It is estimated that 48 million Americans are caring for an adult family member or friend and are spending an average of 24 hours per week providing the necessary services.
For a range of reasons, some families will decide to take on the caregiving role for a loved one to allow them to age at home rather than going into a facility. However, as the loved ones’ needs increase, so will the demands on the caregiver. As a result, caregiving quickly and often becomes a full-time job all of its own.
Not only are the caregivers spending their time providing the necessary care for a loved one, but it was also found they are incurring out-of-pocket expenses to help maintain the care of the person. AARP estimates that 78 percent of caregivers spend an average of $7,200 annually. This figure does not include unpaid leave a caregiver may have taken from their career to step into this role or their inability to save for their own retirement.
Many families are unaware there are options and ways to be compensated, even when caring for a family or friend. The chances of being paid are best if the person you are caring for is a Veteran or Medicaid eligible, but other options do exist.
If you, or someone you know, are caring for a loved one, an Elder Law (or Estate Planning) attorney can review your case and recommend options available for compensating you as a family caregiver. It is a complex situation with potential tax implications and can affect benefit eligibility. An attorney can assist you with covering all these issues and giving you peace of mind.
We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.
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