Many family caregivers leave their jobs to care for their elderly loved ones, and quitting a full-time job or working part-time can have some financial downsides. Without a regular source of income, the stress of caregiving can become more intense. Thankfully, there are a few ways family caregivers can make up for the loss of income.
Caregivers in the U.S. may be eligible for financial assistance via Medicaid programs. To see if you’re eligible for your state’s program, contact the nearest Medicaid office and request information about self-directed care plans. When seniors qualify for one of these plans, they’re allowed to appoint their own caregivers, and the hired caregiver will receive income via Medicaid benefits. Some states have regulations pertaining to family caregivers, and they may not provide benefits to spouses, legal guardians, or caregivers who reside in the same homes as the care recipients. If an older adult does meet the eligibility requirements, which can’t exceed a certain annual income, he or she will be assessed for risks, needs, and other pertinent information. Once this process is complete, the caregiver may be asked to create a service plan that details all necessary assistance. With the service plan in place, the caregiver is officially hired and begins to receive income from Medicaid.
Caring for senior loved ones 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 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.
The Veteran-Directed Home & Community Based Services program provides assistance to veterans enrolled in the medical benefits package offered by the Veterans Health Administration. The program gives veterans flexible monthly budgets for caregiving resources, and it allows them to appoint any family members as their caregivers. U.S. veterans may also qualify for Aid and Attendance benefits, which can supplement the VA pension. To qualify for these benefits, veterans need to meet specific conditions regarding their military duty and their current health. The VA also offers the Program of Comprehensive Assistance for Family Caregivers, which provides a monthly stipend. To apply for any of these programs, caregivers can contact the closest Pension Management Center.
Long-Term Care Insurance
If your loved one has long-term care insurance, the policy may provide family caregivers with financial assistance. Each insurance policy is different, and some policies don’t provide assistance to spouses or caregivers who live with the care recipient. To learn more about your parent’s policy, contact the insurance agency and request a confirmation of benefits.
Seniors with life insurance may also be able to provide their family caregivers with income. When policies have a benefit of more than $50,000, policyholders can engage in a life settlement, which allows them to pay their family caregivers for their assistance.
If you’re the primary family caregiver for an elderly loved one and need additional assistance providing high-quality homecare, Fort Worth Home Care Assistance can help. We are a leading home care agency committed to changing the way seniors age.
Paid Family Leave
While paid family leave isn’t a permanent income solution, it’s worth researching for caregivers who want to work and assist their parents. The program lets caregivers take a set amount of time off work every year, and it provides a portion of their salaries and legal protection from caregiving-related job loss.
Families who find it difficult to care for their aging loved ones without assistance can benefit greatly from professional respite care. Fort Worth, Texas, family caregivers who need a break from their caregiving duties can turn to Home Care Assistance. Using our proprietary Balanced Care Method, our respite caregivers can encourage your loved one to eat well, exercise regularly, get plenty of mental and social stimulation, and focus on other lifestyle factors that promote longevity. Call us at (817) 720-5556 today to talk to one of our compassionate Care Managers about our high-quality home care services.