smart spending

5 reasons to sign caregiver agreement

Retirement » Senior Living »5 Reasons To Sign A Caregiver Agreement

Keep care and money in the family
6 of 6
Next
Keep care and money in the family © Vibe Images - Fotolia.com

Keep care and money in the family

By opting for a family caregiver agreement, much of a loved one's care is provided by a devoted family member.

"Very often, people would be much happier having a family member take care of them than a stranger," Matthews says.

And the money a family would pay to a home health agency for aides to perform similar services would be paid to a family caregiver instead.

"The money the parent pays stays in the family," Matthews says.

Often, a family caregiver may need the financial compensation, especially when committing to a long-term arrangement.

"People who provide care usually are making some kind of sacrifice," Krooks says. "Some have a job, and this is a second job. For some, this is their only job."

Care recipients with long-term care policies may want to check the fine print of their plans.

Some long-term care policies, such as those that pay lump-sum "indemnity" benefits, may be used to pay family members who provide care, according to Jesse Slome, executive director of the American Association for Long-Term Care Insurance.

"The newer policies today offer cash-alternative benefits that would pay for a family member," Slome says.

Previous
6 of 6
Next

advertisement

Show Bankrate's community sharing policy
          Connect with us
Find Senior Housing Near You

Let us help you compare

  • Pictures
  • Pricing
  • Options
Zip code or City, State

Get Help Now

advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Dr Don Taylor

File and suspend is your friend

Using the file and suspend option isn't just for couples looking to earn delayed retirement credits while receiving a spousal Social Security benefit.  ... Read more

advertisement

Senior Living Adviser

Raid IRA to get into senior housing?

Dear Senior Living Adviser, I am considering moving into a Continuing Care Retirement Community, or CCRC. I am 72 and retired (except for a couple days a week as an adjunct instructor at a local college, which will end...

View more Bankrate Advisers »

Partner Center
advertisement

Connect with us