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Can you afford it? If you want to stay legal, then after 40 hours, when you are really debilitated, who will be the 3 other caregivers. Will you provide the tax forms? What happens when you cannot do this? Will you be including workers comp insurance? The offer looks good now. As you age, the situation becomes unfair as grandson may need to be with you 24/7.
It may be best to make him your POA so that he can make decisions for you. Please do not trap him in a situation that you want to spend the rest of your life at home. He cannot live his life all for you.
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Reply to MACinCT
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Put it in writing that you'll pay him X dollars an hour for X tasks. Plan to have him keep copious time sheets and records of his work and be prepared to provide him with tax forms showing the amount you've paid him for the year.

Or just pay him under the table.

Otherwise, no one is going to pay an inexperienced young person to be your caregiver. As the others have said, this isn't a good plan for the long run. Unless he wants to become a professional caregiver, this isn't a good idea.
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Reply to MJ1929
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I would say this is not an idea which would suit either party. The grandson would be on the phone pretty soon. He may leave the elderly person and not return. The grandson may forget to call anyone about it. They’re kind of irresponsible at that age. Not all, but this is what I’ve seen in family, friends & neighbor’s kids.

I have seen many young women (nannies) “caring” for their young charges by sitting 15 feet away from kids engrossed in their phones. I cringe because of all the bad things that can happen to a kid when you don’t watch for a few minutes. It’s much more labor-intensive to care ft for an elderly person.

Best to find a professional or a mature relative who is willing to take this on.
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Reply to MMasonSt
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I agree, a professional would be better than a young adult. Some young adults don't have the patience to do this kind of work. For example, they are on their phone, and you ask them for a favor, they get annoyed by the interuption. Etc. Not all people, but some.
Plus, they need to make a life for them self. If not now, when?
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Reply to Lvnsm1826
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No. unless you are independently wealthy and can afford to draw up a care contract with your grandson. Honestly I think it isn't good or fare to expect our young grandchildren to take on our care. They aren't trained for it, aren't in the time of their life to be doing this, and should be making their way out into the world. I would suggest you hire care from an agency and help your grandson to make his way on and out to his own life.
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Reply to AlvaDeer
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Just FYI Medicare won’t pay your grandson and they’ve cut back over the last year and will only pay for intermittent home care following a hospital stay.
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Reply to worriedinCali
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Here's a good article from this forum:

https://www.agingcare.com/articles/how-to-get-paid-for-being-a-caregiver-135476.htm

If you qualify for Medicaid most state will only pay for part-time in-home help. Some states, like Michigan, are more generous. You can pay him out of your own pocket but would need to pay by check (so that you will have a paper trail that won't disqualify you from Medicaid) and understand hiring him or anyone privately makes you an employer (as defined by the IRS and THEY get to decide if you're an employer, not you).

How many hours a week do you need his help? Keep in mind that if your grandson is your caregiver full-time, he is not out in the world building other important marketable skills, meeting people, developing his network, getting paid healthcare, a 401K or other benefits. Please read in this forum the posts of caregivers who exited after many years only to find they have gained very little and lost much -- especially the younger ones. Unless you pay him generously for full-time work, with planned paid vacation time and 2 days off every week, I don't suggest relying on such an arrangement as your long-term solution, as appealing as it sounds in theory. Most likely he'll be looking at his phone every time you turn your head.
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Reply to Geaton777
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Not sure how old you are. If you receive Medicare there are very few instances that it will pay for home care that is custodial.

If you qualify for Medicaid in your state, your grandchild might be able to get some payment from that source but it is very dependent on the state as they each administer the program under their own rules. In any event, you would have to qualify medically and financially for your state's Medicaid program.

I'm sure others here will have more information for you but they may need more information such as your age and the medical condition that requires you to have a caregiver.
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Reply to geddyupgo
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Are you eligible for Medicaid?

Also, is he in college or working? Sorry for the forwardness. Just wondering.
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Reply to Lvnsm1826
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