The U.S. Labor Department projects that home health and personal care aides will be among the fastest-growing jobs over the next decade, adding 1.3 million positions and increasing at a rate higher than any other occupation.
Providing the proper care for aging Americans is in such a high demand that many family members have taken on the roll as caregiver. What many people don’t know is if you are providing care for a loved one you can receive payment for your time. Here are steps to take if you are looking to receive some compensation for taking care of a loved one.
Step 1 – Contact Medicaid
Medicaid will be able to inform you of what it takes to be eligible for direct payments for your services. Personal care tasks include dressing, bathing, meal preparation, household tasks and grocery shopping. Visit Medicaid.gov to speak with a specialist who can help set up a direct payment program.
Step 2 – Look into Medicaid’s Cash & Counseling Program
The Medicaid’s Cash and Counseling Program is available to seniors in the following states:
– New Jersey
– New Mexico
– West Virginia
What the program does is it pays seniors directly so they can arrange for their own in-home care. If your state is not on the list your state might have a different program in place with a different name. Contact Medicaid to ask what kind of program is available in your state.
Step 3 – Contact your state and local Health and Human Services
If your loved one has already qualified for one or more low-income programs, either on the state of federal level, they may qualify for in-home care from a person of their choosing. Contact your state and local Health and Human Services to see what programs are available.
Step 4 – Check insurance coverage
Some insurance providers actually cover long-term in-home care. If your loved one’s insurance provider does offer the service request the proper documents to claim caregiver benefits.
Step 5 – Get certified
Many states require caregivers to be certified in the field of care giving in order to receive any kind of payment. Contact the National Family Caregivers Association or the Family Caregiver Alliance to find out where you can get trained and certified.
Remember, taking on the role of a caregiver can be a huge undertaking. It can be tough job to handle providing care for a loved one. You can struggle with caregiver burnout quickly, so be sure you have a back-up plan if you can no longer provide care for your loved one.
If you or someone you know is in need of a caregiver but are unsure how you will be able to pay for a professional caregiver, a reverse mortgage could help in paying for at home care. A reverse mortgage is a financial tool that allows people over 62 who own their home to access the equity that has been built up in their home. It eliminates the current monthly mortgage payments* and gives access to tax free** cash that can be used in any way. There are currently no income or credit requirements. The only requirements are that the home is their primary residence and you must be over the age of 62 with sufficient equity in your home.
Kristen Curzytek is a writer for the One Reverse Mortgage blog. One Reverse Mortgage is the largest retail reverse mortgage lender in America. Check out the One Reverse Mortgage calculator today to see how much you can qualify for.
*Homeowner is still responsible for taxes, insurance and property maintenance.
**Please consult with your financial advisor.