If you are one of millions of Americans who are attempting to hold a full time job while also being a family caregiver to your aged parents, you might be wondering how you can be compensated for your time. Now is the time to get the help you need to balance both of these responsibilities. Would you believe that you can become a paid caregiver for your parents? This will give you the income and assistance you need to make sure that your parents are provided with the care they need. It will also help you get the extra income that you require to take care of your personal financial responsibilities.
You Can't Always Rely on an Outside Agency to Provide Care
You may already have discovered that you simply can't always rely or afford on an outside senior home care agency to provide the care that your elderly parents may require. Ensuring the best and most loving care is the main reason to become a paid caregiver for your parents. The eldercare resources of the agency you may have previously relied on may be stretched too thin in your area or costs have gone up to be able to provide comprehensive care on a regular basis. For this reason, you may need to take matters into your own hands by looking for ways in which you can take over the function of primary caregiver to your parents.
How Can Becoming a Paid Caregiver Improve Your Situation?
Becoming a paid caregiver is an excellent solution to adopt if money is running tight and there simply is no other option to call upon. There are many ways that becoming a paid caregiver will improve both your own situation as well as that of your aged parents. In the case of emergency, having personal money for medication, as well as other important items such as food, safety equipment, and other necessities is a key benefit of becoming a paid caregiver for your parents. And as mentioned earlier, this means that you will also have more money to spare for your own personal expenses.
Personal Care Agreements and Direct Pay
In any case, it would be wise to initiate a personal care agreement or caregiver contract between you and your parents. Getting your particular arrangement on paper will help all sides (including third parties) know what to expect and their responsibilities. Please consult an attorney to ensure the contract meets all the necessary conditions for your situation and location. A personal care agreement is especially useful if you’re getting paid directly from your parent’s savings or some other asset.
You May Qualify for the Medicaid Cash and Counseling Program
If the parent you are caring for is eligible to receive Medicaid, you may be able to get payment for the care you provide under the Cash and Counseling program. This special program provides for payments that go directly to you as the family primary caregiver so that you can meet all of the expenses that come with the care that you provide. Even if the parent you are caring for doesn't qualify for Medicaid, there may be other programs in your state that you can have recourse to in order to get the money you need to stay at your post as primary caregiver.
You May Be Able to Get Paid Out of a Parent's Insurance or Other Benefits
Another way that you may be able to receive income as a caregiver is to see if you can be paid directly out of the insurance benefits that your parent receives. If your parent has qualified for monthly in-home care benefits, this is a policy that will pay directly to them. You would be able to have your parent pay you for the care they receive directly from this policy.
Here are some other benefits that could provide some financial assistance for parental care:
- Long-term care insurance
- Life insurance
- VA benefits
Once again, please have a personal care agreement in place to guide these arrangements.
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