As many as 48 million Americans are currently assisting with the daily care of an elderly family member or a family member with a disability. They do it unpaid for an average of 24 hours a week. Not only are they dedicating themselves to the care of their loved ones, but they’re doing it at a personal cost of over $7,000 a year.
While caregiving can be time-consuming and emotionally charged, it doesn’t have to be financially draining. In fact, it’s possible to get paid to provide care for family members, especially if they are veterans or eligible for Medicaid.
Caregivers need to review the following options to understand the possibilities of financial compensation:
Option 1: Medicaid’s Self-Directed Services Program.
If the family member in need of care receives Medicaid or is eligible for Medicaid, the caregiver may be able to receive financial aid from the Self-Directed Medicaid Services Programs. These programs provide participants with a budget for goods and services related to their personal needs, like hiring and paying for caregivers.
Option 2: Home and Community-Based Services Program.
Home and community-based services (HCBS) provide opportunities for people on Medicaid with physical, intellectual and mental disabilities to receive services in their homes and communities instead of a hospital setting.
Option 3: Veteran Directed Care Program.
Similar to the Medicaid Self-Directed Services Program but for U.S. veterans, the Veteran Directed Care is a service and support system that empowers veterans to manage their own care.
Option 4: Long-Term Care Insurance
If the care recipient has a long-term care insurance policy, the caregiver may be eligible for compensation. Long-term care insurance policies reimburse the policyholder a preselected amount to cover the cost of daily living activities, which include bathing, dressing, grooming, feeding and getting around.
Option 5: Paid Family Leave Employee Benefit
Depending on the level of caregiving, employees who are taking on double duties and have no access to paid time off are less productive than their co-workers and more likely to quit. As a result, a growing number of employers are offering paid caregiver leave to their workforce.
Every state offers some type of caregiver assistance, but programs differ from state to state. Boris Benic and Associates can help you learn more about your options. Set up an appointment today.