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by Julie B. Kennedy, CEO & Co-Founder, RubyWell
There are dozens of ways that family caregivers can save money on caregiving expenses. Now learn where you can find money. This is money that already exists and can be used to help cover caregiving costs. The first step is knowing where to look for it. Three great places to start are your family member’s Medicare plan, their life insurance policy if they have one, and grants.
Medicare’s GUIDE Program for respite care benefits
The Centers for Medicare & Medicaid Services (CMS) is launching a new care model this year for people with Medicare who have dementia. It’s called “Guiding an Improved Dementia Experience” or simply “the GUIDE model.” One of the benefits this model will offer is up to $2,500 per year for respite services for qualified beneficiaries.
This respite care benefit will be available for eligible families beginning in July 2024.
Early pay-outs from life insurance
If you care for a family member who has a life insurance policy, they may be able to access some of the death benefit prior to their passing, or sell the policy now for a portion of the death benefit. They can then use this early pay-out to help cover their costs.
Grants for Family Caregivers
The most challenging thing about the grant process is finding the grants in the first place. Caregiving grants are offered by government agencies, non-profit organizations, and private foundations. That’s a lot of places to have to look for the grant that suits your needs. Luckily, there are resources that can simplify your search.
The Administration for Community Living (ACL) funds services and supports for aging adults who choose to live at home. They provide an Eldercare Locator where you can enter your zip code and find resources available in your area (or call 1-800-677-1116 to be connected by phone). You can contact each of those resources to ask if they provide caregiving grants or can direct you to a local organization that does. One of the resources you’re likely to find on ACL’s Eldercare Locator is your local Area Agency on Aging (AAA). Your AAA often has information on grants. They may even be able to help you prepare your grant application(s). Some organizations offer respite care grants. You may be able to use money from these grants to hire a paid caregiver or adult day care provider to fill in for you when you need some well-deserved R&R.
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