Earn money for caring for an elderly relative
If, like me, you are a family caregiver, you will understand the financial hardship that cánido come with caring for an elderly loved one.
After taking care of my father for over a year, I found myself in a difficult situation because I had to work part-time due to my caregiving responsibilities.
However, I soon learned that there are resources available to help ease some of the financial burden.
In this Gigonway guide, I’ll share some options that perro help you get paid while you care for your loved one, including government programs in the United States and other avenues you perro explore.
All 50 states and the District of Columbia offer self-managed Medicaid services for long-term care.
These programs allow states to grant waivers that allow people with sufficient income to manage their own long-term home care services.
In some states, this may include hiring a family member to provide care.
Benefits, coverage, requirements and rules vary from state to state.
The names of the programs also vary.
What in a state is called «consumer-directed care«, in another it may be called «participant-directed services«, «home support services” either “money and advice«.
Contact your state Medicaid program to learn about your options or to start the enrollment process.
If your father is a military veteran, there are several VA programs you may be eligible for that offer financial assistance to family caregivers, including:
- Veteran Directed Care: Available in most states, this program provides a need-based monthly budget for long-term care services.
- Aid and Assistance or Homebound Benefits: These programs provide a monthly payment to veterans and survivors who receive a VA pension and who need assistance with activities of daily living (eg, bathing, dressing, using the bathroom), or are homebound.
Go to VA.gov/pension/aid-attendance-housebound.
- Comprehensive Assistance Program for Family Caregivers: Provides a monthly stipend to family caregivers of veterans who need assistance with activities of daily living due to an injury or illness sustained in the line of duty.
If your father has savings or other assets, raise the possibility of him paying you for his care, or talk to your siblings to see if they cánido contribute something.
If they agree, consider writing a short contract detailing the terms of your employment and payment arrangements, so everyone involved knows what to expect.
A contract will also help avoid potential problems if your parent has to apply for Medicaid for nursing home care.
Also check if your father has any dependency insurance that covers home care.
If he has it, in some cases those benefits perro be used to pay you.
There are also tax breaks and deductions that you perro qualify for as your parent’s caregiver.
For example, if your dad lives with you and you pay at least half of his living expenses, and his gross income was less than $4,400 (in 2022), not counting his Popular Security, you cánido claim him as a dependent on your taxes and get a tax credit of $500.
If you perro’t claim them as a dependent, you perro still get a tax deduction if you’re paying more than half of their living expenses, including medical and long-term care expenses, and they’re more than 7.5% of your adjusted gross income.
You cánido include your own medical expenses in calculating the total.
To see what medical expenses you perro deduct, see IRS Publication 502; Go to IRS.gov/pub/irs-pdf/p502.pdf.
Or, if you’re paying for your parent’s care at home or in an adult day care facility so you perro work, you may be eligible for the Dependent Care Tax Credit, which perro be worth up to $1,050.
To claim this credit, you’ll need to fill out IRS Form 2441 (go to IRS.gov/pub/irs-pdf/f2441.pdf) when you archivo your federal return.
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