Being a caregiver isn’t always easy. One may experience financial difficulties in addition to caring for your loved one’s medical, emotional, and social demands.
When it comes to financial management, caregivers might play one of two roles. First is a person who contributes financially to their family member out of their own. The latter is a financial planner who oversees the day-to-day accounting transactions, including paying bills and insurance claims.
Establishing long-term financial objectives is a crucial step toward financial sustainability. Providing care for those with special needs, on the other hand, can make it appear not easy to save money for the future.
Such practices may put only caregivers in a debt trap, allowing them to feel as though they will never be able to afford extensive coverage, leaving them more vulnerable than they need to be for life’s significant risks.
If you’re a caregiver providing quality care for the elderly and coping with caregiver burnout, these pointers can guide you on the path to financial security.
Why the Need for Full-Time Elderly Caregivers?
While most countries have many long-term care facilities for elderly care, including nursing homes, respite care, and daycare centers, family members frequently have difficulty finding the right nursing skills and care services, among a pool of options.
Many seniors, especially those living alone, are at risk of being permanent residents of a care facility if they do not receive proper care in the comfort of their own homes. Arranging care services takes time, and in the meanwhile, families commonly step in as the caregiver for the elderly care recipients. Although, they may fail to provide professional care, as those trained caregivers with adequate caring experience, skill, and knowledge. This, in turn, may swiftly become an overwhelming task.
Personal wellbeing and rehabilitation are supported by having sufficient care assistance, a comfortable living environment, and a live-in caregiver with both the essential skills and understanding.
Those who require immediate assistance can hire a caregiver from any location within the locality. It ensures that your loved one is well taken care of for their daily living. It not only benefits your elderly loved one’s health, but caregivers can also aid in providing them with a decent quality of life during their golden years.
Caregiving Financial Assistance Available For You
Personal and family-centered care is at the heart of most elderly care systems, which emphasizes aging in place, along with home and community-based treatment.
Singapore is one of the countries that has identified the aging demographic as a critical problem influencing the future of this country. It has taken a complex, integrative, and holistic approach to address this, focusing on mitigating severe impacts while maximizing opportunities.
To fulfill the holistic needs of the elderly population, the government has built firm policy, administration, financing, and delivery of services, including the development and integration of social and healthcare.
If you’re a caregiver, you may be eligible for financial assistance to help you and your loved one get the care you deserve. Here are some of the resources to aid with your caregiving needs:
Caregivers Training Grant (CTG)
The Caregivers Training Grant comprises a $200 annual stipend that allows caregivers to enroll in approved courses to give quality care for their loved ones. Every fiscal year, every care recipient receives a $200 subsidy. If several caregivers for the same patient would like to undergo training, the $200 must be distributed amongst them.
Home Caregiving Grant
Since October 2019, the Home Caregiving Grant has replaced the Foreign Domestic Worker (FDW) Grant.
The Home Caregiving Grant (HCG) entails a cash payment of $200 debited monthly to help your loved ones who have a permanent moderate handicap, implying the constant need for help with three or more Activities of Daily Living (ADLs).
The funding can help with caregiving costs, including eldercare and caregiver support community programs or hiring a foreign domestic worker (FDW).
Foreign Domestic Worker (FDW) Levy Concession
The Foreign Domestic Worker (FDW) Levy Concession for Persons with Disabilities allows the family to settle the levy at a reduced amount of $60 monthly rather than $300. Each family is entitled to a maximum of two FDW levy concessions at any given time if they are caring for two loved ones.
Tips on Financial Management for Elderly Caregivers
Prioritize Your Financial Stability
Have an upfront view of yourself, particularly your ability to care for your loved one, mainly the things that both of you may require help in. Consider a long-term financial plan and take note of the target savings for each month to keep things in perspective.
Seek Support From Your Family
Communicate openly with your family regarding legal and financial matters, especially relatives, spouses, and loved ones. Starting to plan and setting money aside for living expenses may help you avoid overspending.
Plan and Create a Budget
Making a budget plan for you and your loved one is necessary. This way, you will be aware of future expenses and monthly bills that must be settled to prevent getting caught off guard by unexpected bills. Before spending any money, break down your expenses and make a spending plan. Over time, your earnings, spending, and priorities will change. Revise the budget as needed, but keep one on hand at all times.
Recognize the Importance of Saving
Quit wasteful spending and begin saving tiny sums of money. A little daily investment can result in a larger payout in the long haul. Decide how much you want to save and prioritize the needs over your wants. Need is a necessity in your life, but a want is a luxury. Before purchasing, please take a moment to consider whether these items are most important to you and evaluate each purchase in terms of its sense of urgency and need.
Have Emergency Funds on Hand
Savings may be enticing in the daily journey of caregiving. Consider the benefits of saving when it comes to restoring your life. Perhaps, make separate accounts, each for its purpose. Every month, deposit the necessary funds for housing and other expenses into a separate account. If it’s not absolutely necessary, stick to what was in the budget. The importance of self-control cannot be overstated.
Find the Best Elderly Center-Based Caregiving Services
Discover the finest caregiving services for the elderly within the locality. Some facilities offer professional nursing home care and support to allow our senior residents’ experience and maximize their retirement years.
With the help of senior care services, they tailor the very same best possible care as care institutions. By providing compassionate care and support, they strive to enable the elderly to live their golden years.