On top of the physical and emotional demands that come with caring for a loved one, family caregivers often take on a financial responsibility. Anything from paying housing and utility bills, filing insurance claims, monitoring bank accounts, filing taxes, to making long-term savings and investment decisions — it can add up in both time and expenses.
The financial demands of caregiving can feel especially overwhelming and stressful when there are budgetary constraints or hardships. There are, however, resources and programs that can help.
Medicaid helps cover the costs of medical services, medications, and other long term care like custodial care or in-home care. Certain Medicaid programs allow some family members to be paid for their caregiving responsibilities. Coverage and eligibility for Medicaid and Medicaid-specific programs vary from state to state.
Medicare covers medically necessary care (i.e., doctor visits, medications, and hospital stays) for people 65+ and people living with certain medical conditions. It does not pay for most long-term care; however, in specific circumstances, Medicare will cover the costs of some nursing home, hospice, and home health care.
Long-Term Care Insurance
If your loved one has long-term care insurance, it may help pay for home health and personal care services. It covers services that are provided in an assisted living community, nursing home, adult-day care center or your own home, although the exact coverage rules will depend on your policy.
Medication Assistance Programs
There are resources that help cover the cost of medication and medical equipment - coupons, rebates and drug discount cards. Pharmaceutical companies also offer programs that provide free or discounted medication. Eligibility may depend on your current financial status.
The Veterans Administration offers a broad range of services, in addition to direct financial assistance. Veterans and their surviving spouses may become eligible for financial support if they face crises due to any disability.
Social Services Organizations
Social services organizations and nonprofits offer grants and financial assistance for families to provide support for rent, utilities, mortgages, medication, food, supplies, and home modifications.