The High Cost of Senior Care

Do you care for a senior parent or another loved one? According to The National Alliance for Caregiving (NAC) and AARP, more than 50 million Americans are unpaid caregivers. On average, these caregivers pay 26% of their income and give 24 hours a week to help loved ones — often to their own financial and health detriment.

Being the primary caregiver for an adult loved one can be a burden in some ways. The expense, stress and physical exhaustion caused by long hours may require that you take vacation, unpaid leave, or worse, quit your job which could impact your future financial security. But there may be some avenues of respite to consider.

POSSIBLE SOLUTIONS

Tax Breaks
If your loved one lives with you, you may be able to claim them as a dependent or deduct the out-of-pocket care expenses you pay for them. To deduct expenses, you must provide more than half your loved one's support. Also, to deduct medical expenses you must itemize and the amount has to exceed 7.5% of your adjusted gross income. Talk with your tax advisor.

Employer Help
Talk to your employer about programs or benefits it may offer, such as flexible schedules, working from home, family leave programs, and dependent care flexible spending accounts.

Other Assistance
If your dependent is a veteran, the U.S. Department of Veterans Affairs may help pay for some home health care following hospitalization. For your mental health and well-being, the Family Caregiving Alliance provides a guide to respite services in each state.