Author: Ashley Eneriz / Source: Wise Bread
Becoming the caregiver for an aging loved one can be a rewarding, fulfilling experience. But it can also be very draining and demanding.
According to the National Alliance for Caregiving and AARP, nearly 44 million adults were family caregivers as of 2015.
Most families take on caregiving to save money. With elder care facilities costing anywhere from $150 to $300 per day, it is easy to see why more families are opting to bring their aging loved ones into their home.Even though becoming a caregiver might be cheaper than a nursing home, there are still some big questions to ask yourself before taking on this important role. (See also: 6 Financial Steps to Take When Your Aging Parents Move In)
Do I have the financial stability?
Caring for a loved one yourself is much more affordable than paying for respite care, but that doesn’t mean it’s free. It’s important to consider all the possible costs involved, as well as if and how much the individual being cared for can contribute to the family’s needs.
Here are a few caregiving expenses to consider:
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Additional in-home nursing care or a home aide, which can cost an average $18-$19 an hour.
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Possible renovations or additions to make your home more accessible.
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The need for specialized equipment, such as shower seats, toilet bars, hospital beds, and wheelchair ramps.
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Time off from your job. Even with reliable hourly nurses, life happens — and if a nurse is a no-show, you could be forced to call out from work.
If the person you’re caring for is on Medicaid, some states allow for the individual to hire a family member to care for them. This means that you would get paid through Medicaid. Contact your state’s Medicaid office for more information to begin this process. (See also: A Granny Pod May Be the Smartest Way to Care for an…
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