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Best Financial Support Options for Family Caregivers

Best Financial Support Options for Family Caregivers

Caring for a sick or aging family member while living on a fixed income increases stress and anxiety for everyone involved. Naturally, additional family members increase your cost of living, especially if they require medicine and health care. Fortunately, a few federally assisted financial support options are available for family caregivers to consider in addition to basic supplemental strategies. Read these best financial support options for family caregivers to learn more.

Veteran Directed Care

Veteran Directed Care (VDC) is a care program designed for former military service members of all ages. It allows veterans to live in assisted-care facilities or at home with loved ones while receiving a fixed monthly income for goods and services, such as food, medicine, clothing, toiletries, or other living expenses. Veterans may choose their caregivers. Veterans can also meet with a licensed counselor for mental health care, with whom they can discuss further living arrangements with a loved one or assisted community. Importantly, services vary by location. Check for the nearest VDC in your area.

Medicaid

Medicaid is a nationally recognized long-term service for home care individuals who can prove a viable alternative to agency-sponsored services. Depending on the state’s program, households or individuals may receive monthly income for home care. To be eligible, the Center for Medicare & Medicaid Services (CMMS) assesses the capacity, need, risks, and benefits of the necessary assistance. You may need to write a service plan detailing the living assistant arrangements. CMMS will then provide a budget and care plan for the caregiver and choose a caregiver if the service doesn’t already indicate one.

Home-Based Cost-Efficient Health Care Services

Federal support is not the only option for domestic caregivers. One of the best financial support options for family caregivers includes basic home support, including affordable home alert medical systems, private accommodations, and personal items. Consider these essentials when applying for a federally assisted caregiver program to provide all necessary care for your loved one.