A Solution for Keeping Your Elderly Parent at Home
“There’s no place like home.” Dorothy’s remembrance in the Wizard of Oz immediately brings to mind our own cherished abode. Yet, as your parents age, they may not be able to live in their homes without the assistance of family members. The assistance you provide to your parents (such as cooking, cleaning, paying bills, medication schedules, etc.) is often the critical difference between their staying in their home or moving to a nursing home. Given the high cost of nursing home care ($7,500 to $10,000 per month) and the current economic climate, paying you to provide care to your parents can be a win-win solution.
When you provide care to a parent, you may need to cut back on your work schedule, or, ultimately, leave your job altogether. In turn, your parent may compensate you for your time and loss of income. This arrangement may be a viable solution for both parent and child. However, payments made to you, without a written caregiver agreement in place, may result in a period of ineligibility for Medicaid benefits for your parents. Please note, caregiver agreements may also be entered into between other family members or persons unrelated to the person requiring care. Continue Reading Family Caregiver Agreements