Money Matters for Caregivers: Because Love Doesn’t Pay the Bills

You know what’s more stressful than managing your parents’ medication schedules, doctor’s appointments, and emotional outbursts about the neighbor’s “suspicious” recycling habits? Figuring out how to pay for all of it.

Caregiving isn’t just an emotional rollercoaster—it’s a financial black hole. And if you’re anything like me, you probably didn’t factor “unpaid family nurse/accountant/chef/therapist” into your retirement plan.

So, let’s talk money. Because while caregiving is a labor of love, last time I checked, love doesn’t cover the grocery bill.

AARP Says, ‘Hey, Congress, Maybe Help?’

AARP, aka the wise elder of advocacy organizations, is making some noise about how family caregivers are financially drowning. They’re pushing for the Credit for Caring Act, which (if passed) would offer some much-needed financial relief in the form of a tax credit for caregivers.

Translation: AARP is fighting to make sure we don’t go broke while making sure our parents don’t mistake the TV remote for their cell phone.

Getting a Handle on Care Costs (Before They Handle You)

Not sure where to start? The AARP Caregiver Resource Center is basically a life raft in a sea of financial confusion. They cover things like:

• Getting Paid for Caregiving – Because yes, in some cases, you actually can get paid for what you’re already doing.

• Managing Your Loved One’s Money – A polite way of saying, “Let’s make sure Mom doesn’t send all her savings to a ‘prince’ in Nigeria.”

• Public Benefits & Tax Tips – The IRS loves paperwork, so let’s make sure you’re getting every possible tax break.

• The AARP Financial Workbook – A tool to help you organize finances, because let’s be real—your current system of sticky notes and crossed fingers isn’t cutting it.

Also, pro tip: Call their free resource line at 1-877-333-5885. Free help? Yes, please.

CAN’s Financial & Legal Toolbox: Because ‘I Don’t Know’ Isn’t a Strategy

The Caregiver Action Network (CAN) has a Financial & Legal Toolbox, and if you’re dealing with money, you need tools. This resource helps you navigate:

• How to Get Paid as a Family Caregiver – Because your time and energy are worth something.

• Accessing Government Benefits – Because if help exists, you might as well take it.

VA Benefits: Because Our Veterans Deserve Better Than an Empty Bank Account

If you’re caring for a veteran, first of all—thank you. Second of all—you might be eligible for VA caregiver benefits, which can provide some serious financial relief.

Here’s what you need to know:

• The VA Program of Comprehensive Assistance for Family Caregivers (PCAFC) – If your loved one sustained a serious injury or illness from military service, you could receive a monthly stipend, health insurance, and respite care. (That’s right—paid caregiving AND a break. Imagine that.)

• VA Aid & Attendance and Housebound Benefits – If your veteran parent needs help with daily activities (bathing, dressing, eating, etc.), they may qualify for extra financial assistance to cover care costs.

• Veterans Pension with Aid & Attendance – This extra pension boost is available to veterans who meet financial eligibility requirements and need daily assistance.

• VA Homemaker & Home Health Aide Care – The VA might cover the cost of an in-home caregiver to take some of the burden off you.

To get the full rundown, visit the VA Caregiver Support Program website or call their hotline at 1-855-260-3274.

Bottom line? You don’t have to go broke while keeping your parents safe, fed, and reasonably happy. There are resources. There is help. And there are people (like me) who understand that “family duty” shouldn’t mean financial ruin.

So take a breath. Take advantage of these tools. And maybe take a moment to congratulate yourself—because you’re doing a damn good job.