Managing caregiving costs for parents while raising kids: Resources and how to find them
Nearly a quarter of millennials are caregivers for an adult, according to a 2020 AARP survey. And a 2020 report from insurance marketplace GoHealth found that 1 in 3 millennials are supporting their parents financially, and more than a quarter help manage their parents’ health care.
Ask about their resources Does your loved one have long-term care insurance? This coverage can help with in-home care costs or assisted living or nursing home expenses. “I’ve talked to a lot of caregivers who didn’t even know their loved ones had long-term care policies,” says Amy Goyer, AARP’s caregiving expert. “That can be very, very helpful.”
“The child and dependent care tax credit can apply to seniors,” says Jill McNamara, senior director of online care marketplace Care.com. “This opens the opportunity for caregivers to save annually on their expenses related to in-home care or adult day care services. Additionally, there is the credit for other dependents, which allows caregivers access to a $500 credit.”
Check for government assistance If your loved one is a veteran, they may be eligible for benefits through the Department of Veterans Affairs . You may be able to access health care, medical equipment and home modifications. Medicaid can help if your loved one has a low income. Every state’s rules are different; contact your state Medicaid office to get eligibility requirements. A note of caution: If you’re caring for a parent, don’t combine your money with your parent’s money. “If a parent is ever going to need Medicaid, Medicaid has a lookback period,” says Pamela Wilson, a caregiving expert and speaker. “They don’t like combined accounts.
Caregiving advocacy organizations can be helpful. The Caregiver Action Network offers free advice by phone, email or chat at caregiveraction.org.
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