5 Ways to Earn Money While Caring for a Loved One in Wisconsin
Supporting a loved one through challenging times is a noble endeavor, and in Wisconsin, there are several ways you can receive financial assistance for your caregiving role. Here's how you can get compensated while providing crucial care to your family member.
1. Utilize Medicaid Options
Medicaid is a vital resource for low-income individuals, families, seniors, and those with disabilities. In Wisconsin, several Medicaid waivers offer pathways for family caregivers to get paid for their services. Here's a quick look:
- Children's Long-Term Support Waiver Program: If you're caring for a child up to age 21 with special needs, like physical or developmental disabilities, this program can support you.
- Family Care Waiver: Available to those aged 65+, or adults with disabilities, this program provides essential support services.
- IRIS (Include, Respect, I Self-Direct) Waiver: Geared towards older individuals and adults with disabilities, allowing them to have more say in their care.
These waivers often require care recipients to meet certain criteria and for caregivers to complete training and join an approved agency for payment processing.
2. Leverage Veteran Benefits
Veterans and their surviving spouses in Wisconsin have specific options for caregiver compensation:
- Veteran Directed Home & Community Based Care: Veterans can hire family members as caregivers, setting their hourly rate from $8 to $21 via the VA.
- Aid & Attendance and Housebound Benefits: These pensions help pay family caregivers, provided care recipients meet specific eligibility criteria.
- Program of Comprehensive Assistance for Family Caregivers: Offering a stipend up to $2,750 monthly, training, and other support, it's targeted at caring for veterans seriously injured in service.
3. Tap Into Tax Credits
Wisconsin offers the Child and Dependent Care Tax Credit (CDCTC) for caregivers, reducing income tax based on eligible care-related expenses. The maximum federal credit is $1,100. Additionally, Wisconsin legislation is considering a state tax credit that could cover 50% of caregiving expenses up to $500.
4. Explore Additional Payment Options
- Long-Term Care Insurance: If your family member has this insurance, it may direct funds to you as their caregiver. Verify this possibility with their insurer.
- Employer-Sponsored Caregiving Leave: Check with your HR department to see if your company offers paid leave for caregiving.
- Family Payment Agreement: Families might opt to pay a caregiving member after evaluating the cost-saving benefits compared to alternative options like nursing homes.
5. Know Your Rights and Resources
Being informed about your legal rights is crucial. Wisconsin's Family and Medical Leave Act provides job protection for unpaid leave to look after family members. Additionally, the state requires background checks and investigates misconduct to protect the vulnerable in care settings.
Each of these avenues has its unique requirements and benefits. Investigating the various programs and discussing options with your loved one's healthcare provider or social worker can help tailor a plan to suit your situation. Remember, taking care of yourself as you care for others is vital, and seeking out these supports can help alleviate financial burdens while you focus on what truly matters—caring for your loved one.
