Consider utilizing a Dependent Care FSA (Flexible Spending Accounts) to help pay for medical/elder care expenses. These plans allow employees to contribute a portion of salary, before taxes, to accounts designated for health care expenses, including premiums and child/elder care expenses. Then employees are reimbursed from their accounts with tax free dollars for unreimbursed medical expenses and child/elder care expenses. The funds must be used before the end of the plan year, or grace period, or else unused dollars are forfeited. If a caregiver has access to these plans, they should use them, but plan carefully so that contributions are not more than can be used in a year.
If an elderly parent lives with a participant and relies on that person for at least 50% of their support, the Dependent Care FSA may be used for adult day care expenses. However, the care must be necessary to allow the participant to work, and cannot be custodial nursing care. If the participant is married, the care must be necessary because the spouse also works, is looking for work or is a full-time student.
When an aging parent needs help at home, talk to your employer about the options available to you. Research local resources that may lessen the stress and complication for you as a caregiver. Education and information are the key to getting organized and minimizing stress. Surround yourself with people who can help. Assemble your team. That team includes your Human Resource representatives and coworkers. Sharing your situation may be more helpful than you realize.
Valerie VanBooven RN, BSN, PGCM is an author, professional speaker, and professional geriatric care manager. Valerie is the Director of Marketing and Public Relations for Next Generation Financial Services, a division of 1st Mariner Bank. Visit her website
at
http://www.theltcexpert.com
.