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 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. She speaks nationwide to professionals and consumers about aging, long-term care, and marketing to seniors and adult children of aging parents. Valerie is currently the Director of Marketing and Public Relations for Next Generation Financial Services, a division of 1st Mariner Bank. She can be reached at valerie@theltcexpert.com or on the web at http://www.theltcexpert.com .
Related Links
National Association of Area Agencies on Aging
A free national service of the Administration on Aging, U.S. Department of Health and Human Services providing resources that enable older persons to live independently in their communities.
Paid Family Leave
The Paid Family Leave Collaborative Outreach & Education Campaign informs Californians about their rights to Paid Family Leave benefits.
Family & Medical Leave Act
Information from the U.S. Department of Labor on the Family and Medical Leave Act (FMLA).
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