{"id":12641,"date":"2022-05-13T14:59:48","date_gmt":"2022-05-13T14:59:48","guid":{"rendered":"https:\/\/nhcoa.org\/es\/?p=12641"},"modified":"2022-05-13T14:59:49","modified_gmt":"2022-05-13T14:59:49","slug":"taking-care-of-your-finances-as-you-care-for-someone-else","status":"publish","type":"post","link":"https:\/\/nhcoa.org\/es\/taking-care-of-your-finances-as-you-care-for-someone-else\/","title":{"rendered":"Taking care of your finances as you care for someone else"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">According to an <a href=\"https:\/\/www.aarp.org\/content\/dam\/aarp\/research\/surveys_statistics\/ltc\/2021\/family-caregivers-cost-survey-2021.doi.10.26419-2Fres.00473.001.pdf\">AARP study<\/a>, three-quarters of family caregivers&#8217; respondents reported spending an average of $7,242 annually on caregiving-related out-of-pocket expenses. The nation&#8217;s 48 million unpaid family caregivers not only commit their time and effort to the well-being of their loved ones, but most of them spend their own money on caregiving expenses<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Helping with a loved one&#8217;s living costs, such as rent, mortgage, assisted living, home modifications, etc.-accounted for more than half of all costs incurred by the caregivers surveyed. Healthcare expenses also add up quickly. One-fifth of the caregivers&#8217; expense, more than $1,200 per year, was for direct payments to health care providers, hospitals, therapists, medical equipment and devices, home care, and adult daycare.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Learn some tips, based on a comprehensive ARRP planning guide, on ways to improve the management of your finances while caring for someone else:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li><strong>Get your own financial house in order when it comes to managing your loved one\u2019s care at home<\/strong>.<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2022 Inventory all the costs of your loved one\u2019s life at home, including mortgage\/rent, utilities, and transportation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 Add up any expenses you routinely cover, from groceries to help with property taxes, homeowners and car insurance, or gas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 Make sure you and your loved one have a safe to store important documents, such as wills, marriage certificates and life insurance policies.<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li><strong>Make a management plan for your money and your loved one\u2019s money.<\/strong><\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2022 Budgets should be active documents that you use to track overall cash flow and spot any gaps that could make you dip into savings or go into debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2022 Financial planning as a caregiver means making three budgets:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;1) your overall income and expenses;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;2) your caregiving income and expenses; 3) your loved one\u2019s income and expenses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 As you create these budgets, be sure to list every expense, not just major bills; calculate all income from all sources; and document exact expenses where possible<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li><strong>Talk with your loved one and make a plan for all the aspects of their health, including illness, end-of-life care and death.<\/strong><\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 No one can store every detail of a loved one\u2019s health care in their heads. Write down health insurance numbers, co-pays, prescriptions and accommodations needed to access care. Then make a copy and put this information in a safe place.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0\u2022 Create a \u201cteam roster\u201d for routine, emergency and backup care. Include contact information for health, hospital, pharmacy, vision and dental care \u2014 and then add others who can help, such as family members, faith leaders and neighbors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sources:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AARP<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.aarp.org\/caregiving\/financial-legal\/info-2021\/high-out-of-pocket-costs.html#:~:text=According%20to%20a%20new%20AARP,and%20engagement%20officer%20for%20AARP.\">https:\/\/www.aarp.org\/caregiving\/financial-legal\/info-2021\/high-out-of-pocket-costs.html#:~:text=According%20to%20a%20new%20AARP,and%20engagement%20officer%20for%20AARP.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.aarp.org\/content\/dam\/aarp\/caregiving\/pdf\/2021\/financial-tips.pdf\">https:\/\/www.aarp.org\/content\/dam\/aarp\/caregiving\/pdf\/2021\/financial-tips.pdf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to an AARP study, three-quarters of family caregivers&#8217; respondents reported spending an average of $7,242 annually on caregiving-related out-of-pocket expenses. The nation&#8217;s 48 million unpaid family caregivers not only commit their time and effort to the well-being of their loved ones, but most of them spend their own money on caregiving expenses Helping with [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":12642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[9],"tags":[25],"class_list":["post-12641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-caregiver"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Taking care of your finances as you care for someone else - NHCOA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nhcoa.org\/es\/taking-care-of-your-finances-as-you-care-for-someone-else\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taking care of your finances as you care for someone else - NHCOA\" \/>\n<meta property=\"og:description\" content=\"According to an AARP study, three-quarters of family caregivers&#8217; respondents reported spending an average of $7,242 annually on caregiving-related out-of-pocket expenses. 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