Ways to save on healthcare and caregiving expenses

Caregiving can add to your out-of-pocket costs if you need to help with groceries or even take time off from work. There are programs designed to help relieve this burden:

Financial support for caregivers

Caregiving can add to your out-of-pocket costs if you need to help with groceries or even take time off from work. The AARP found that caregivers spend an average of $7,000 out of pocket and even higher if you are a remote caregiver. There are programs designed to help relieve this burden:

  • Meals on Wheels delivers meals at no cost to qualifying individuals. Find out more about the program in your area from the Meals on Wheels website.
  • Medicaid programs can help with in-home care costs, including paying a person of the Medicaid recipient's choice to assist them in their home. Talk to a social worker or call your state's Medicaid office to learn more. More information about the program is also available on the Medicaid Waivers program website.
  • You may be able to make deductions on your taxes as a caregiver of a dependent or spouse for qualifying items like installing a handrail. Talk to your tax preparer or learn more here: IRS deductions for qualifying expenses.
  • As a veteran or someone caring for a veteran, you may be eligible for the VA Family Caregiver Assistance Program that can even include a stipend for the caregiver. Learn more from your local VA benefits office or online at VA Benefits for Caregivers.
  • Medicare recipients and their caregiver may also be eligible for benefits that can help to offset costs for long-term or skilled care. Learn more at CMS Benefits.

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