How Can Families Afford to Pay for a Caregiver for Their Aging Parents?

Families who have aging parents that need an in-home senior caregiver to help with a variety of concerns from health to safety are pressed to come up with the resources to cover the expense. Here are a few ideas that can help make senior health care services more affordable:

1. Long-term care insurance: Some long-term care insurance policies cover care provided by family members or professional caregivers hired through an agency. Contact your insurance agent to inquire about the benefits.
2. Medicaid programs: Some states’ Medicaid programs may pay a family member to provide care to a Medicaid recipient. Contact your local Area Agency on Aging for information on eligibility and the application process.
3. Self-directed services: All 50 states and the District of Columbia offer self-directed Medicaid services for long-term care. These programs allow participants to manage their own home-care services, including selecting and paying their caregivers.
4. Adult Foster Care: This Medicaid program allows adult offspring to become adult foster care providers for elderly parents. The parent receives care in their caregiver’s/adult child’s home, with the caregiver receiving payment for caregiving services, medical treatment, and expenses (excluding room and board).
5. Life insurance policies: Seniors and their families can use life insurance policies to pay for care. Some policies have a long-term care component built-in, while others can be sold or surrendered for cash value to support a paid caregiving arrangement.
6. Structured Family Caregiving programs: Family caregivers can be paid through programs like Caregiver Homes if their loved one is a Medicaid recipient.
7. Family and Medical Leave Act (FMLA): In some cases, the FMLA can be combined with state laws to protect a caregiver’s job and provide a temporary solution for paid caregiving.
8. Affordable Care Act (ACA): Under the ACA, caregivers can buy health insurance on the open market for themselves or the family member they are responsible for, although this will incur costs.
9. COBRA: Under COBRA, caregivers can pay privately for insurance for 18 months, ensuring coverage for themselves and the family member they are responsible for.

Remember to consult with your local Area Agency on Aging, insurance agent, or other relevant professionals to explore the best options for your specific situation.