Financial Assistance for Family Caregivers

As you step into a caregiving role for your aging parent, you may become overwhelmed by not only the new tasks added to your to-do list and the emotions that come with this shift in the relationship, but also how much it costs to be a caregiver. Family caregiving can become expensive quickly, especially when you consider taking time off from work, picking up extra groceries at the store, or buying gas to get to and from your loved one's home.

A study confirms what all family caregivers may already know about caregiving costs, stating that unpaid family caregivers provide about 36 billion hours of unpaid caregiving for $600 billion.¹ In addition, the typical family caregiver's out-of-pocket cost is more than $7,000² annually, including extra groceries, gas money, and paying for their loved one's medication.

While family caregiving can be expensive, there are resources that can offset these costs. Most financial resources are available locally and vary from city to city and state to state. Still, these are excellent places to start when you're looking to reduce how much you need to pay while fulfilling your caregiving tasks.

FMLA Benefits

If you're caring for a loved one, you may need to take time off work that exceeds your allotted paid-off time. Caring for an aging loved one may qualify you for Family and Medical Leave Act (FMLA) benefits, though you're not entitled to compensation when taking those days off. In any case, knowing your employer needs to hold your job while you take weeks off to care for your aging loved one can be a relief.

Caregiver Benefits at Your Employer

While we are talking about employer benefits, make an appointment to chat with your company's human resources representative to review benefits you may not know about. Many companies are becoming more accommodating to employees who are family caregivers, offering flexible hours, time to work from home, and even mental health days that can provide you with the time to complete your personal and professional obligations. Some companies offer additional benefits for family caregivers that include access to free or reduced-cost counseling.

Meals on Wheels

Enroll your loved one in your area's Meals on Wheels program to save money on groceries. Each area operates a bit differently, but seniors generally receive free, hot meals delivered to their residences three to five days per week. This ensures a good, nutritious meal and serves as a quick wellness check as volunteers stop by to deliver the meals.

Senior Services in Your Loved One's City

Contact your loved one's city management department to ask about senior services that are available to residents. Depending on your city, you can find free services ranging from handyperson visits to borrowing durable medical equipment. Leaning on this resource can provide your loved one with the services they need to remain healthy and happy and save you both money.

Area Agency on Aging

Your loved one's local Area Agency on Aging is another excellent resource to add to your smartphone contacts. Enlist their help when looking for financial assistance, as they often know about local grants and funding that you or your loved one may be eligible for, including Low Income Home Energy Assistance Program (LIHEAP) or Medicare counseling at a free or reduced rate.

State and Federal Home Repair Programs

State and federal grants for eligible rural recipients can provide relief for home repairs that your loved one's house needs, especially if they need modifications to meet their current abilities. This means you may be able to offset the costs of adding a permanent shower seat or grab bars to the bathroom.

Tax Breaks

You may be able to claim your loved one as a dependent and receive the tax breaks that come with that designation. You may also write off caregiving supplies. See if you are eligible for any tax deductions for your caregiving contributions.

Understand Medicare, Medicaid, and Other Benefits

While it may be a bit easier to reach for your own debit card when picking up a prescription or supply for your loved one, you may be paying for something that is covered by their Medicare, Medicaid, or other private health care insurance policy. For example, people living with diabetes can buy therapeutic shoes at a reduced cost thanks to Medicare, or they can use benefits to cover a prescription copay. Schedule a call with a senior insurance expert (find a vetted one through your local Area Agency on Aging) to learn as much as possible about your loved one's current benefits and what those benefits cover.

Get Compensated for Your Caregiving

You can be paid for your caregiving duties, which can help to reduce your caregiving expenses. Consider first if your loved one is covered by Medicaid; if so, the state may offer a waiver program that will pay family caregivers as long as the caregiver and the senior are eligible. You can also enter into a contract with your loved one for payment; be sure to work with an elder law attorney and keep other family members in the loop if you go this route. Family caregiving can quickly become expensive, which may lead to resentment between you and your family members, including your senior loved one. Try finding resources to reduce these expenses before reaching into your wallet.