Coping with the Cost of Caregiving

 

If you are a caregiver or expect to be one it is important to take some steps to strengthen your financial security. There are many hidden costs in caregiving and there are ways to find some methods to help cover them.

 

  • Talk to your siblings and parents about the financial ramifications of caregving.

  • Determine whether you need to hire home care service, transportation services, or make modifications to the home and estimate the costs involved so you know how much money you are going to need.

  • Research prescription drug plans to find the one with the best co-pay, deductible and monthly cost.

  • ExtraHelp is a medicare program that helps low income seniors pay for premiums, deductible and co-insurance.

  • Consider a reverse mortgage if the homeowner is over 62 and has equity in the house. By taking out a reverse mortgage, you have access to money that can be repaid when the house is sold. Determine if this is a good alternative, as a reverse mortgage is not for everyone.

  • If you are providing most of the caregiving, consider asking your family to pay you as an independent contractor.

  • If you have to cut back to working part time or quit your job, try to pay off any debt you have before doing so.

  • Create a budget for expenses that include caregiving costs. Compare it to your monthly income. If your expenses exceed your monthly income, try to figure out what costs you can cut or where you might be able to find additional income. If your income exceeds expenses, put any extra into a retirement or savings account.
     

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