A recent survey from Caring.com has found that more than half of caregivers are concerned about the impact that their responsibilities have on their savings. USA Today recently shared some tips for those looking to cut these expenses:
1. Check Availability for Federal Aid. The news source reports that 15 states offer a cash and counseling program to Medicaid-eligible seniors which may help pay some of the costs of in-home care.
2. Pay a Family Member. If a family comes together, it may be easier to afford caregiving. If one loved one is willing to take on the task full-time, everyone should consider providing financial assistance.
3. Install Elderly Alert System. While not on USA Today's list, caregivers often leave work early to check on a senior's health, but this can cost a lot in lost income. Instead, try installing a medical alert system that an older adult can use to get in touch with doctors in the case of an emergency.
4. List a Parent as a Dependent. If a senior's income without Social Security is less than $3,700 and a caregiver provides 50 percent of their finances, it may be possible to claim an older adult as a dependent on taxes.
5. Caregivers Should Look After Themselves. More than anything, caregivers shouldn't forget to stay healthy themselves!