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5 Financial Terms & Resources Every Family Caregiver Should Know

By Erik Gans, 8:00 am on

As a family caregiver, you take on a lot of responsibility, including financial responsibility. In addition to meeting your loved one’s care needs, you may need to reexamine your finances and how you will be able to support your parent or loved one, especially if you have given up employment in order to provide around the clock care and support to your loved one. Below, are five financial terms that every caregiver should know, presented by the trusted Fairfield home care provider, Home Care Assistance.

  1. Social Security – Social Security benefits that are earned because of low paying jobs, or are the only source of income, may result in a larger monthly benefit if the person applying for it applies for the Supplemental Security Income program. This program may be funded federally or locally with the state.
  1. Medicare – Anyone who is at least 65 years old and is collecting Social Security has their insurance premiums deducted every month. Private company insurers fund about 90 percent of the prescription drugs that are a part of the Part D prescription drug coverage in Medicare. Lastly, if the person is considered to be low income and only receives Social Security, then Medicare will subsidize almost all of the monthly premiums.
  1. Americans With Disability Act – If the person under your care has a physical disability, they could be eligible to receive benefits through the Americans with Disability Act to help pay for services such as Fairfield 24 hour care, part-time care or assisted living.
  1. Administration on Aging – The Administration on Aging provides many programs and services for elderly. These include: health insurance counseling as well as legal help. The website www.aoa.gov also has links to many other programs and information that caregivers can look into for financial and legal assistance.
  1. Federal Cash Benefits – A caregiver could receive cash benefits from the government. Depending on the state the caregiver resides in, a Medicaid waiver could be used to slow federal payments to be paid to the family caregivers for their services. However, only people who have low enough income for Medicaid can qualify for this.

Knowing your rights and your resources for finances as a caregiver can make it easier to financially care for a family member and continue to provide the level of care needed in the future. And if you feel you need help meeting the care needs of an aging parent or loved one, don’t hesitate to reach out to Home Care Assistance of Fairfield. Simply call 203-955-1915 – our friendly Care Managers are able to help 24/7.