The task of caring for someone is challenging. It is not only physically, emotionally, or mentally taxing but also financially. The “Caregiver In the U.S.2020” report, shared by AARP and NAC (National Alliance for Caregiving), shows that around 53 million Americans provide care for their loved ones without payment.
Most caregivers spend their time caring for their loved ones, such as taking them to appointments, doing their laundry, being a companion, and helping them with their daily tasks. They spend most of their energy and time on these tasks, leaving them little time for their own finances.
In the United States, family caregivers can take advantage of some financial aid options that are reliable and will help them meet their needs. Let us explain these options to you if you’re not familiar with them.
Medicaid Cash and Counseling Program
Medicaid offers financial assistance to its recipients through its Cash and Counseling Program. In the United States of America, around 15 states provide their eligible candidates with money to pay for their personal care and related services.
You can contact the local Medicaid office to check if you are eligible for financial assistance.
Home and Community-Based Services Program
Programs that offer home and community-based care help caregivers by providing them with a daily allowance tax-free. This financial aid is available if your loved one has Medicaid.
This program does not only cover senior citizens. You will be paid for providing care to an individual with a mental illness, physical disability or developmental disability.
Veterans-Directed Community and Home-Based Services Programs
These programs cover the medical expenses of former military personnel of the United States of America. These programs cover veterans from 37 states.
Imagine that your loved one has enrolled with the Veterans Health Administration. Then, your loved one is entitled to financial support to cover their healthcare costs, which may include paying for in-home caregivers, or hiring an outside provider.
VA medical centers determine the eligibility of candidates. Veterans who need good healthcare but don’t want to leave home can get help.
You can also get a military benefit to cover your costs under the Aid and Attendance Benefits (A&A benefits) if you are caring for someone who qualifies and needs healthcare services. If your loved one has a pension and is housebound, you can also apply for a monthly supplement to cover their medical expenses. You cannot, however, receive both A&A and housebound benefits at the same time.
Long Term Care Insurance Policy
Some long-term insurance policies offer financial assistance to their beneficiaries for home healthcare and personal healthcare services. This includes paying family caregivers.
In order to receive the benefits, the person you care about must have a long-term care insurance policy. You should find out if the long-term insurance policy includes caregiver payments.
Contact the insurance agent or company to find out the details of the policy.
Paid leave for caregivers
Many leading companies in the United States of America offer paid leave to employees who take on the role of family caregivers. You will be able to take paid leave if your company offers eldercare programs or benefits.
Final Thoughts
While it is rewarding to take on the care of an elderly or ill family member, these rewards will not cover your daily expenses and other worldly delights. You can make sure that your compassion doesn’t affect your finances by using the financial aid options listed above.
