Here are some ways to take care of your finances if you’re stepping in to care for a loved one.
Seek Out Resources
Resources vary by state, but there are options no matter where you are. Some states have a Structured Family Caregiving program, which pays family members who become caregivers. Medicaid also has a program that pays family caregivers of Medicaid recipients with a disability or chronic condition. Reach out to your state’s Medicaid agency or research additional resources to find more options for care.
Plan Ahead With Your Parents
It’s important to have conversations with your parent(s) about their finances while they’re still healthy and can express their wishes. If they’re no longer able to comprehend or relay their financial information, it gets more complicated. You and your parents may want to consider talking to a professional about the potential documents or other considerations you may need to think about to help manage their money and coordinate their care.
A financial advisor may be able to help you and your parents understand what resources they have for care. Your parents can invite you to the meeting. If they want you to help with their finances, you’d need to have the designated authority to do so. While you’re at it, you may also want to talk about steps you will take for your own estate planning.