Can We Get Financial Support If We Take Care of an Elderly Parent in Our Home?
For many families in New Jersey, the decision for how to handle the care needs of an aging parent is a challenging one. You may be considering moving a parent who has elder care needs into your own home. This raises an important question: Can we get financial assistance for caring for an aging parent in our home? The answer is “it depends”—while there is no automatic assistance that applies, your family may qualify for certain caregiver benefits. Here, our New Jersey elder law attorney provides a comprehensive guide to the key points to know about qualifying for financial assistance to take care of an elderly parent in your own home.
The Challenge: Long-Term Care is Extremely Expensive
There may come a time when your elderly parent needs additional support on a day-to-day basis. They could even be a candidate to move into a nursing home or other type of assisted living facility. Here is the challenge: Long-term care is extremely expensive. The New Jersey Department of Banking and Insurance estimates that long-term care costs range from $65,000 to $200,000 per year. It is an amount that could quickly eat away at your parent’s entire life savings. Further, many people are more comfortable in their own home or with their closest family members. That may be a better option depending on your circumstances and your parent’s care needs.
You May Potentially Qualify for Compensation for Taking Care of an Elderly Parent
Moving your elderly parents into your own home does not mean that you will automatically get any sort of financial assistance. However, you may qualify. It depends on the specific situation. In New Jersey, there are several options for obtaining financial support if you are taking care of an elderly parent in your home. Here is an overview of some options:
- Family Caregiver Benefits: In New Jersey, your elderly parent may qualify for an option through Medicaid that offers a self-directed care approach. In some cases, the program allows elderly Medicaid recipients to manage their own care services, including the ability to hire family members as caregivers. A family member may be trained and paid as a caregiver.
- Veteran’s Benefits (Aid and Attendance): If your elderly parent is a veteran or the spouse of a veteran, they might be eligible for the Aid and Attendance benefit. The program offers additional financial resources to veterans who require assistance with day-to-day activities.
No matter your specific circumstances, a New Jersey elder law attorney can help you evaluate all of your available options to determine the best—and most financially-sensible—way to provide support to your vulnerable loved one.
Contact Our New Jersey Elder Law Attorney Today
At Poulos LoPiccolo PC, our New Jersey elder lawyers are compassionate, experienced advocates for clients. If you have any questions about how to care for an aging parent, we are here to help you navigate the legal process. Contact us today for your confidential initial consultation. From our Monmouth County office, we provide elder law support throughout all of New Jersey.
Source:
nj.gov/dobi/ins_ombudsman/ltcguide.htm
