Is there any help for my parents who "make too much"? He is a WWII veteran with Alzheimer's'. She is a retired teacher who has compromised logic from a stroke 10 years ago. He and Mom married last year, after reconnecting from 45 years ago, and even though I love them both with all my heart, I am overwhelmed with caring for both of them. I thought I had round-the-clock care for them three weeks ago (after they both got out of the hospital) for a few weeks until a live-in caregiver could be found, but the caregiver didn't work out and now money is tight. As long as I have the strength, I am not sending either of my parents to a nursing home. They just would not be happy there. I have some type of undiagnosed illness that is sapping my strength so I don't know how long I can keep them out of a home. I have been the primary caregiver for Mom for 9 and a half years, and the primary caregiver for my new dad for two years. I need live-in care for them... the person can even hold a part time job or go to school. They can have two days off per week, but they must also pass a background check. All living expenses can provided, but I can't pay them even close to 2,000+ a month which seems to be the going rate for a professional... any suggestions??
Guardian. My mother didn't have to sign a thing. But as I stated before, it was almost 6 years ago so things and rules could have changed. Also, I DO remember that he could only have 10,000 in a savings acct. so we really watch that it doesn't go over that. Sometimes he slips up and puts money/income in that acct. instead of checking and then I catch it later. Anyway, Good Luck everyone with the VA.
I had an elder attorney help me with "estate planning". My mother had about 200K in assets, including stocks,annuities and CD's. I sold and cashed in those and bought two new bigger annuities which will pay out monthly to help pay for her monthly memory care facility bill and other medical expenses. These two large new annuities do not count toward her assets.
Can your parent afford $2,000.00 a month? You should not be paying that. Also, I wonder how you found someone for so little. A care agency for live-in help in my area would cost more than $12,000.00 a month. Even if room and board are considered a benefit, what dollar amount do you place on that? You may want to check with a CPA well versed in the responsibility of the elder as far as compensation. With a private caregiver, this person is considered an employee by the IRS and as such your parents become an employer, responsible for taxes, Social Security, workmen's comp, disability, etc.
When there are two in need of care, if you pay the going rate for home care, it is often cheaper to have them in a facility. And if you are worn out now? You need to research facilities to determine proper placement. And if Alzheimer's is an issue, the facility most likely would not allow them to share an apartment. Behaviors are very unpredictable and can be dangerous.
If the previous caregiver was $2,000.00 a month, it is no wonder this person did not work out. Contact the VA for assistance as well as the Area Agency on Aging. Both are valuable resources.
Paying for Care Questions
For adult children that assume the role of caregiver, there are resources and options available for compensation. You may be able to create a personal care agreement, get paid for taking care of elderly parents, or receive government assistance.
Learn from other caregivers about their experiences with getting paid for providing care or, ask your question and get helpful answers.
View all support groups in the Caregiver Forum. https://www.agingcare.com/Paying-for-Care/Questions-1