14 Tips for Reducing Family Caregiving Expenses
Unfortunately most family caregivers do not sit down and write out a short-term and long-term caregiving financial plan before they get started. Who knew there were so many hidden costs of caregiving? Family caregivers start out spending their own hard-earned money to care for their loved-ones. However, the bottom line is that when we don't budget properly for current and future caregiving-related expenses, we often sabotage those good intentions.
Here are some tips for reducing the costs of caring:
- Plan for good financial fitness by using a budget worksheet to track income and expenses.
- Develop a family plan to finance caregiving expenses.
- Keep all receipts. You may be reimbursed from your loved-one's estate, insurance company, tax deductions, and any legal settlements.
- Ask the entire family and close friends to give their time and resources for: home maintenance and repairs, housekeeping, laundry, running errands, cooking, paying bills, social activities.
- Buy non-perishables in bulk and when they are on sale.
- Swap skills with others. Exchange gifts of time and service.
- Consult with a tax advisor for financial and tax strategies.
- Check loans, mortgages, insurance policies, utilities, and ask for payment reductions or waivers.
- Review all bills and statements for errors and overcharges.
- At least twice a year, check with your local area agency on aging for a benefit's eligibility checklist.
- Find a doctor who is willing to discuss minor ailments over the telephone rather than requiring an office visit. Ask the doctor to review your online daily caregiving organizer.
- Compare pharmacies to see who is the most competitive and helpful.
- Explore additional sources of benefits, rebates, and reductions through local, state, and federal agencies.
- Stretch your healthcare by having regular check-ups to catch problems before they develop into chronic illnesses.
In order to budget for caregiving expenses you have to consider your own personal economic situation, too. Time and money are two of the biggest issues. Pay close attention to the business side of caregiving. Invite and/or politely insist that other family members help share the care, including contributing financially.
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