There are millions of caregivers currently in the U.S. that are providing home care to relatives and loved ones and are facing heavy a financial burden because of it. However, there are ways to keep up with finances that will allow these individuals to still save for retirement and be able to provide for their children, according to the Huffington Post.
A caregiver can claim their loved one as a dependent, which can help with the tax purposes. If an individual pays for half of their living expenses, they may be able to get a deduction when it comes to their medical expenses through insurance.
According to The Mercury, in order for caregivers to receive the financial support they need, the one they care for needs to be classified as having a chronic illness.
Many caregivers run into a series of problems while they care for their loved one. However, they may want to think about a retirement living community or an assisted living facility because their relative will be able to have around the clock care. This can give a caregiver peace of mind, and also allow them to keep up with their full-time job.