As a family caregiver, you take on a lot of responsibility, including financial responsibility. In addition to meeting your aging loved one’s care needs, you may need to reexamine your finances and how you’ll be able to support your loved one, especially if you’ve given up employment to provide around-the-clock care and support to your loved one. Below are five financial terms every caregiver should know.
1. Social Security
Social security benefits that are earned because of low-paying jobs or are the only source of income may be increased if the person applying for them also applies for the Supplemental Security Income program. This program may be funded federally or locally by the state.
Anyone who is at least 65 years old and collecting social security has his or her insurance premiums deducted every month. Private company insurers fund about 90 percent of the prescription drugs that fall under Medicare’s Part D prescription drug coverage. Lastly, if the person is considered to be low income and only receives social security, Medicare will subsidize almost all of the monthly premiums.
By following a healthy lifestyle, your loved one may be able to prevent age-related conditions that require prescription drugs. Seniors who want to remain healthy as they age can benefit in a variety of ways when they receive professional at-home care. Home Care Assistance is here to help your loved one accomplish daily tasks, prevent illness, and focus on living a healthier and more fulfilling life.
3. Americans with Disability Act
If the person under your care has a physical disability, he or she could be eligible to receive benefits through the Americans with Disability Act to pay for services such as home care.
Some seniors only require help with a few daily tasks so they can maintain their independence. However, those living with serious illnesses may need more extensive assistance. Luckily, there is professional live-in care Sarasota, FL, seniors can rely on. Home can be a safer and more comfortable place for your loved one to live with the help of an expertly trained and dedicated live-in caregiver.
4. Administration on Aging
The Administration on Aging provides many programs and services for elderly people. These include health insurance counseling as well as legal help. The website also has links to many other programs and information caregivers can look into for financial and legal assistance.
5. Federal Cash Benefits
A caregiver could receive cash benefits from the government. Depending on the state the senior resides in, a Medicaid waiver could be used to pay family caregivers for their services. However, only people whose income is low enough for Medicaid can qualify for this.
If your elderly loved one is living with a serious medical condition and needs help managing the tasks of daily living, reach out to Home Care Assistance, a Sarasota home care service agency you can trust. Our caregivers are available 24/7, there are no hidden fees in our contracts, and we offer a 100% satisfaction guarantee on all of our in-home care services. If you need compassionate professional home care for your loved one, call one of our friendly Care Managers today at (941) 702-5525.