Caring for a loved one when they’re most vulnerable is a gift. You’re there when they need you the most and help them stay strong and healthy for years.
But while it might feel good to protect them, it comes with many sacrifices. A recent study by RCI found that 40% of caregivers cut their work hours, while 20% quit their jobs entirely. This situation forces many people to put their financial goals on hold and possibly even go into debt to provide care.
Over time, caregiving full-time while trying to pay the bills could become too much if you don’t find help.
Thankfully, the government has a few programs you can take advantage of. Learn more about what’s available and how to get the support you need during this tough time.
What Are Family Caregivers Responsible For?
As a family caregiver, you help your loved one with anything they need. This could include:
- Cooking and feeding them
- Helping them with their finances
- Taking them to doctor’s appointments
- Keeping track of their medicine
- Helping them get dressed, use the bathroom, or bathe
- Talking to doctors about their disease
Depending on their condition, these tasks can take a few hours to the whole day.
Which Paid Programs Are Available For Family Caregivers?
1. State Medicaid Programs
Is your family member getting Medicaid benefits? Most states have special programs that let them plan their long-term care, including hiring a caretaker.
This means that your relatives could register you as an official caretaker if you meet the requirements through your state’s plan. But as you could expect, these requirements could change depending on where you live.
States like Washington have specific training you need to do before you get paid. However, most places give applicants the freedom to choose who they want, even if the person doesn’t have formal training.
2. Veterans’ Health Programs
VA’s Program of Comprehensive Assistance for Family Caregivers helps former vets assign a caregiver as long as they meet specific requirements.
To qualify, they need a disability rating of 70% or higher, be discharged from military service, and need a caretaker for at least six months. The person caring for them must also be a family member or live-in companion to qualify for the VA’s support.
3. Long-Term Care Insurance
Some insurance policies offer long-term care options. From reimbursements to flexible care planning, these provisions could give you some financial assistance as you care for your family.
However, every policy has different requirements depending on the type of plan and your loved one’s condition. Always review the insurance’s requirements and consult an advisor to determine eligibility.
4. Tax Benefits
Most families spend an average of $7,242 on caregiving-related expenses yearly, and the financial burden could add up without financial support.
The IRS understands your situation and has specific tax credits that give households much-needed financial relief. You can save thousands each year if your family member meets their requirements.
Take the IRS’s quick assessment to understand how much you can save!
5. Paid Family Leave
Some states, like New York, offer paid family leave that covers caretaking for loved ones, especially if they’re suffering from a severe health condition.
However, the time you can take off depends on local laws. Contact your state’s labor office to see what they can offer and how you can get started with this process.
How Much Can You Get Paid?
The amount you’ll make depends on your personal situation. Every state government differs in how they pay you and whether you need to report it yearly.
But we can get a rough estimate if we look at what a caregiver usually makes. As of 2023, full-time home healthcare aides make anywhere from $23,910 to $42,450 annually.
The salary may not be the highest, but you can count on a reliable paycheck each month while you help your loved one get back on their feet.
How To Apply For These Programs
Every state has its requirements on how to become a caregiver and have different resources available, such as:
- Community Care Programs
- Home and Community-Based Services Programs (HCBS)
- Personal Care Services
- Veterans’ Programs
- Paid Family Leave
In some cases, reporting to your state’s Medicaid, filling out some standard paperwork, and getting hired by your loved one are all it takes to get started. However, other states have strict requirements that may take a few months.
Check with your state’s services to see exactly what you need to start ASAP.
The Bottom Line
Caring for a loved one in need can be stressful, especially when you don’t know where your next paycheck is coming from.
But remember, you don’t have to go through this alone. Medicaid, tax credits, and other government-funded initiatives can help you pay the bills without sacrificing valuable time with your loved one.
If you’re ready to take on this responsibility, don’t wait until it’s too late. Discuss everything with your relative, complete the paperwork, and get the financial support you need!
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