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Manage the Financial Pressures of Caregiving

Although we may be aware of the emotional and physical strain that caring for a loved one can place on a family, caregiving can have a major financial impact on you, the caregiver, as well. The cost of doctors, medicines, hospitalizations, and other services can mount up quickly. Knowing your loved one’s financial circumstances—as well as your own—will help you manage the resources you have and uncover the help you may need.

The first place to begin is with a solid plan. Here are a few initial tips:

  • Develop a savings program that includes funds dedicated specifically to costs related to caregiving.
  • Review health insurance, Medicare, and Medicaid notices carefully to ensure that there are no inaccuracies that could impact eligibility for future benefits.
  • Find out what caregiving costs are covered by your health insurance, Medicare, or Medicaid. Ask your provider, or go to http://www.benefitscheckup.org, to identify your loved one’s eligibility for a variety of programs.

But what if the unexpected has already happened, and it’s too late to plan? Don’t panic. Many public and private resources can give you extra help with energy costs, prescription drugs, medical devices, meals, and other necessities. To begin your search for the financial programs you need, please visit:

Medicare Resources
http://www.medicare.gov/caregivers/

National Family Caregivers Association Health Insurance Resources
http://www.thefamilycaregiver.org/caregiving_resources/agencies_and_organizations.cfm#Health%20Insurance

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Last Modified: 12/31/1600

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