Unexpected Costs of Caregiving
Becoming a caregiver is an extremely important decision that shouldn’t be taken lightly. There are a number of benefits to helping a loved one but there are also a few unexpected costs of caregiving to consider.
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Loss Wages – When taking on the responsibility to be a caregiver, it usually means leaving your current job or cutting back your hours, which means a loss in income. Becoming a caregiver will have a negative impact on your income.
Increased Health Care Cost – With the loss of your job comes the loss of health care. If you continue your job and take on caring for a loved one, you may find that your own health will start to decline due to the physical and mental stress on your body. Either scenario leaves your health care costs rising.
Decrease in Savings and Retirement Funds – Caregiving is expensive. If the one that you are caring for does not have the money to support themselves, you may need to use some of your savings and/or retirement funds. Also, when you remove yourself from your job, you will no longer receive your social security benefits.
Less Chance of Employment – After taking a sabbatical from your career to help a loved one, it may be difficult to return to work. Many potential employers may find the gap on your resume concerning.
Most, if not all of these costs are an unfair cost of trying to do something good. With that said, below are a few ways to mitigate these costs.
• Research the Family Medical Leave Act. Find out if you are able to take advantage of this when you need to leave work to help your family member.
• Ask your Accountant about a tax credit. If you use your money, there may be a way to get a tax refund for it.
• Use your loved ones’ Medicaid and other publicly funded programs.
With all of the costs of caregiving, moving should not be one of them. If you are looking to move your loved one into your home or a senior living facility, look no further and call Moves for Seniors.
Call today 800-227-0515 or click here for a free quote and find out how you can save money.