Serving as a caregiver can be an extremely rewarding experience. Not only do you get to spend time with the person you care for, but you also have the opportunity to ensure that they receive the best quality care. Being a caregiver for a family member sometimes comes at a cost. Caregivers often must significantly reduce their number of hours working outside the home or leave their jobs entirely to provide quality care for their loved one. This means that caregivers are spending hours of uncompensated time assisting loved ones with daily tasks, cooking meals, going to appointments, ensuring their safety and well-being, and providing companionship.
Adding to this, as some caregivers find they need to reduce their work schedules, they may lose a great deal of income while oftentimes shouldering some of caregiving expenses out of their own pockets. A AARP Report, Valuing the Invaluable , revealed that family caregivers spend roughly a quarter of their incomes on costs and activities associated with caregiving. Family caregivers need to know that there may be financial assistance available to them while taking care of their loved ones.
If your loved one is eligible for Medicaid, you may be able to receive financial aid from the Self-Directed Medicaid Services programs. According to Medicaid. Fortunately, this option is available in some form in most states. It is important to note that the names of self-directed services programs vary from state to state. Self-directed services programs provide people with disabilities and older adult citizens the option to manage a budget and determine how to use their money to pay for goods and services directly relating to their personal care needs.
When enrolled in one of these waiver programs or other self-directed options, program participants may use their allotted budget to hire and pay for caregivers. If you are providing care to a family member or friend who needs help with daily activities like eating, walking, or getting out of a chair, you may be eligible to enroll in a Home and Community-Based Services HCBS program.
Through the HCBS program, you could receive a tax-free stipend, a personal caregiver coach to guide and support you, and access to other resources. The guidance and payments from these programs help reduce financial stress for caregivers like you and help you to provide the best care possible to your loved one.
