Reliable Financial Assistance Options for Caregivers
Caregiving is a challenging task. Along with being physically, mentally, and emotionally taxing, it also affects the caregiver financially. According to the “Caregiver in the U.S. 2020” report shared by AARP (American Association of Retired Persons) and NAC (National Alliance for Caregiving), around 53 million Americans offer care to their loved one without pay.
Caregivers spend most of their time taking care of their loved ones’ needs, like taking them to their appointments, cooking, doing laundry, providing companionship, and assisting them in their regular tasks. These tasks end up absorbing most of their time and energy, which leaves them with very little time to tend to their finances.
Fortunately, some reliable financial assistance options in the U.S. can be used by family caregivers to meet their requirements. If you are unaware of these options, let us walk you through them.
Medicaid’s Cash and Counseling Program
Under its Cash and Counseling Program, Medicaid extends financial aid to its beneficiaries. Around 15 states in the United States of America help their eligible candidates by providing them with the money required to meet their personal care needs and pay for related services.
If your state extends this program, you can reach out to the local Medicaid office and check your eligibility for this financial aid.
Home and Community-Based Services Program (HCBS)
Home and community-based services programs help the caregivers cover their expenses by offering them a tax-free daily stipend. If your loved one is a Medicaid beneficiary, you are eligible for this financial aid.
You must also know that this program doesn’t just cover caregivers of senior citizens. If you are providing care to a member with mental illness and physical or developmental disability, you will still get paid as a family caregiver under this program.
Veteran-Directed Home and Community-Based Services Programs
These programs are designed to cover the healthcare expenses of the former service members of the United States of America. They cover the veterans of 37 states.
Suppose your loved one is enrolled in the Veterans Health Administration health care system. In that case, they are entitled to financial assistance to look after their healthcare needs, including paying in-home caregivers or hiring one from outside.
VA medical centers decide the eligibility of the candidates. Aid is provided to the veterans who require good healthcare assistance but do not want to leave their homes.
Furthermore, you can get a military pension to cover your expenses under Aid and Attendance benefits (A&A Benefits) if the care recipient qualifies for VA pension and requires healthcare services. Moreover, if your loved one is a military veteran who already receives a pension, you can apply for a monthly pension supplement to support their healthcare expenses under housebound benefits. However, you cannot receive A&A benefits and housebound benefits simultaneously.
Long-Term Care Insurance Policy
A few long-term care insurance policies provide financial aid to their beneficiaries to cover their home healthcare, as well as personal healthcare services, including paying family caregivers.
To get the benefits of this insurance policy, your loved one should have such a policy in the first place. If the recipient has a long-term care insurance policy, you need to find out whether or not the policy covers caregiver payments.
You can contact the insurance company or agent to fetch the details of your loved one’s policy.
Paid Leaves For Caregivers
Several leading companies across the United States of America grant paid leaves to their employees who play the role of caregivers to their family members. If your company entertains eldercare benefits or programs, you will be allowed to take a predetermined number of paid leaves.
Shouldering the responsibility of taking care of an aging and ailing family member is rewarding, but these rewards cannot take care of your daily expenses or other worldly pleasures. To ensure your empathy isn’t firing back on your finances, you can use the aforementioned financial assistance options for caregivers.