Four Caregiver Tips to Cut Costs and Save

In 2023, the median cost for nursing home care was $13,535 a month. As the cost of out-of-home care continues to rise more have opted to take on the admirable responsibility of caring for their loved ones themselves. But at-home care also has associated costs. Getting paid to care for your loved one at home through Mass Care Link can help. But stretching your dollar certainly won’t hurt. Here are four tips to help save money while caring for a loved one at home.

1. Preparation is Key

It is never too early to start preparing to care for your loved ones who may need it. Whether they are older relatives or you worry about their declining health, start looking into the best insurance plans, money management options and debt-reduction strategies today.

2. Check out  Tax Benefits

If the person whom you care for meets the federal requirements, then you may be eligible for certain tax benefits (i.e., dependent care tax credit). And some of their medical expenses may qualify as deductible. For example, the 2022 tax year, you can claim a portion of up to $3,000 in caregiving costs for one qualifying person and up to $6,000 for two or more. 

3. Consider Convenience for a Cost

Sometimes money saving strategies involve spending a little more up front. Caregivers can run themselves emotionally and fiscally ragged trying to do it all. Ask for help from family members when you need it, and make a plan. This can include long-term investments in services that make your day-to-day life easier and save you money in the long run, like a good delivery service. There are even low cost and free meal delivery programs available through the state and various organizations.

4. Take Advantage of Senior Discounts and Programs

There are Medicaid prescription drug programs, Social Security compassionate allowances, and many other discounts and grants available for you when you claim an elderly or disabled loved one as a dependent. Start researching them through local non-profit elder-care services, or your local senior center or library to start saving as soon as possible.

By accessing the resources and discounts available, you can help alleviate the financial burden of home-based care. Are you an at-home caregiver looking for guidance or advice? Mass Care Link helps support caregivers and their loved ones. Visit our resource center to learn more.