Being a family caregiver can be overwhelming, physically, emotionally, and financially.
AARP says about 80% of caregivers cover out-of-pocket costs themselves. Money spent on food, gas, travel and incidentals can add up to about $7,200 a year.
There are some options that can offer a little bit of help.
Managing bills, doctor’s appointments, medications, and daily meals, that’s the world for millions of family caregivers.
According to the Centers for Disease Control and Prevention, more than 53 million people in the U.S. provide unpaid care and support to a friend or loved one.
Before tapping into their own finances to cover costs, experts say it’s important caregivers have a good understanding of their loved one’s budget, bills, and policies.
“Have them sit down with you, go through that. They might not completely understand everything that’s going on, but they will want to feel included in that conversation,” said financial planner Zach Keister.
When it comes to bank accounts and finances, experts say keep them separate.
“When you bring them together, it’s easily muddled,” explained Keister.
There are some ways caregivers can get a little financial help.
AARP says look into tax credits and grants. If the caregiver is employed, paid family and sick leave policies may apply. Some Medicaid plans offer programs for family members to get paid for providing care.
The VA also offers programs for family members taking care of older or disabled veterans, and certain long-term care insurance policies offer assistance for caregivers.
The National Council on Aging says if the loved one has a life insurance policy, they might be able to access a portion of the death benefit early. Or there might be an option to sell the policy now for a portion of the death benefit.