5 Ways to Get Paid as a Family Caregiver

Taking care of an elderly parent is no easy feat, especially when it comes to the financial juggling act. But the good news is there are a bunch of programs and smart strategies that could give your wallet a bit of a boost while you take care of your loved one. Let’s break down how you can get paid as a family caregiver.

1. Medicaid Assistance

In all 50 states and DC, there are self-directed Medicaid services for long-term care. Basically, it lets qualified individuals manage their own home-care services. And get this – in some states, you can even hire a family member to help out! The details vary, so check with your state Medicaid program for more information.

2. Veterans Benefits

If your senior loved one is a military veteran, they might be eligible for Veteran-Directed Care, Aid & Attendance, or Housebound benefits. And don’t forget the Program of Comprehensive Assistance for Family Caregivers, which dishes out a monthly stipend for family caregivers.

3. Long-Term Care Insurance

Does your senior loved one have long-term care insurance? If yes, those benefits might be used to pay you for the care you provide, as it may be considered in-home care.

4. Tax Breaks

Let’s talk taxes – because who doesn’t love a good break, right? Depending on your situation, you might be eligible for a tax credit or deduction. If your senior loved one is living with you and you’re covering over half their living expenses, then you could snag a $500 tax credit.

5. Dependent Care Tax Credit

The Dependent Care Tax Credit can give you over $1,000 if you’re paying for in-home care or adult day care so you can work. Just fill out IRS Form 2441 when you file your federal return.

More Resources for Family Caregivers

Caregiving is rewarding, but it can also be challenging. From keeping track of appointments to making meal plans to setting medication reminders, caregivers have a lot of responsibilities. Here are some resources to help:

• 7 Free Apps to Help Manage Caregiver Duties

• 10 Inspirational Quotes For Family Caregivers

• 8 Thrifty Tips for Caregivers to Cut Costs While Providing Quality Care for Your Senior Loved One

How Much Does In-Home Care Cost?

Depending on your situation, you may find it helpful to hire some help with your senior loved one. If you’re considering this, here’s what to know about the average costs of home helpers in the US right now: