours per week caring for loved ones, and many choose to quit their jobs to care for family members. 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.
State Programs
Each state has its own Administration on Aging that 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 it will provide a monthly stipend of $900 to $1,200 to the caregiver. Medicaid may also pay for meals and Home Care Reston, which can offset some of the caregiving costs.
Aging adults who require assistance with the tasks of daily living can benefit from reliable elderly home care. Families trust Assisting Hands Home Care to provide the high-quality care their elderly loved ones need and deserve. Our caregivers are trained to help seniors prevent serious illnesses and encourage them to make healthier decisions as they age.
Veterans Benefits
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 Reston, respite care is available when you need time away from your important caregiving duties. At Assisting Hands Home Care, 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 from your 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 with taking advantage of this benefit.
Caregiver Contracts
If your loved one has savings or other assets, you may want to consider setting up a caregiver contract. Your parent can pay you a predetermined 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.
Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted Reston senior care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Assisting Hands Home Care is here to help. To learn about our high-quality in-home care plans, call us at (703) 783-5758 today.
