Denis Doulgeropoulos
Your Financial Professional & Insurance Agent
Did You Know Medicaid May Pay You as a Family Caregiver?
Parents, children, siblings, and spouses selflessly give up their time and energy to care for family members suffering from illness, injury, or disability every day. They support numerous social, financial, nursing, and everyday personal care needs such as bathing, feeding, and driving to appointments. More than half (58%) of family caregivers have intensive caregiving responsibilities.1
If you are a caregiver for a loved one, you know it can be emotionally and physically draining. Not to mention financially draining. However, Medicaid may be able to assist you.
Medicaid generally considers the applicant’s financial situation (income and assets) as well as his or her functional abilities. A Medicaid applicant who meets state eligibility requirements can apply for a specific program which allows him or her to self-direct their care, including choosing a caregiver who can be a family member or a friend. Medicaid compensates the caregiver directly or indirectly.
80% of care at home is provided by unpaid caregivers
Medicaid rules and services vary by state, and there may be more than one program that offers caregiver benefits. For example, some programs may pay family caregivers but not spouses or in-laws. In some cases, caregivers are not compensated if they live in the same house as the person receiving care. Contact your state Medicaid office for information about its programs and respective eligibility requirements, or visit medicaidplanningassistance.org/state-specific-medicaid-eligibility/.
This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2022 Broadridge Financial Solutions, Inc.