Did You Know Medicaid May Pay You as a Family Caregiver?

Each day, millions of parents, children, siblings, and spouses selflessly sacrifice their time and energy to care for family members affected by illness, injury, or disability. Their efforts help meet numerous social, financial, nursing, and everyday personal care needs such as help with bathing, feeding, and driving to appointments. More than half (58%) of family caregivers have intensive caregiving responsibilities.1



If you are a regular caregiver of a loved one, you know it can exact an emotional and physical toll. It can be financially draining, too. However, in some cases Medicaid may offer financial relief.

Generally, Medicaid looks at the applicant’s financial situation (income and assets) as well as his or her functional ability. An applicant who meets state Medicaid eligibility requirements can apply for a specific program that allows the individual to self-direct his or her own care, including the selection of a qualified caregiver who may be a relative or a friend. The caregiver is compensated, directly or indirectly, by Medicaid.


80% of care at home is provided by unpaid caregivers

80% of care at home is provided by unpaid caregivers
Source: LongTermCare.gov


Medicaid rules and services are different in each state, and there may be more than one program that offers caregiver benefits. For instance, some programs may pay for family caregivers but exclude spouses or in-laws. Others may provide compensation only if the caregiver does not live in the same house as the person receiving care. Contact your state Medicaid office for information about its programs and respective eligibility requirements, or visit medicaidplanningassistance.org/state-specific-medicaid-eligibility/.

Your goal may be to fund college education, protect your family during your working years, or guarantee your own retirement security. These things don’t happen by accident. It’s important to determine what you’d like to achieve, and then map out a financial strategy that will help you meet those goals. The good news is that it’s NEVER too late to start! Of course, planning your own financial future can be intimidating. Luckily, you don't have to do it alone. As a New York Life insurance agent, I am a trained Financial Services Professional who can help you identify your financial needs and then determine which insurance and financial products can best help you meet your objectives. Please use my Web site as a resource and contact me for additional information or to schedule a meeting. I look forward to helping you achieve your dreams! Of course, preparinf for your own financial future can be intimidating. Luckily, you don't have to do it alone. As a New York Life insurance agent, I am a trained financial professional who can help you identify your financial needs and then determine which insurance and financial products can best help you meet your objectives. Please use my Web site as a resource and contact me for additional information or to schedule a meeting. I look forward to helping you achieve your dreams!