In recognition of National Family Caregiver Month in November, The CareGiver Partnership, a national retailer of incontinence products and home health care supplies, is offering four places for caregivers to look for financial help. Lynn Wilson, founder of the Partnership, says, “Taking care of a family member or friend is not only physically and emotionally draining, it can take a financial toll, too.” Wilson adds, “While some family caregivers are reimbursed through traditional payment, long-term care insurance or by receiving a larger portion of a loved one’s estate, many others must look elsewhere.”
Wilson says caregivers can seek financial assistance in several areas, including caregivers who pay at least half the expenses of a parent whose annual income is less than $3,900 may be able to receive a tax break by claiming the parent as a dependent. Also, for a caregiver who cannot claim a parent as a dependent but who pays at least half of a parent’s living expenses, he or she may receive a tax break if costs exceed 10% of the caregiver’s adjusted gross income. If the caregiver is age 65 years or older, the amount only needs to exceed 7.5% of adjusted gross income.
Another area in which a caregiver can seek financial assistance is for seniors who are low income and eligible for Medicaid, they may be able to receive a small amount of state aid to pay caregivers. Wilson says some states offer other aid options to seniors who don’t qualify for Medicaid. The fourth option is for some US veterans who may be eligible to enroll in assistance programs that allow them to manage and pay for their own in-home care. Eligibility requirements include needing assistance with daily living activities and having income and assets below specific amounts.
For free access to a Caregiver Resource Library and hundreds of articles of interest to seniors and caregivers, visit www.caregiverpartnership.com/resources/categories. Also, for additional assistance in accessing services for older adults, the Eldercare Locator can be reached by calling (800) 677-1116.
Source: The CareGiver Partnership