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07
NOV
2019
Last Updated

Can I Pay a Family Member for Long-term Care?

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Acting as a family caregiver can be both emotionally and financially draining as it requires a great amount of dedication and care. Despite this, over 40 million Americans act as unpaid family caregivers to their loved ones, dedicating on average over 41 hrs weekly. Acting as an unpaid family caregiver and dedicating countless hours to this very important role, can leave many families struggling to remain financially stable. Luckily, it is possible for a loved one to become a paid caregiver just as any other contracted and professional caregiver would. If you have the financial means to pay for outside care but feel most comfortable with the care provided by a loved one, you may consider compensating this loved one.

Compensating a loved one for the time and care dedicated to your wellbeing can help reduce stress for both you and the loved one. When hiring a loved one to act as a caregiver it is best to do so in a professional manner to help ease tensions and ensure all needs are being met. Consider drafting up a personal care agreement which details which duties they are responsible for, wages, as well as duration of care. It is also advised your keep track of hours worked and any medical records pertaining to your care, this well help minimize any legal discrepancies that could arise. You may also consider appointing an elder lawyer to look over any contractual agreements you draw up. Yes, family typically tends to have out best interests at heart therefore, it is unlikely they would be offended by your professionalism and added precautions. These extra steps can help avoid any awkward discussion or uncertainties from both parties and instead provide ease of mind and clear expectations for all involved. Keep in mind that as a paid worker all of their earnings will have to be reported and filed appropriately each year.

Did you know that some long-term care insurance policies will cover the cost associated with in home care, including the paying of a loved one who is performing as a caregiver? If this is something you are considering, consult with your long- term care advisor to find out which policies may offer this.

If you or a loved one is interested in Long Term Care Insurance be sure to checkout: LTC TREE for more information.

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